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Banking

Bonds will be paid on a quarterly basis.
12 February 05:07 PM National Industries issues KWD 30m bonds, due in 2025
Mubasher: The National Industries Group Holding has successfully issued non-guaranteed bonds worth KWD 30 million (approx. $98.7 million) on Tuesday, 11 February. The bonds will be matured in five years in 2025, according to a bourse statement on …
Sukuk receiving bids worth a total of $4.59 billion
12 February 12:34 PM Boubyan Bank issues $750m Sukuk
Mubasher: Boubyan Bank announced the issuance of US dollar-denominated Sukuk worth $750 million. The issuance was oversubscribed by 6.12 times with orders reaching $4.59 billion. The high demand reflects investors’ confidence in Boubyan Bank’s …
Kuwaiti public debt declined by 4.61% MoM
12 February 12:29 AM Kuwait’s public debt hits over KWD 2bn in December 2019
Mubasher: Kuwait’s public debt instruments dropped 41.5% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). The GCC country’s debt instruments went down to KWD 2.072 billion ($6.822 billion) …
Kuwaiti M2 declined to KWD 38.129 billion
12 February 12:16 AM Kuwait’s M2 falls 1.24% YoY in December 2019
Mubasher: Kuwait’s local liquidity went down by 1.24% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). Kuwaiti money supply (M2) declined to KWD 38.129 billion ($125.534 billion) last …
Vezeeta currently operates in 50 cities in Egypt, Saudi Arabia, Jordan, and Lebanon
11 February 03:02 PM Vezeeta raises $40m in Series D funding round led by Gulf Capital
Cairo – Mubasher: Vezeeta, the leading digital healthcare startup in the Middle East and Africa, raised $40 million in a Series D funding round led by Gulf Capital, the largest alternative asset management company in the Middle East. Saudi …
Reserves went down by 1.3% on a monthly basis in December
11 February 10:25 AM Kuwait’s foreign reserves at $39.9bn by end of 2019
Mubasher: Kuwait’s foreign reserves increased by 7.2% year-on-year (YoY) in December 2019 to KWD 12.09 billion ($39.9 billion), compared with KWD 11.28 billion ($37.1 billion) in December 2018, according to official data by the Central Bank of …
Foreign assets inched down by 0.11% monthly in December 2019
10 February 11:58 AM Kuwait C. bank's foreign assets top KWD 19.2bn in December 2019
Mubasher: Net foreign assets of the Central Bank of Kuwait (CBK) rose by 6.2% on an annual basis in December of last year, according to official data released by the CBK on Monday.  Total foreign assets stood at KWD 19.24 billion ($63.4 billion) …
short-term foreign currency rating (ST FCR) were affirmed at 'A1'.
9 February 04:40 PM CI upgrades Burgan Bank’s ratings
Mubasher: Capital Intelligence (CI) raised the long-term foreign currency rating (LT FCR) of Burgan Bank to ‘A+’ from ‘A’, with a 'Stable' outlook, and affirmed the short-term foreign currency rating (ST FCR) at 'A1'.      The agency also upgraded …
Zain launched an application offering SME owners a wide range of digital services
9 February 03:31 PM NBK partners with Zain to support largest SME clientele in Kuwait
Mubasher: National Bank of Kuwait (NBK) and Mobile Telecommunications (Zain) signed an agreement to provide discounts and benefits to their small- and medium-sized enterprise (SME) customers, the largest SME customer base in Kuwait. Under the …
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 …
Earnings per share (EPS) amounted to KWD 21.96 last year
9 February 02:16 PM GBK’s profits up 12.2% in 2019; dividends proposed
Mubasher: The net profit of Gulf Bank of Kuwait (GBK) surged by 12.2% on an annual basis over the fiscal year ended 31 December 2019 to reach KWD 63.64 million ($209.69 million) when compared to KWD 56.74 million ($186.9 million).  Earnings per …
The profits amounted to $172.1 million in Q4
9 February 09:54 AM AUB records 4.7% higher profits in 2019; dividends proposed
Mubasher: Ahli United Bank's (AUB) net profits attributed to shareholders increased by 4.7% on an annual basis over the fiscal year ended on 31 December 2019 to stand at $730.5 million from $697.5 million.    Earnings per share (EPS) totalled 7.9 …
KFH will convert AUB’s subsidiary in Kuwait to a digital bank
6 February 01:45 PM KFH to change AUB’s name to ‘KFH Bahrain’ following merger
Mubasher: Kuwait Finance House (KFH) intends to change the name of Ahli United Bank (AUB) to Kuwait Finance House – Bahrain (KFH Bahrain) following the merger once the bank determines the proper timing. AUB will continue to operate normally and …
The loan carries a maturity period of three years
6 February 11:02 AM KFIC inks KWD 1.5m term loan deal
Mubasher: Kuwait Finance and Investment (KFIC) has signed a KWD 1.5 million term loan facility agreement with a Kuwaiti bank to finance the company’s expansion activities. The loan carries a maturity period of three years and will be repaid over …
The credit facilities will finance the investments of both companies
6 February 10:17 AM United Real Estate signs KWD 38m credit facility agreements
Mubasher: United Real Estate has extended a KWD 29.1 million credit facility agreement with a local bank, according to a statement to Boursa Kuwait on Thursday. The Kuwait-based real estate firm further revealed that its subsidiary, United …
KFH will provide further details later on
5 February 04:07 PM KFH officially submits acquisition offer to AUB
Mubasher: Kuwait Finance House (KFH) has submitted a letter of intent to Ahli United Bank (AUB) in regards to its proposed full takeover of AUB’s shares, in compliance with the requirements of regulatory authorities in Bahrain and Kuwait.    The …
The deal will reflect positively over the coming years
4 February 12:54 PM Inovest suffers $4.5m loss on debt settlement
Mubasher: An associate of Inovest, Marina Durrat Bahrain Real Estate Development, signed an agreement on Monday, 3 February 2020, to fully settle its debt with a Bahrain-based local commercial bank.          The transaction has lead to …
The issuance will be matured on 5 May 2020
4 February 11:04 AM Kuwait C. bank sells KWD 240m bonds; oversubscribed 12.15 times
Mubasher: The Central Bank of Kuwait (CBK) has offered bonds and related tawarruq worth KWD 240 million, with a 2.75% rate of return. The three-month bonds were oversubscribed by 12.15 times, with total purchase orders registering KWD 2.92 …
The bank's cash dividends for 2019 total KWD 27.86 million
4 February 10:18 AM AUB Kuwait's profits rise 7.3% in 2019; dividends proposed
Mubasher: The profits of Ahli United Bank – Kuwait (AUB Kuwait) increased by 7.3% on an annual basis during the fiscal year ended 31 December 2019, driven by higher business growth.      The bank achieved profits worth KWD 55.02 million ($180.75 …
Revenue from financing income soared by KWD 14 million in 2019
4 February 09:52 AM Growth in KIB’s financing portfolio drives assets up 24% – Chairman
Mubasher: The assets of KIB grew by KWD 520 million or 24% on an annual basis to reach KWD 2.69 billion in the fiscal year ended 31 December 2019 from KWD 2.17 billion.   The increase in assets was backed by growth in its financing portfolio by …
KIB's profits retreated by 19.7% in Q4-19
3 February 03:17 PM KIB’s 2019 earnings down to KWD 17m; dividends proposed
Mubasher: KIB has reported 17.9% lower annual profits for the fiscal year ended 31 December 2019. The profits amounted to KWD 17.15 million ($56.56 million) last year, down from KWD 20.89 million ($68.9 million) in 2018, according to a statement …
The deal’s material impact will be announced later on
3 February 10:05 AM ABK inks deal to acquire British bank
Mubasher: Al Ahli Bank of Kuwait (ABK) concluded a buy and sell agreement on 31 January 2020 for the full acquisition of Bank & Clients, a UK fully licensed bank.      The acquisition will be subject to the approvals of regulatory authorities in …
The deal has no material impact on Kamco's financial position
2 February 04:00 PM Kamco seals KWD 5m loan deal with local bank
Mubasher: Kamco Investment Company on Sunday announced the signing of a credit facility agreement worth KWD 5 million with a local bank in Kuwait. The loan will finance the company’s current and future activities, according to a statement to the …
NBK customers can use Fitbit Pay™ to pay for goods anytime
29 January 01:25 PM NBK unveils 1st contactless payment solution in Kuwait
Mubasher: The National Bank of Kuwait (NBK) on Wednesday announced the launch of Fitbit Pay™, the first contactless payment solution in Kuwait that will allow its customers to pay for goods and services anytime, being the first local bank in …
The facilities will finance the subsidiary’s activities
29 January 09:48 AM United Real Estate’s unit inks KWD 43m loan deal
Mubasher: United Real Estate said that its subsidiary, United Building Co, has penned a credit facilities agreement with a local bank at a value of KWD 42.97 million in cash and noncash. The credit facilities will be used to finance the …