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10 July 07:02 AM

Banking

GCC banks' interest income is expected to decline this year
6 July 11:57 AM GCC banks to witness lower profits in 2020 amid COVID-19
Mubasher: The profits of banks in GCC countries will decrease in 2020 due to the economic contraction amid the coronavirus (COVID-19) pandemic and lower oil prices, Moody's Investors Service said in a report on Monday. Moody's referred that …
Macroeconomics
The Sukuk programme is valued at a maximum KWD 2 billion
2 July 01:01 PM KIB obtains central bank’s initial approval for Sukuk issuance
Mubasher: Kuwait International Bank (KIB) has received preliminary approval from the Central Bank of Kuwait (CBK) on 30 June for a Sukuk issuance programme. The value of the issuance is up to KWD 2 billion, or the equivalent in other currencies. …
Sukuk and Islamic Finance
Moody's has affirmed the bank's long-term deposit rating at 'A3'
1 July 12:22 PM Moody's affirms Boubyan Bank's credit ratings; outlook stable
Mubasher: Moody's Investors Service has maintained all the credit ratings of Boubyan Bank, with a 'Stable' outlook, according to the bank's disclosure to Boursa Kuwait on Wednesday. The credit rating agency has affirmed the bank's long-term …
Ratings
The greenback slid to EGP 16.08 for buying at ALEXBANK and Suez Canal Bank
30 June 04:01 PM USD falls against EGP at local banks on Tuesday
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound fell by about EGP 0.02 at local banks on Tuesday. The greenback slid to EGP 16.08 for buying and EGP 16.18 for selling at ALEXBANK and Suez Canal Bank. Meanwhile, the USD …
Currencies
Photo Archive
29 June 01:13 PM Kamco extends credit facility agreement
Mubasher: Kamco Invest announced that it has renewed a credit facility provided by a local bank, according to a statement to Boursa Kuwait on Monday. Under the new agreement, the bank credit facility limit has been increased by KWD 5 million. The …
Banking and Finance
Mansour Group, from Egypt, came in first place
28 June 03:24 PM Top 100 Arab family businesses include 36 Saudi firms - Forbes
Mubasher: Saudi Arabia has dominated this year’s Forbes Middle East Top 100 Arab Family Businesses, which are seen as the backbone of the region's economy. Saudi Arabia came in the lead with 36 family businesses, followed by the UAE with 21 …
Companies Investments
Careem will benefit from Visa's real-time push payment solution
28 June 01:45 PM Careem partners with Visa to promote cashless payments
UAE - Mubasher: Careem and Visa have inked a partnership agreement to boost cashless payments and digital financial inclusion across the Middle East and North Africa region, according to a press release on Sunday. Under the partnership, Visa …
Banking and Finance
Central Bank of Kuwait
23 June 05:48 PM Kuwaiti bank assets down first time in 6M
Mubasher: The total assets of banks operating in Kuwait declined during April, for the first time in six months, specifically since October 2019. Assets decreased by 0.48% in April 2020 to KWD 72.44 billion ($235.76 billion), compared with KWD …
Macroeconomics
Central Bank of Kuwait
23 June 11:02 AM Kuwaiti banks provide KWD 2.7bn finances in 3M
Mubasher: Local banks in Kuwait have provided KWD 2.7 billion ($8.9 billion) worth of credit facilities to businesses under the economic stimulus package, launched by the government early April, Kuwait News Agency (KUNA) reported. Around 80% of …
Banking and Finance
The acquisition is in line with the growing fintech sector
11 June 01:06 PM TPAY Mobile acquires Payguru
Mubasher: TPAY MOBILE, a leading mobile payment enabler in the Middle East and Africa (MEA), announced that it has fully acquired Payguru, one of the region's leading payment service providers. Subject to regulatory approvals, the acquisition will …
Companies Investments
The estimated cost of the project amounts to $1 billion
10 June 12:34 PM Bahr El-Baqar drainage system secures KWD 75m from AFESD
Cairo – Mubasher: The Egyptian Ministry of International Cooperation signed an agreement with the Arab Fund for Economic and Social Development (AFESD) to resume financing the construction of Bahr El-Baqar drainage system with KWD 75 million ($249 …
Banking and Finance
The loan will finance the unit's operating expenses
9 June 02:06 PM Unicap’s unit seals KWD 3m loan with Boubyan Bank
Mubasher: The Board of Directors of Unicap Investment and Finance has approved the First Kuwaiti Company for Educational Services, one of its subsidiaries, to sign a credit facility agreement worth KWD 2.82 million with Boubyan Bank. The loan will …
Banking and Finance
The bonds will be due on 8 December 2020
9 June 11:49 AM Kuwait C. bank’s bonds oversubscribed 9.93 times
Mubasher: The Central Bank of Kuwait (CBK) on Tuesday issued bonds and related tawarruq worth KWD 280 million, with a 1.375% rate of return. The issue recorded a total demand of KWD 2.78 billion and was oversubscribed by 9.93 times, according to …
Treasury Bills
The offering will be due after six months
8 June 03:08 PM CBK issues KWD 280m bonds
Mubasher: The Central Bank of Kuwait (CBK) has offered KWD 280 million worth of bonds and related tawarruq, with a 1.375% return rate. The bonds have a six-month maturity period, according to official data by the CBK. It is worthy to mention that …
Central Banks
The greenback advanced to EGP 16.17 for buying at AAIB
7 June 04:11 PM EGP slides to lowest level against USD since October 2019
By: Heba El-Kordy Cairo – Mubasher: The Egyptian pound exchange rate continued its declining trend against the US dollar, nearing the lowest level since 21 October 2019, according to data compiled by Mubasher. For the second week in a row, the USD …
Banking and Finance
The 342-km-long road is planned to comprise three lanes in each direction
4 June 01:30 PM Sisi approves Kuwaiti loan to finance Tunnel-Sharm El-Sheikh Road
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi issued a presidential decree, greenlighting a second Kuwaiti loan to finance the construction of the Tunnel-Sharm El-Sheikh Road project, the Middle East News Agency (MENA) reported on …
Banking and Finance
The bonds carry a six-month maturity period
2 June 09:32 AM Kuwait’s C. bank issues KWD 360m bonds, tawarruq
Mubasher: The Central Bank of Kuwait (CBK) on Tuesday issued bonds and related tawarruq worth KWD 360 million, with a 1.37% return rate. The issue registered total demand of KWD 3.03 billion and was oversubscribed by 8.41 times, according to …
Central Banks
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 …
Banking and Finance
The issuance is part of a Sukuk programme at a maximum value of $2 billion
27 May 03:56 PM Warba Bank receives regulatory approval for KWD 150m Sukuk
Mubasher: Warba Bank has received approval from the Central Bank of Kuwait and the Capital Markets Authority (CMA) for the second issuance of Sukuk at a value not exceeding KWD 150 million. The issuance is part of a Sukuk programme at a maximum …
Banking and Finance
The lender’s LTFC IDR has been affirmed at 'B+'
27 May 01:49 PM Fitch revises Burgan Bank Turkey's outlook to negative
Mubasher: Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (LTFC IDRs) of nine Turkish foreign-owned banks, including Burgan Bank Turkey, to negative from stable. The lender’s LTFC IDR has been …
Ratings
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 …
Global Economy
ABK's capital adequacy ratio (CAR) stood at 18.6% in 2019
21 May 12:48 PM Moody’s affirms ABK long-term credit rating
Mubasher: Moody’s Investors Service has affirmed the long-term deposits rating of Ahli Bank of Kuwait (ABK) at ‘A2’, with a ‘Stable’ outlook. The ‘baa3’ standalone Baseline Credit Assessment (BCA) reflects the lender’s strong capitalisation, …
Banking and Finance
(Photo Credit: cafecredit)
21 May 11:39 AM GCC sees growing trend for fintech platforms amid COVID-19 crisis
Mubasher: The GCC region is set for a big leap in the use of financial technology applications amid the coronavirus (COVID-19) outbreak with the Middle East and Africa (MEA) region witnessing a 70% growth in the use of contactless payments, …
Sector Reports
The treasury stocks amount to nearly 68.6 million shares
20 May 10:45 AM Kuwait C. bank rejects CBK’s request to distribute treasury stocks
Mubasher: The Central Bank of Kuwait (CBK) has rejected the request of the Commercial Bank of Kuwait (CBK) regarding the distribution of treasury stocks to shareholders. The commercial bank had sought the central bank's consent upon shareholders’ …
General Assembly
The lender’s net operating profit amounted to EGP 316 million
19 May 11:11 AM ABK Egypt's profit grows 22% in Q1-20
Cairo – Mubasher: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) reported a 22% year-on-year (YoY) growth in its net profits to EGP 140 million during the first quarter of 2020. The lender’s net operating profit amounted to EGP 316 million in the …
Banking and Finance