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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 …
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 …
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 …
Mumtalakat’s CEO Khalid Al Rumaihi
22 January 09:44 PM Mumtalakat receives $4bn orders for $500m sukuk
Mubasher: Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, has received $4 billion worth of orders for $500 million sukuk, Mumtalakat’s CEO Khalid Al Rumaihi told CNBC Arabiya on Wednesday. The company did not expect such …
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 …
BisB will continue to be listed on Bahrain Bourse
18 January 09:48 PM NBB acquires 78.8% stake in Bahrain Islamic Bank
Mubasher: The National Bank of Bahrain (NBB) on Saturday announced that its offer to acquire up to 100% of the paid-up ordinary shares of the Bahrain Islamic Bank (BisB) resulted in the control of a 78.8% stake in the Islamic bank, according to …
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 …
Mumtalakat is set to hold meetings with investors
7 January 10:06 PM Bahrain’s SWF hires banks for USD-dominated sukuk issuance
Mubasher: Mumtalakat Holding Company, the sovereign wealth fund (SWF) of Bahrain, has hired banks to arrange fixed income investor meetings ahead of the issuance of USD-dominated sukuk, Reuters reported on Tuesday. The hired banks include …
Egypt topped receivers of KFAED's finance in 2019
25 December 2019 01:46 PM Kuwait Fund for Arab Economic Development provides $1.67bn finance in 2019
Mubasher: Kuwait Fund for Arab Economic Development (KFAED) has provided loans worth of $1.67 billion to different countries and entities during 2019. The biggest finance provided by the fund this year was a $1 billion loan granted to the Egyptian …
The transaction is dually funded in US dollars and Euros
22 December 2019 04:03 PM TDB signs $450m Mideast-focused syndicated term financing
UAE– Mubasher: The Eastern and Southern African Trade and Development Bank (TDB) has successfully closed a Multi-Tranche Syndicated Term Financing, conventional and Islamic, worth $272 million and EUR 160.200 million, equivalent to a combined …
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 …
The platform allows investors to buy, sell, and hold digital diversified Sharia-compliant assets
18 December 2019 01:22 PM CoinMENA seeks opportunities in digital assets, Islamic fintech
Mubasher: Bahrain-based CoinMENA has appointed Shariyah Review Bureau (SRB) as an outsourcing facility to manage and supervise the Sharia certification and Sharia audit services for its digital asset platform. Created to help investors at both the …
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 …
Banks represent 60% of Boursa Kuwait's market cap
2 December 2019 01:56 PM Kuwait’s listed banks post $280bn in assets in 9M
By: Mohamed Farouk Mubasher: Listed Kuwaiti banks’ assets amounted to $280 billion (KWD 84.956 billion) over the nine-month period ended 30 September, accounting for 75% of the total assets of bourse-listed companies, according to National Bank of …
The ministerial meeting will be organised jointly with the African Union
2 December 2019 01:56 PM Sharm El-Sheikh to host F15 expert meeting on Tuesday
Cairo – Mubasher: The Egyptian seaside town Sharm El-Sheikh will host the expert-level meetings of the Committee of Fifteen Ministers of Finance (F15) on Tuesday, 3 December. In addition, the ministerial meeting will be organised jointly with the …
NBK provides products and services through large network
26 November 2019 02:52 PM NBK becomes 1st bank in MENA to adopt 3D Secure 2.0 system
Mubasher: National Bank of Kuwait (NBK) has become the first bank in the Middle East and North Africa (MENA) region to adopt Visa’s 3D Secure 2.0, which provides merchants and issuers with a seamless way to authenticate cardholders for eCommerce …
Part of the inauguration ceremony
26 November 2019 02:05 PM Switzerland’s Mirabaud opens unit in Abu Dhabi
UAE – Mubasher: Swiss banking and finance group Mirabaud has inaugurated its Abu Dhabi office operations in collaboration with SBK Holding, which is owned by Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, advisor to the UAE president. Mirabaud’s …
Kuwait has a large pipeline of planned projects worth about $166 billion
25 November 2019 06:37 PM NBK eyes further diversification, digital transformation - Al Fulaij
Mubasher: Kuwait has successfully shielded itself against recent geopolitical tensions and lower global oil prices as the country’s gross domestic product (GDP) is still solid, the National Bank of Kuwait (NBK) – Kuwait’s CEO Salah Al Fulaij said. …
Outlook is Stable for all GCC banking systems, but Negative for Oman
25 November 2019 00:58 PM GCC banks outlook remains stable - Moody's
Mubasher: The outlook for banks in the Gulf Cooperation Council (GCC) member countries remains stable in 2020, underpinned by solid economic growth, strong capital buffers and substantial liquidity, according to Moody's Investors Service. …
Blockchain enables completion of the transaction in a single day
20 November 2019 02:52 PM Oman Oil & Orpic Group, HSBC execute 1st blockchain transaction in Oman
Mubasher: Oman Oil & Orpic Group and HSBC Bank Oman have successfully executed the first blockchain trade finance transaction in Oman. The transaction included the shipment of polypropylene and a thermoplastic polymer to Abu Dhabi National Carpet …
Kuwait’s bank credit rose by 4.2% YoY
19 November 2019 03:16 PM Kuwait’s bank deposits rise in September
Mubasher: Deposits at banks operating in Kuwait grew 0.8% year-on-year to KWD 43.4 billion, or KWD 331.2 million, in September 2019, Kuwait’s bank credit rose by 4.2% YoY to reach KWD 38.1 billion in September, according to a report released by …
The rating supports confidence in the bank
14 November 2019 02:38 PM S&P assigns ‘A’ credit rating to Boubyan Bank; Outlook stable
Mubasher: Standard and Poor’s rating agency has assigned ‘A’ long-term credit ratings to Boubyan Bank, with a stable outlook. The bank’s anchor and stand-alone credit profile (SACP) was assigned ‘bbb’ rating, according to a bourse statement …