Banking and Finance

Dice aims to inaugurate 48 branches during 2018
18 February 03:02 PM Dice gets $3m loan from QNB AlAhli
Cairo – Mubasher: Dice Sport and Casual Wear on Sunday has signed a $3 million medium-term loan agreement with Qatar National Bank Al Ahli (QNB AlAhli). Dice aims to inaugurate 48 branches during 2018 in a bid to increase its market share in the …
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14 February 06:14 PM SFD to provide $1.5bn for Iraq’s reconstruction
Riyadh - Mubasher: Saudi foreign minister said that his country has dedicated $1 billion to the reconstruction of Iraq. Another $500 million in export credit will also be provided through the Saudi Fund for Development (SFD), Minister Adel …
The industrial complex is the first-of-its-kind in the GCC
14 February 12:30 PM InoChem inks SAR 900m loan for new petrochemical complex
Riyadh - Mubasher: Saudi Khair Inorganic Chemical Industries Company (InoChem) on Wednesday said that it has signed a SAR 900 million loan agreement with the Saudi Industrial Development Fund (SIDF). The financing will be injected into …
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13 February 07:12 PM Fawry payments up 177% in 2 yrs
Cairo - Mubasher: Fawry reported a growth in payments to a daily average of EGP 1.8 million. Transactions made through the e-payment network totalled EGP 25 billion last year, compared to nearly EGP 9 billion in 2015, as reported by Almasry …
Startups in Saudi Arabia have successfully attracted sizable loans in 2017
13 February 07:00 PM Saudi startups attract huge investments, to extend growth in 2018 – Official
Riyadh – Mubasher: Startups in Saudi Arabia have successfully attracted sizable loans, amid the boom in financing solutions seen across the GCC as a whole. Loans mainly came from peer-to-peer (P2P) lending platforms, incubators, accelerators, …
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13 February 06:47 PM DXB to restructure $1.15bn loans
Dubai - Mubasher: DXB Entertainments plans to restructure loans of $1.15 billion, and is currently discussing the issue with banks, as reported by Bloomberg on Monday. Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank, Qatar National Bank (QNB), …
This bonds issuance has a return of 2%
13 February 03:02 PM Kuwait C.bank issues KWD 160m bonds
Mubasher: The Central Bank of Kuwait (CBK) has issued bonds and securities worth KWD 160 million ($533.3 million) on Tuesday, according to a recent statement. This bonds issuance has a return of 2%, with a three-month maturity that will end on 15 …
The IFRS9 required by the CBE has no impacts on the proposals of the bank’s cash dividend distributions
13 February 01:09 PM NBK's financial statements intact after putting IFRS9 into effect
Cairo - Mubasher: National Bank of Kuwait – Egypt (NBK) on Tuesday affirmed that the introduction of IFRS9 has not significantly affected its financial statements for 2017/2018. The IFRS9 required by the Central Bank of Egypt (CBE) has no impacts …
Annual net foreign assets fell to KWD 16.50 billion in December
12 February 06:58 PM Net foreign assets hit $55bn in Kuwait’s banking sector
Mubasher: Net foreign assets in Kuwait’s banking sector fell 2.9% year-on-year in December, according to the Central Bank of Kuwait’s (CBK) monthly bulletin released Monday. Annual net foreign assets fell to KWD 16.50 billion ($54.98 billion) in …
Pioneers' subsidiary Rooya has EGP 2.25 billion in current loans
12 February 05:48 PM Rooya's current loans amount to EGP 2.25bn – Pioneers
Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Monday revealed that the contracts signed by its 60%-owned subsidiary Rooya Holding Investments with banks were to refinance an existing loan. The agreements signed between …
Viva is expected to achieve its targets to fund expansion into the local market
12 February 03:37 PM Viva inks $136m credit facility deal with Boubyan Bank
Mubasher: Kuwait Telecommunication Co (Viva) announced the signing of a credit facilities contract valued at KWD 40 million ($136 million) with Boubyan Bank. The five-year credit facility deal will cover Viva’s financial profile in the current …
GBK’s assets grew by 4% to reach KWD 5.68 billion in FY17
11 February 11:29 AM GBK chairman says NPLs covered by 414% in FY17
Mubasher: Chairman of Gulf Bank of Kuwait (GBK), Omar Kutayba Al Ghanim, said that the bank’s non-performing loans (NPLs) were covered by 414% in 2017 fiscal year. The loan quality has improved in GBK due to the decrease in NPLs to KWD 73 million …
The credit facility will be used to boost the general corporate purposes.
7 February 05:44 PM QNB obtains $3.5bn syndicated loan
Mubasher: Qatar National Bank (QNB) on Wednesday said that it has successfully completed a three-year $3.5 billion syndicated loan. About 21 international banks were keen on providing the syndication which was upsized on the back of robust demand …
It is expected that the loan would end by mid-February
7 February 12:24 PM Saudi Arabia works with global banks to refinance $10bn loan
Riyadh – Mubasher: Saudi Arabia is working with global banks in order to refinance its international syndicated loan of $10 billion. These international banks are HSBC, JP Morgan and the Japanese Mitsubishi UFG Financial Group, the source told …
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6 February 07:31 PM Mastercard offers e-payments in Egypt gas stations
Cairo - Mubasher: MasterCard is in talks with the Egyptian government and the Central Bank of Egypt (CBE) to introduce electronic payments to gas stations across the country. Non-cash transactions in the Egyptian market are still between 2% and …
Signing the agreement
6 February 06:48 PM Egypt, AfDB ink $150m water plant loan
Cairo - Mubasher: The Egyptian government and the African Development Bank Group (AfDB) have signed an agreement to finance the development of the Abu Rawash wastewater treatment plant. The $150 million agreement was signed by the minister of …
The bank has raised its assets by 40%
6 February 05:08 PM ABK creates KWD 58m provisions in FY17
Mubasher: Al Ahli Bank of Kuwait (ABK) said that during fiscal year 2017, it has maintained its business plan as well as boosting its financial position by investing in new promising opportunities in different markets, especially in Egypt. In …
The bonds were covered at a total value of KWD 1.36 billion
6 February 12:05 PM Kuwait C.bank sells KWD 240m bonds
Mubasher: The Central Bank of Kuwait (CBK) has offered bonds and securities worth KWD 240 million for sale with a return of 2%. This bonds issuance will mature in three months on 8 May, according to the central bank’s recent data on Tuesday. At a …
The bonds have a maturity period of three months
5 February 04:59 PM Kuwait C. bank issues KWD 240m bonds
Mubasher: The Central Bank of Kuwait (CBK) has issued bonds and securities worth KWD 240 million ($792 million). This bonds issuance will have a return of 2%, according to a recent statement by the CBK. The bonds have a maturity period of three …
EBRD is provisioning a $200 million loan to SOPC to finance energy efficiency projects
5 February 12:00 PM EBRD mulls providing $200m loan to SOPC
Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) is provisioning a $200 million loan to Egypt's Suez Oil Processing Company (SOPC) to finance energy efficiency projects and other refurbishments and installations at the …
The ITFC may start implementing a new $3 billion deal with Egypt in H1-18
1 February 03:16 PM ITFC opens $400m credit line for Egypt
Cairo – Mubasher: The International Islamic Trade Finance Corporation (ITFC) has opened a credit line worth $400 million for Egypt this week to purchase petroleum products in a last $3 billion tranche of the finance deal inked in 2015, CEO Hani …
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31 January 05:44 PM NBE, EBRD agree $750m loan deal
Cairo - Mubasher: A banking consortium led by the European Bank for Reconstruction and Development (EBRD) has approved the National Bank of Egypt’s (NBE) request to obtain a $750 million (EGP 13.22 billion) financing package. The loan agreement …
Qatar’s foreign reserves in 2017 registered a decline of 13.6% on an annual basis
31 January 05:29 PM Qatar C.bank’s foreign reserves total QAR 136.9bn in December
Mubasher: The Central Bank of Qatar (CBQ) registered an increase in the foreign reserves to QAR 136.93 billion in the fourth quarter of 2017. This amount represents a growth of 5.7% or QAR 7.33 billion when compared to QAR 129.60 billion ($35.60 …
Egypt’s investment ministry has confirmed a $3 billion fund from the ITFC.
31 January 01:37 PM Egypt to receive $3bn funding from ITFC
Cairo – Mubasher: Egypt’s investment ministry has confirmed a $3 billion funding from the International Islamic Trade Finance Corporation (ITFC) to finance the North African nation's commodity imports, according to a recent statement by ITFC. This …
Gulf Navigation appointed Al Ramz as co-bookrunner for its capital hike
31 January 12:41 PM Gulf Navigation appoints Al Ramz as capital hike co-bookrunner
Dubai – Mubasher: Gulf Navigation Holding on Wednesday announced appointing Al Ramz Corporation Investment and Development as co-bookrunner for its rights issue on the Dubai Financial Market (DFM). Through its rights issue which will begin on 4 …