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1 hour ago Saudi Cable reschedules more than SAR 180m facility
Riyadh – Mubasher: Saudi Cable Company (SCC) sealed on Sunday an agreement with a noncommercial creditor to reschedule a material supply facility offered by Noble Resources International. The total value of the credit facility is SAR 180.78 …
The lender achieved net profit of SAR 2.436 billion in Q2-20
6 August 03:30 PM Aljazira Capital raises Al Rajhi Bank’s TP to SAR 57.80/shr
Riyadh – Mubasher: AlJazira Capital raised its target price (TP) for Al Rajhi Bank’s stock to SAR 57.80 from SAR 51.90 and maintained its “neutral” rating on the stock. “Even though the impact of COVID-19 has not entirely played out, the easing of …
The Q2-20 profits amounted to SAR 955 million
5 August 04:55 PM Samba profits grow 2% in Q2
Riyadh – Mubasher: Samba Financial Group gained SAR 955 million worth of net profits in the second quarter (Q2) of the year, up 2.14% when compared to SAR 935 million in the year-ago period. Total revenue from special commissions, financing and …
The consumer debts for Q2-20 came in at SAR 335.77 billion
4 August 03:35 PM Saudi consumer debts up 5.3% in Q2
Riyadh – Mubasher: The overall value of consumer debts in Saudi Arabia increased by 5.3% year-on-year (YoY) in the second quarter (Q2) of 2020, equivalent to SAR 16.89 billion. The consumer debts for the April-June period of the year came in at …
Some of the loans will help SMEs gauge the coronavirus pandemic effects
4 August 02:56 PM Saudi ADF approves agricultural loans worth over SAR 337m
Riyadh – Mubasher: Saudi Arabia’s Agricultural Development Fund (ADF) has approved a number of loans as well as credit facilities and guarantees worth more than SAR 337 million to support to the kingdom's agricultural sector, Saudi Press Agency …
Saudi Arabian Monetary Authority (SAMA)
3 August 04:38 PM Saudi banks’ investments in gov’t bonds down 4.6% in H1-20
Riyadh – Mubasher: Saudi banks have lowered their purchases of government bonds during the first half (H1) of 2020 by 4.6% year-on-year (YoY) or SAR 2.17 billion. The Saudi lenders' investments in government bonds amounted to more than SAR 44.5 …
The bank credit increased to SAR 1.672 trillion
2 August 02:10 PM Saudi banks exceed maximum loan-to-deposit ratio in Q2-20
By: El-Sayed Gamal Riyadh – Mubasher: Deposits held by banks operating in Saudi Arabia grew by SAR 151.53 billion or 8.9% year-on-year (YoY) to SAR 1.843 trillion during the second quarter (Q2) of 2020 from SAR 1.691 trillion. Meanwhile, the value …
Remittances amounted to SAR 69.43 billion in H1-20
29 July 11:32 AM Expat remittances in Saudi Arabia surge 13% in 6M
Riyadh - Mubasher: Remittances by expatriates in Saudi Arabia posted a 13% annual growth in the first half (H1) of 2020, equivalent to SAR 8 billion ($2.1 billion). Remittances amounted to SAR 69.43 billion ($18.5 billion) during the period ended …
The loan is guaranteed by a 100% promissory note
28 July 04:48 PM SAPTCO’s unit secures SAR 1.1bn loan for Riyadh Buses project
Riyadh – Mubasher: Public Transport Company, an 80% subsidiary of the Saudi Public Transport Company (SAPTCO) has sealed a Sharia-compliant credit facility agreement with the Arab National Bank (ANB) for SAR 1.1 billion. The loan, guaranteed by a …
Saudi Ministry of Finance
28 July 11:20 AM KSA redeems SAR 34.26bn outstanding bonds
Riyadh – Mubasher: Saudi Arabia has completed an early redemption of a portion of outstanding bonds maturing in August, September, November, and December of this year worth SAR 34.26 billion, and further issued new Sukuk under its local Sukuk …
The FlexxPay platform offers benefits for employers and employees alike
27 July 11:56 AM Flexxpay receives Sharia certification
Dubai – Mubasher: FlexxPay, has secured a Sharia compliance certification for its platform from Shariyah Review Bureau. The cloud-based technology solution enables employees to access their earned income whenever needed. The platform, which can be …
The ECA-backed financing is the first of its kind in Saudi Arabia
27 July 11:05 AM Saudi Arabia raises SAR 1bn ECA financing
Riyadh – Mubasher: ​The Saudi Ministry of Finance, represented by the National Debt Management Center (NDMC), raised Export Credit Agency (ECA) financing of around SAR 1 billion for the purchase of 842 buses for King Abdulaziz Public Transport …
The bank's total comprehensive income shrank by 29.69%
26 July 04:34 PM Banque Saudi Fransi’s profits slide 46% in Q2
Riyadh – Mubasher: The interim financial statements of Banque Saudi Fransi (BSF) showed a 45.65% annual plunge in profits during the second quarter (Q2) of 2020. The lender’s net earnings stood at SAR 437 million in the April to June period in …
Total comprehensive income totalled SAR 684.7 million by June-end
26 July 09:13 AM Bank Albilad achieves 4% profit growth in Q2
Riyadh – Mubasher: Bank Albilad reported SAR 318.1 million in net profits during the second quarter (Q2) of 2020, up by 4.33% from SAR 304.9 million in the same period a year earlier. Total comprehensive income grew by 22.68% on a yearly basis, …
The bank's total comprehensive income surged by 67.63% YoY in Q2-20
23 July 04:39 PM Riyadh Bank’s Q2-20 profits down 29%
Riyadh – Mubasher: The net profits of Riyadh Bank fell by 29.13% in the second quarter (Q2) of 2020, reaching SAR 1.06 billion when compared to SAR 1.5 billion in the same period last year. Moreover, the lender’s total comprehensive income surged …
KSA is facing a sharp recession due to the coronavirus crisis
23 July 12:09 PM Saudi Arabia could expand privatisation amid COVID-19
Riyadh – Mubasher: Saudi Arabia is exploring selling off assets in sectors that were not previously considered for privatisation, as the country is grappling with the economic impact of sustained low oil prices, Reuters reported citing the …
The par value of each bond is SAR 1 million
23 July 10:08 AM SABB offers SAR 5bn local Sukuk
Riyadh - Mubasher: Saudi British Bank (SABB) has completed the first offering of Tier II SAR-denominated Sukuk for private placement in Saudi Arabia under its local Sukuk programme at a total value of SAR 5 billion. The total number of Sukuk …
Egypt will secure an additional funding in the coming few months
21 July 06:03 PM ITFC to disburse additional funding for Egypt’s wheat purchases
Cairo – Mubasher:  The International Islamic Trade Finance Corporation (ITFC) will disburse the remaining tranche of the $200 million package to finance the import of wheat by the Egyptian government, Reuters reported on Tuesday. The lender will …
Part of the signing ceremony
20 July 01:18 PM SRC buys SAR 3bn mortgage portfolio from pension agency
Riyadh – Mubasher: The Saudi Public Pension Agency (PPA) signed an agreement to sell a mortgage portfolio in Masakin programme worth more than SAR 3 billion to the Saudi Real Estate Refinance Company (SRC), fully owned by the Public Investment …
The bank will play a role in offering new clearing activities
19 July 10:51 AM SABB joins Muqassa for clearing activities at Tadawul
Riyadh - Mubasher: Saudi British Bank (SABB) has joined the Securities Clearing Centre Company (Muqassa) to conduct clearing activities in the Saudi Stock Exchange (Tadawul). By joining the membership of Muqassa on 14 July, the bank will play a …
Saudi Arabia startup funding more than doubled during H1
15 July 12:10 PM KSA startup funding hits record high in H1-20
Riyadh - Mubasher: Funding in Saudi Arabia-based startups signalled a significant growth faster than the average in MENA despite the setback from COVID-19, according to a report by MAGNiTT and the Saudi Venture Capital Company (SVC) on Wednesday.  …
The USD declined to EGP 15.09 for purchasing at AAIB
13 July 02:08 PM EGP rises against USD at local banks on Monday
Cairo – Mubasher: The US dollar exchange rate slid against the Egyptian pound at seven local banks on Monday. The greenback fell to EGP 15.89 for buying and EGP 15.99 for selling at Commercial International Bank (CIB) and Suez Canal Bank. …
The loan will finance future projects of the firm and its subsidiaries
12 July 10:28 AM Advanced Petrochemical signs SAR 1.5bn loan deal with three banks
Riyadh – Mubasher: Advanced Petrochemical Company has entered into a sharia-compliant Murabaha credit facility agreement on 9 July with Riyadh Bank, Samba Financial Group, and Al Rajhi Bank. The loan is valued at SAR 1.5 billion, however, …
Saudi Minister of Finance, Mohammed Al Jadaan
9 July 10:14 AM G20 explores sustainable financing to emerging markets
Riyadh - Mubasher: Saudi Arabia is cooperating with G20 countries to enhance sustainable financing for developing countries, the Saudi Minister of Finance, Mohammed Al Jadaan, announced. The kingdom aims to restore cash flows to emerging markets, …
The contract’s value is more than SAR 663,000
9 July 09:19 AM ANB to seal SAR 663K insurance deal with Walaa Cooperative
Riyadh – Mubasher: Arab National Bank (ANB) is preparing an insurance agreement with Walaa Cooperative Insurance Company to provide coverage for the company’s board members and executives for one year, effective as of 8 July 2020. The contract’s …