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05 June 03:13 PM

Banking

The USD went up to EGP 15.86 for buying at NBE
1 June 01:15 PM USD almost hits EGP 16 at local banks on Monday
Cairo – Mubasher: The US dollar continued to increase against the Egyptian pound during early trading at local banks on Monday, almost hitting EGP 16 for the first time in five months. The USD went up to EGP 15.86 for purchasing and EGP 15.96 for …
Currencies
Saudi Aramco is currently the most profitable company worldwide
26 May 11:02 AM World's top 2,000 list includes 40 Arab companies; Aramco ranked 5th
By: Amal A. Wahaab Mubasher: This year's Forbes Global 2000 list saw the inclusion of 40 companies from the Arab world in the magazine's ranking of the world's top 2,000 companies, based on assets, profits, revenues, and market value.  Oil giant …
Sector Reports
Phoenix Commodities Pvt was recently placed in liquidation
11 May 10:58 AM CBI denies financial exposure to Phoenix Commodities
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has negated any financial exposure to Phoenix Commodities Pvt or its related parties, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday. Founded 20 …
Banking and Finance
The USD rose to EGP 15.69 for buying at CBE
26 April 02:43 PM USD stabilises against EGP at local banks on Sunday
Cairo – Mubasher: The Egyptian pound exchange rate has stabilised against the US dollar during mid-trades on Sunday at local banks. The USD remained unchanged at EGP 15.68 for buying and EGP 15.78 for selling at the National Bank of Egypt (NBE) …
Banking and Finance
Domestic M&A registered a 92% annual drop in Q1-20
16 April 11:42 AM MENA M&A deals record $14.8bn in Q1-20 – Report
Dubai – Mubasher: Investment banking fees in the Middle East and North Africa (MENA) region rose by 11% year-on-year (YoY) to an estimated $188.8 million during the first quarter (Q1) of 2020, with three-figure gains recorded across mergers and …
Mergers and Acquisitions
Minister of international cooperation - Rania Al Mashat
6 April 12:51 PM AfDB allocates $3bn to support member countries’ efforts against COVID-19
Cairo – Mubasher: The African Development Bank Group (AfDB) allocated $3 billion to support efforts to curb the spread of the novel coronavirus (COVID-19) in member states, including Egypt, director of AfDB's Country Office, Malin Bloomberg, said. …
Macroeconomics
CBK eased the risk weighting for SMEs to 25% from 75%
2 April 01:09 PM Kuwait C. bank offers stimulus to support vital sectors, SMEs
Mubasher: The Central Bank of Kuwait (CBK) on Thursday announced a stimulus package to help vital economic sectors, projects of added value, and small and medium-sized enterprises (SMEs) cushion the impact of the coronavirus outbreak. The new …
Global Economy
President of Egypt, Abdel Fattah El-Sisi
27 March 06:07 PM Egypt calls for African debt relief by G20 countries
Cairo – Mubasher: President of Egypt, Abdel Fattah El-Sisi, has presented an initiative to the G20 group to consider easing debt burdens on African countries, in light of the impacts of the coronavirus (COVID-19) crisis on the continent’s …
International Agreements
Burgan Bank's stake represents 129.48 million shares of Bank of Baghdad
16 March 12:42 PM Burgan Bank plans to sell 52% stake in Bank of Baghdad
Mubasher: Burgan Bank said that it plans to transfer the ownership of its 51.8% stake in Bank of Baghdad to the United Gulf Holding Company (UGH), which is a sister company of the Kuwait-based bank. The stake represents nearly 129.48 million …
Mergers and Acquisitions
The economic stimulus package aims to mitigate the impacts of the coronavirus epidemic
16 March 11:36 AM Abu Dhabi introduces 16 economic initiatives amid COVID-19 outbreak
UAE – Mubasher: The government of  Abu Dhabi has launched 16 initiatives under the emirate’s economic stimulus package, aiming to protect the economy from the repercussions of the coronavirus (COVID-19) epidemic, as directed by Crown Prince of Abu …
Banking and Finance
The programme aims to mitigate the impacts of the COVID-19 outbreak
15 March 01:57 PM SAMA supports SMEs with SAR 50bn against COVID-19
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has introduced the “Private Sector Financing Support Program” with a total value of about SAR 50 billion. The programme aims at supporting the private sector to promote economic growth …
Banking and Finance
The USD fell by EGP 0.04 to EGP 15.64 for buying at EG Bank
9 March 01:35 PM USD rises against EGP at local banks on Monday
Cairo – Mubasher: The Egyptian pound exchange rate went down against the US dollar at local banks on Monday amid rising concerns over the spread of the new coronavirus (COIVD-19). The USD grew by EGP 0.05 to EGP 15.64 for buying and EGP 15.74 for …
Currencies
The fund is currently at the cabinet’s disposal
8 March 03:12 PM Kuwait C. bank sets up KWD 10m fund to combat coronavirus
Mubasher: The Central Bank of Kuwait (CBK) has established a KWD 10 million ($32.8 million) fund financed by Kuwaiti banks to promote the government’s efforts against the spread of the China coronavirus (COVID-19).    The initiative is part of the …
Central Banks
The greenback went down to EGP 15.57 for buying at SAIB
5 March 04:43 PM EGP returns to upward trend against USD on Thursday
Cairo – Mubasher: The US dollar exchange rate returned to its downward trend against the Egyptian pound at the end of Thursday’s transactions at local banks.  The USD declined by EGP 0.04 to EGP 15.59 for buying and EGP 15.69 for selling at Al …
Currencies
The USD dropped to EGP 15.65 for buying at ADIB
17 February 02:43 PM USD falls against EGP at local banks on Monday
Cairo – Mubasher: The US dollar exchange rate declined against the Egyptian pound at 12 local banks on Monday. The USD dropped to EGP 15.65 for buying and EGP 15.75 for selling at Abu Dhabi Islamic Bank (ADIB) and EGP 15.63 for buying and EGP …
Banking and Finance
Egypt’s gold reserves increased to $3.424 billion
9 February 02:57 PM Egypt’s gold reserves up $123m in January amid coronavirus worries
Cairo – Mubasher: Gold reserves in Egypt rose in January for the second month in a row as concerns about the spreading coronavirus fuelled safe-haven demand. Egypt’s gold reserves increased by $123 million to $3.424 billion in January from $3.301 …
Central Banks
Burgan Bank expects the deal to improve the quality of its assets
28 January 09:51 AM Burgan Bank gets approval for selling stake in Bank of Baghdad
Mubasher: The Central Bank of Iraq (CBI) has approved the sale of Burgan Bank’s 51.8% stake in Bank of Baghdad to United Gulf Holding Company (UGH), a sister company of the Kuwait-based bank and another subsidiary of the Kuwait Projects Holding …
Companies Investments
Finastra's solutions cover 90% of banks’ needs
20 January 11:19 AM Interview: We look to repeat Finastra Egypt Digital Trade Forum – Serge Tohme
Mubasher: Finastra was founded in 2017 from the merger of two fintech giants, D+H, a leading financial technology provider and Misys, which provides software solutions focused on retail and corporate banking services. Serge Tohme, Managing …
The EGP exchange rate climbed to EGP 15.86 for buying
14 January 11:39 AM Egyptian banks receive $1.7bn foreign cash inflows in 4 days
Cairo – Mubasher: foreign cash inflows into banks operating in Egypt reached $1.7 billion in just four days ending on Monday, 13 January, according to a statement by the Central Bank of Egypt (CBE). Such inflows have helped push the Egyptian pound …
Central Banks
The transaction may have a one-time negative impact on the net income
5 January 10:15 AM Burgan Bank exits entire stake in Bank of Baghdad
Mubasher: Burgan Bank has sold its full stake in Bank of Baghdad, representing 51.8%, to its sister company, United Gulf Holding company. The deal reinforces Burgan Bank’s strategy to improve returns on risks for the bank’s shareholders, according …
Credit Agricole is still developing SMEs portfolio and getting some resources
18 December 2019 02:09 PM Antoine Paliard talks fintech innovation, startup contests – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Credit Agricole has chosen Infini Systems, an India-based startup, as the winner of the Fintech Hackathon 2019 during the RiseUp Summit, held in Cairo from 5 to 7 December. A total of 30 teams …
Event
Mohamed ElKasstawi as a speaker during RiseUp Summit 2019
12 December 2019 01:31 PM ElKasstawi: Stock markets, gov’t can boost performance via digital money – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Blockchain is increasingly carving out the space within the investment and banking sectors, with cryptocurrencies, tokens, and fiat expected to reshape the future of finance as many countries …
Tribal Credit recently closed a $5.5 million Seed round
12 December 2019 00:04 PM How startups benefit from blockchain at Tribal Credit – Interview with Mohamed ElKasstawi
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Startups nowadays should look for new ways to boost their business, and one of these ways is using blockchain technologies and digital money. The US-based Tribal Credit, headquartered in Silicon …
Companies Investments
Exchange companies registered profits of KWD 13.77 million by September
12 November 2019 00:43 PM Kuwaiti exchange companies’ profits down 4% in 9M
Mubasher: Foreign exchange companies in Kuwait saw a 4% decrease in net profits during the first nine months of the year, according to a statement by the Central Bank of Kuwait (CBK). Exchange companies registered profits of KWD 13.77 million …
Sector Reports
Hatem Sleiman, Regional Vice President - Middle East, Pakistan & Afghanistan, Western Union
31 October 2019 11:53 AM Sleiman in Interview – Western Union starting to leverage platform in new ways
Mubasher: Western Union, the US worldwide financial services and communications company, has enhanced the UAE with the latest generation of omni-channel platform in a way of confirming the deep commitment to keeping the Middle East at the …