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25 January 04:06 PM Kuwait raises discount rate as of Thursday
Mubasher: The Central Bank of Kuwait (CBK) decided to lift the discount rate by 0.50% to 4% from 3.50% starting from Thursday, 26 January 2023. The decision is part of recent developments in local and international economic conditions, in addition …
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17 January 04:20 PM ITFC, ISFD announce $150m support programme for LDMCs
Riyadh - Mubasher: The International Islamic Trade Finance Corporation (ITFC) and the Islamic Solidarity Fund for Development (ISFD), members of the Islamic Development Bank (IsDB) Group, penned a $150 million Mudaraba deal. The trade finance …
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9 January 05:59 PM Agility secures new facility deal worth KWD 50m
Mubasher: Agility Public Warehousing, listed on Dubai Financial Market (DFM) as well, has signed a new credit facility agreement with a local bank at a value of KWD 50 million. Meanwhile, the company has secured nearly $3 billion (KWD 915 million) …
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25 December 2022 02:41 PM Consolidated assets of Arab banking sector may reach $4.4trn by year-end
Cairo - Mubasher: The Secretary General of the Union of Arab Banks (UAB) Wissam Fattouh said the consolidated assets of the Arab banking sector are expected to reach $4.40 trillion by the end of 2022. This represents a year-on-year (YoY) increase …
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20 December 2022 03:53 PM Nama Chemicals secures SAR 90m loans from Riyad Bank, NBK
Riyadh – Mubasher: Nama Chemicals Company obtained SAR 90 million facilities from Riyad Bank and the National Bank of Kuwait (NBK) on 19 December 2022, according to a bourse disclosure. The Saudi firm penned a Murabaha facility deal worth SAR 60 …
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6 December 2022 03:29 PM OneOrder raises $3m seed round; total investment tops $10m
Cairo – Mubasher: Egypt-based B2B marketplace connecting restaurants to suppliers, OneOrder, announced closing a $3 million seed round led by Nclude as well as returning investor A15. This brings the company’s total investment to $10.50 million. …
CEO of APICORP, Khalid Ali Al-Ruwaigh
7 November 2022 02:25 PM APICORP, Hartree ink $75m Islamic facility for voluntary carbon offsets
Riyadh - Mubasher: The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral financial institution, announced the signing of a $75 million Murabaha agreement in favor of Hartree Partners Power & Gas Company (UK) Limited, …
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3 October 2022 04:22 PM BIC-BRED (Suisse) SA establishes Mideast presence in UAE’s DIFC
Dubai – Mubasher: Banque Internationale de Commerce - BRED (Suisse) SA (BIC-BRED (Suisse) SA has chosen Dubai International Financial Centre (DIFC) for its flagship regional office. The Geneva-based Swiss bank will use the DIFC platform to bring …
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22 September 2022 09:45 AM UAE’s central bank raises base rate by 75 bps to 3.15%
UAE – Mubasher: The Central Bank of the UAE (CBUAE) hiked its base rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points (bps) to 3.15% from 2.40%, effective from Thursday, 22 September 2022, Emirates News Agency (WAM) …
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13 September 2022 03:43 PM FAB to finance Middle East sustainable projects with $75bn by 2030
Mubasher: First Abu Dhabi Bank (FAB) plans to endorse sustainable development projects across the Middle East with financing worth $75 billion by 2030, Ahram Gate cited Shargiil Bashir, Chief Sustainability Officer at FAB. Bashir pointed out that …
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1 September 2022 04:51 PM Ajman Bank to launch world’s 1st Mastercard Touch Card
Dubai – Mubasher: Mastercard and Ajman Bank announced launching the world-first Touch Card, an accessible payment card that will enable blind and partially sighted people to easily facilitate payments and distinguish between their cards. The new …
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23 August 2022 02:42 PM NBK-Egypt sees 9% higher profits in H1-22
Mubasher: The National Bank of Kuwait-Egypt (NBK-Egypt) reported net earnings of EGP 756.50 million (about KWD 13.80 million) during the first half (H1) of 2022, according to a statement to Boursa Kuwait on Tuesday. This represents a profit rise …
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7 August 2022 01:49 PM GCC leads Forbes Middle East’s top 30 banks 2022 list
Mubasher: Gulf banks dominated Forbes Middle East’s ranking of the Middle East’s Top 30 Banks 2022, with 25 out of the 30 based in the GCC. Saudi Arabia and the UAE were the most represented countries on the list, with 10 and seven banks, …
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3 August 2022 09:17 AM East Pipes Integrated secures SAR 275m loan from NBK
Riyadh – Mubasher: East Pipes Integrated Company for Industry has sealed a Sharia-compliant facility agreement worth SAR 275 million with the National Bank of Kuwait (NBK). The Saudi company obtained the loan to finance the working capital of one …
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25 July 2022 05:56 PM Agility raises credit facility lines to $3.2bn
Mubasher: Agility Public Warehousing, listed on Dubai Financial Market (DFM) as well, has penned a financing deal with local, regional, and international banks to refinance and increase its credit facility lines to $3.20 billion (KWD 980 million) …
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18 July 2022 04:49 PM NREC's unit inks EGP 854m loan with Egypt-based bank
Mubasher: Kuwait Wadi Elnile Urban Development, an 80% subsidiary of National Real Estate Company (NREC), has signed a loan agreement worth EGP 854 million (KWD 13.91 million) with a national bank in Egypt. The company will use the facility in …
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28 June 2022 02:15 PM DIFC initiates 1st Open Finance Lab in region; listed banks participate
UAE – Mubasher: Dubai International Financial Centre (DIFC) has launched the first Open Finance Lab in the region on Tuesday, 28 June this year, according to a press release. The initiative is a six-month programme in which four banks and a …
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3 May 2022 09:40 AM Arab Bank Group posts $166m profits in Q1-22
Mubasher: The net profits after tax of Arab Bank Group jumped by 29.4% to $166 million in the first quarter (Q1) of 2022, compared to $128.3 million in the prior period. The group recorded a 5% increase in its loan portfolio to $35.2 billion as of …
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26 April 2022 03:19 PM Moody's revises GCC banking sector outlook to stable
Mubasher: Moody's Investors Service has changed the outlooks for the banking systems of Saudi Arabia, Kuwait, the UAE, Qatar, Oman, and Bahrain to stable from negative. The New York-based rating agency noted that the Saudi Arabian banks will …
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2 February 2022 03:28 PM CBK unveils requirements for setting up digital banks
Mubasher: The Central Bank of Kuwait (CBK) has issued guidelines that set the requirements for establishing digital banks, as tech-based business models have been vital within the banking and finance sector. This comes in line with the CBK’s plans …
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13 January 2022 11:32 AM GCC banks' asset quality expected to see slight decline in 2022
Mubasher: GCC banks' asset quality indicators are expected to record a slight decline in 2022 because of regulatory forbearance measures that have enabled the corporate sector to tackle the coronavirus (COVID-19) repercussions, S&P Global Ratings …
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14 December 2021 10:27 AM MIS renews SAR 155m facility with NBK
Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) has renewed a Sharia-compliant facility worth SAR 155 million with the National Bank of Kuwait (NBK). Valid until 31 August 2022, the facility aims to finance new project contracts …
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7 December 2021 06:03 PM Gulf banks' outlook seen stable amid regional economic recovery, higher oil prices
Mubasher: Moody's Investors Service expected the outlook for GCC banks to be stable over the coming 12 to 18 months, backed by economic recovery in the region as well as higher oil prices, according to a report on Tuesday. The Gulf lenders’ credit …
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30 November 2021 05:49 PM IsDB’s ICIEC signs agreement with Japan's NEXI to boost trade relations
Mubasher: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has partnered with Japan-based Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, through a memorandum of …
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28 November 2021 02:17 PM Kuwait’s C.bank, CMA initiate campaign on crypto assets
Mubasher: The Central Bank of Kuwait (CBK) has collaborated with the Capital Markets Authority (CMA) to launch a joint financial literacy campaign on investing or dealing in crypto assets in the state, according to a press release on Sunday. …