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Current account dropped to SAR 59.6bn in 2019
28 January 09:58 PM Saudi general reserve levels down by 4% YoY in 2019
Riyadh – Mubasher: Saudi Arabia’s general reserve declined by 4% year-on-year to SAR 469.6 billion in 2019, according to data from the Saudi Arabian Monetary Authority (SAMA). On a monthly basis, the general reserve went down by 4.3% YoY in …
Remittances grew by 2.2% YoY in December
28 January 09:35 PM Expats’ remittances in Saudi Arabia shrink to SAR 125.53bn in 2019
By: El Sayed Gamal Riyadh – Mubasher: Remittances by expatriates in Saudi Arabia declined by 8% year-on-year to SAR 125.53 billion ($33.47 billion) in 2019. In December 2019, remittances grew by 2.2% YoY to SAR 11.56 billion ($3.08 billion), …
The funding round was led by BIAC
27 January 11:57 AM Saee raises $2.4m in funding round
Riyadh – Mubasher: Saudi startup Saee announced the completion of a SAR 9 million ($2.4 million) Series A round of funding to fuel local expansion. The round was led by the Saudi Business Incubators and Accelerators Company (BIAC), TasHeel …
Al Babtain's loan agreement has a tenor of 3 years
26 January 11:29 AM Al Babtain inks SAR 100m loan deal with SAIB
Riyadh – Mubasher: Al Babtain Power and Telecommunication company has signed a SAR 100 million medium-term credit facility agreement with Saudi Investment Bank (SAIB) under the murabaha system. The three-year loan, which will be paid through …
The Egyptian minister of international cooperation Rania Al-Mashat
23 January 01:14 PM IsDB’s portfolio in Egypt stands at $12.8bn
Cairo – Mubasher: The Islamic Development Bank’s (IsDB) portfolio in Egypt reached $12.8 billion in various sectors, including electricity, petroleum, agriculture, irrigation, health, education, and small- and medium-sized enterprises (SMEs).  The …
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 …
Alinma Bank CEO Abdulmohsen Abdulaziz Al Fares
22 January 01:58 PM Saudi banks enjoy high solvency - Alinma CEO
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) is among the world’s top ten central banks, according to Alinma Bank CEO Abdulmohsen Abdulaziz Al Fares. Al Fares added in his remarks during the 9th edition of the Riyadh Economic …
The two entities inked an MoU
21 January 07:14 PM SRC buys SAR 250m mortgage portfolio from Bank Aljazira
Riyadh – Mubasher: The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Saudi Public Investment Fund (PIF), on Tuesday signed an agreement with Bank Aljazira to buy a SAR 250 million mortgage portfolio, the Saudi Press Agency …
The National Bank of Kuwait (NBK)
21 January 04:33 PM stc agrees KWD 40m agreement with NBK
Riyadh – Mubasher: Kuwait Telecommunications Company (stc), a subsidiary of Saudi Telecom Company (stc), has signed a long-term finance agreement with the National Bank of Kuwait (NBK). The KWD 40 million finance deal extends to ten years, with …
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 …
The SAR 200 million finance deal has been renewed til November
19 January 04:53 PM Saudi Marketing renews finance deal with Al Rajhi
Riyadh – Mubasher: Saudi Marketing Company (Farm Superstores) announced renewing a Sharia-compliant credit facility agreement with Al Rajhi Bank. The SAR 200 million finance deal has been extended until the end of November 2020, according to the …
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 …
Sukuk proceeds will be used to acquire real estate assets in Europe
13 January 12:44 PM First asset-backed SAR 1bn Sukuk launched in Saudi Arabia
Riyadh – Mubasher: Neo Merchants Capital launched a domiciled asset-backed Sukuk programme, the first asset-backed SAR-denominated Sukuk programme in Saudi Arabia issued by a special purpose entity licensed by the Saudi Capital Market Authority …
The world's biggest IPO size reached $29.4 billion
12 January 10:56 AM Aramco allocates 450m shares to IPO investors
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) announced today that the Stabilising Manager of its recent initial public offering (IPO), Goldman Sachs, has carried out no stabilisation transactions during the stabilisation period. …
Bank credit recorded SAR 1.532 trillion by the end of last November
8 January 12:34 PM Bank credit in Saudi Arabia up 5.3% in November
Riyadh – Mubasher: Bank credit in Saudi Arabia grew by 5.3% year-on-year (YoY) by the end of November, increasing by SAR 77.42 billion to SAR 1.532 trillion, compared with SAR 1.455 trillion in November 2018. On a monthly basis, bank credit …
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 …
Saudi Cabinet meeting chaired by King Salman bin Abdulaziz (SPA)
7 January 04:22 PM Saudi Arabia licenses Bank of China's first branch
Riyadh – Mubasher: The Saudi Cabinet has approved granting a banking license for Bank of China Ltd. to open a branch in the Kingdom, state-run Saudi Press Agency (SPA) reported. Moreover, the Cabinet meeting that was chaired by King Salman bin …
National Commercial Bank
7 January 10:24 AM Al Kathiri increases renewed NCB credit facility
Riyadh – Mubasher: Al Kathiri Holding Company announced the renewal of a Shariah-compliant bank facility agreement with the National Commercial Bank (NCB). The two parties also agreed to increase the value of the credit facilities by SAR 2 …
Funding for startups increased to SAR 508 million between 2010 and 2019
6 January 04:07 PM Badir incubated Saudi tech startups raise SAR 508m in decade
Riyadh – Mubasher: Technology startups incubated by the Badir Program for Technology Incubators and Accelerators, one of the leading initiatives of King Abdulaziz City for Science and Technology (KACST), raised a record SAR 236 million ($62.93 …
The seven-year agreement has a total value of SAR 275 million
6 January 12:29 PM Ataa Educational agrees SAR275m deal with BSF
Riyadh – Mubasher: Ataa Educational Company has signed a sharia-compliant bank facility agreement with Banque Saudi Fransi (BSF) at a total value of SAR 275 million. The seven-year agreement was signed on Sunday, according to the company’s …
The instalment represents 50% of the loan’s total value
2 January 04:34 PM GASCO receives first instalment of SIDF loan
Riyadh – Mubasher: National Gas and Industrialization Company (GASO) announced that it has received the first instalment of a SAR 85.3 million loan from the Saudi Industrial Development Fund (SIDF). The amount represents 50% of the loan’s total …
The bank's board recommended SAR 1.234 billion in cash dividends
1 January 05:12 PM SABB to distribute SAR 0.6/shr for H2-19
Riyadh – Mubasher: The Saudi British Bank (SABB) board has recommended the distribution of cash dividends to shareholders for the second half (H2) of 2019 at SAR 1.234 billion. This translates to SAR 0.60 per share, equivalent to 6% of the share’s …
Lubna Olayan has been appointed as SABB Chairman; Saad Al Fadly as Vice Chairman
1 January 12:16 PM Lubna Olayan appointed SABB Chairwoman
Riyadh – Mubasher: The Saudi British Bank (SABB) has appointed Lubna Sulaiman Olayan as the Board Chairwoman and Saad Abdulmohsen Al Fadly as Vice Chairman, according to a statement to the Saudi Stock Exchange (Tadawul). The bank recent ordinary …
Credit card sales decreased during the last three months by a monthly average of 24%
31 December 2019 01:21 PM Card sales in Saudi Arabia down 25% in November
Riyadh – Mubasher: Credit card transactions in Saudi Arabia declined by 25% year-on-year (YoY) in November to SAR 1.27 billion, compared with SAR 1.71 billion for the same month last year. This follows an 18.7% and 28.3% consecutive YoY declines …