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01 March 07:57 PM

Banking

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15 February 02:53 PM Remittances from Filipinos in GCC down to $5.1bn in 2020
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 11.21% on an annual basis in 2020. Filipinos’ remittances from the Gulf region registered $5.11 billion last year, compared to $5.76 billion in 2019, according to …
Sector Reports
Wahby has started his career as an investment banker in Egypt
9 February 02:10 PM Al Ahli Bank of Kuwait names new CEO in UAE
Mubasher: Al Ahli Bank of Kuwait (ABK) has appointed Omar Wahby as the bank's CEO in the UAE, according to a press release. With a 25-year experience, Wahby has started his career as an investment banker in Egypt and occupied senior roles in a …
Banking and Finance
The campaign messages are published through several channels
3 February 01:25 PM CBK launches Diraya campaign to address e-crimes, e-fraud
Mubasher: The Central Bank of Kuwait (CBK) has recently launched 'Be Aware' Campaign (Diraya in Arabic) to enhance public awareness on e-fraud and e-crime, in cooperation with Kuwait Banking Association (KBA). With the participation of all Kuwaiti …
Banking and Finance
Regional debt issuances are expected to remain robust in 2021.
28 January 12:09 PM GCC debt issuance exceeds $100bn in 2020
Mubasher: GCC debt issuance was strong in 2020, crossing $100 billion on a continued need for budget financing, the National Bank of Kuwait (NBK) said in its latest economic update. The fourth quarter (Q4) of 2020 saw the issuance of about $15 …
Banking and Finance
KSA will showcase 1,000 projects worth $160 billion at the third Future Projects Forum (FPF).
26 January 03:09 PM Saudi Arabia could be Mideast’s busiest construction market next decade
Riyadh – Mubasher: Saudi Arabia will be the Middle East’s busiest construction market over the course of the next decade as its new wave of major projects makes progress, according to GlobalData’s MEED. The Gulf state will showcase about 1,000 …
Banking and Finance
Part of the facility has a 3-year term
21 January 10:23 AM Agility raises credit facility with local, international banks to KWD 240m
Mubasher: Agility Public Warehousing has inked a credit facility agreement with local, regional, and international banks to refinance and increase its credit facility line to KWD 240 million ($800 million) from around KWD 219 million ($725 …
Companies Investments
IFA has settled and rescheduled 86% of its total debt
13 January 02:58 PM IFA witnesses precautionary seizure by local bank
Mubasher: International Financial Advisors (IFA) has announced a precautionary seizure by one of the local banks on the company due to an owed amount of KWD 8.8 million ($29 million). The debt amount is subject to a dispute between the company and …
Banking and Finance
Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.
7 January 01:03 PM Standard Chartered expects Qatar’s economy to grow 3% this year
Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported. The British lender had revised its previous 2.1% …
Banking and Finance
The greenback slid to EGP 15.63 for purchasing
6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves
Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …
Banking and Finance
The bonds have a maturity period of three months with a rate of return of 1.125%.
21 December 2020 03:38 PM Kuwait C.bank issues bonds, Tawarruq worth KWD 200m
Mubasher: The Central Bank of Kuwait (CBK) on Monday issued bonds and related Tawarruq at a total value of KWD 200 million. The bonds have a maturity period of three months with a rate of return of 1.125%, according to a statement on Monday. Bonds …
Central Banks
The bonds carry a maturity period of three months.
14 December 2020 01:46 PM Kuwait C.bank issues KWD 290m worth of bonds, Tawarruq
Mubasher: The Central Bank of Kuwait (CBK) on Monday said it issued bonds and related Tawarruq worth KWD 290 million. The bonds carry a maturity period of three months with a rate of return of 1.125%, according to a press release. Bonds and …
Central Banks
The top five developed countries in Islamic Finance are Malaysia, Indonesia, Bahrain, the UAE, and KSA.
9 December 2020 00:23 PM Global Islamic Finance assets may hit $3.69trn in 2024 - Report
Riyadh – Mubasher: Global Islamic Finance assets are forecast to reach $3.69 trillion by 2024 according to the 2020 Islamic Finance Development Report released today by Refinitiv and the Islamic Corporation for the Development of the Private …
Banking and Finance
Photo Archive
9 December 2020 10:15 AM Fitch says GCC Islamic banks have stable 2021 outlook, except for Saudi lenders
Riyadh – Mubasher: Fitch Ratings said the 2021 sector outlook for GCC Islamic banks is stable, reflecting a modest expected economic recovery. However, it expected asset-quality and profitability pressures to continue and predicted capital buffers …
Ratings
The issued bonds and related Tawarruq have a return rate of 1.250%
7 December 2020 01:34 PM CBK sells KWD 280m bonds
Mubasher: The Central Bank of Kuwait (CBK) has issued bonds and related Tawarruq at a total value of KWD 280 million, according to a press release on Monday. With a six-month maturity period, the issued bonds and related Tawarruq have a return …
Central Banks
Filipino expats’ remittances from the GCC region fell by 13.91% YoY in 9M.
3 December 2020 01:13 PM Filipino labour in GCC records $3.7bn remittances in 9M
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 13.91% on a year-on-year (YoY) basis in the first nine months of 2020, pressured by the coronavirus pandemic. Filipino expats’ remittances amounted to $3.73 billion …
Sector Reports
The assets of UAE banks rose by 3.2% QoQ in Q3-20
24 November 2020 10:04 AM UAE's listed banks record highest growth in assets in GCC in Q3-20
UAE - Mubasher: The listed banks in the UAE achieved the highest quarter-on-quarter (QoQ) growth in assets across the GCC countries during the third quarter (Q3) of 2020, according to a report published by Kamco Invest. The assets of UAE banks, …
Banking and Finance
The USD registered EGP 15.59 for buying
9 November 2020 04:38 PM EGP advances against USD to highest level since early March
Cairo – Mubasher: The Egyptian pound exchange rate advanced against the US dollar to its highest level since 8 March, according to data by the Central Bank of Egypt (CBE). The USD registered EGP 15.59 for buying and EGP 15.72 for selling, the CBE …
Banking and Finance
International reserves grew to $38.425 billion at the end of September
1 November 2020 03:43 PM EGP rises against USD in 10 months
Cairo – Mubasher: The Egyptian pound exchange rate climbed against the US dollar on the back of the successful monetary policy of the Central Bank of Egypt (CBE), the increase in remittances of Egyptians living abroad, and the receipt of funds …
Banking and Finance
AUB’s stake in AUB Egypt will be raised to 95.7%
25 October 2020 05:51 PM AUB provides update on AUB Egypt acquisition
Mubasher: Ahli United Bank – Bahrain (AUB Bahrain) said that the public tender offer to increase its stake in its unit in Egypt ended on 22 October. During the tender offer period, Ahli United Bank – Egypt’s shareholders tendered their shares, …
Banking and Finance
Photo Archive
25 October 2020 01:21 PM FAB is region's safest bank in 2020 - Global Finance
UAE – Mubasher: Global Finance has announced its 29th annual ranking of the World’s 50 Safest Banks for this year. The UAE's First Abu Dhabi Bank (FAB) secured the first spot regionally and the 32nd spot globally in Global Finance' ranking, …
Ratings
These bonds have fixed and floating interest rates
11 October 2020 04:45 PM NBK exercises call option for KWD 125m subordinated bonds
Mubasher: The National Bank of Kuwait (NBK) has obtained the Central Bank of Kuwait’s (CBK) approval to exercise a call option to redeem KWD 125 million bonds at the interest payment date falling on 5 years from the date of issuance of the bonds …
Banking and Finance
The Sukuk issuance aims to enhance the bank's capital base
11 October 2020 04:06 PM KIB obtains CMA's approval to $300m Sukuk issuance
Mubasher: The Capital Market Authority (CMA) has approved the request of Kuwait International Bank (KIB) to issue Tier 2 capital Sukuk for an amount of up to $300 million. The Sukuk issuance aims to enhance the bank's capital base as per the …
Sukuk and Islamic Finance
The KFH will contribute to KWD 304 million in financing
4 October 2020 00:38 PM NBK, KFH ink KWD 1bn credit facility agreement with KPC
Mubasher: The National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) have signed a credit facility agreement worth KWD 1 billion with Kuwait Petroleum Corporation (KPC) to fund the KPC's capital expenditure. Under the agreement, the KFH …
Banking and Finance
The webinar discussed the Road to Digital Transformation and Innovation
30 September 2020 00:33 PM Industry leaders discuss the future of digital transformation
By: Moslem Ali Cairo – Mubasher: The British Egyptian Business Association (BEBA) organized a webinar on Tuesday discussing “The Road to Digital Transformation and Innovation” to discuss the rising importance of digital transformation, especially …
Event
The agreement’s financiers include Al Rajhi Bank and Arab National Bank (ANB).
29 September 2020 09:30 AM Zain KSA signs deal to reschedule SAR 3.85bn Murabaha facility
Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) signed an agreement to reschedule its existing five-year syndicated Murabaha facility valued at SAR 3.85 billion maturing on 30 September 2020 (originally SAR 5.9 billion, …
Companies Investments