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28 March 03:21 PM

Banking

Ministry of Finance - Saudi Arabia
27 March 06:21 PM Saudi Arabia closes March Sukuk issuance
Riyadh – Mubasher: The Saudi Ministry of Finance has closed the March 2020 issuance under the Saudi Arabian Government SAR-denominated Sukuk program. With an issuance size of SAR 15.568 billion, the offering was through three tranches, according …
Sukuk and Islamic Finance
President of Egypt, Abdel Fattah El-Sisi
27 March 06:07 PM Egypt calls for African debt relief by G20 countries
Cairo – Mubasher: President of Egypt, Abdel Fattah El-Sisi, has presented an initiative to the G20 group to consider easing debt burdens on African countries, in light of the impacts of the coronavirus (COVID-19) crisis on the continent’s …
Global Economy
Bank's asset quality is strong but affected by borrower concentration risk
19 March 02:50 PM Moody’s affirms Banque Saudi Fransi rating, outlook negative
Riyadh – Mubasher: Moody's Investors Service has affirmed the A1 long-term deposit ratings and P-1 short-term deposit ratings of Banque Saudi Fransi (BSF), and changed the outlook on the bank's long-term deposit ratings to negative from stable. At …
Banking and Finance
SAMA slashed repo rates by 75 basis points (bps)
16 March 02:42 PM Saudi Arabia cuts interest rates by 75 bps
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has decided to cut interest rates by 75 basis points (0.75%). The repo rate has been cut 1.75% to 1.00%, while the reverse repo was reduced from 1.25% to 0.50%, according to a …
Macroeconomics
The economic stimulus package aims to mitigate the impacts of the coronavirus epidemic
16 March 11:36 AM Abu Dhabi introduces 16 economic initiatives amid COVID-19 outbreak
UAE – Mubasher: The government of  Abu Dhabi has launched 16 initiatives under the emirate’s economic stimulus package, aiming to protect the economy from the repercussions of the coronavirus (COVID-19) epidemic, as directed by Crown Prince of Abu …
Global Economy
The programme aims to mitigate the impacts of the COVID-19 outbreak
15 March 01:57 PM SAMA supports SMEs with SAR 50bn against COVID-19
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has introduced the “Private Sector Financing Support Program” with a total value of about SAR 50 billion. The programme aims at supporting the private sector to promote economic growth …
Global Economy
The Murabaha facility will be used to finance new projects
12 March 11:55 AM MIS renews SAR 60m Murabaha facility deal
Riyadh – Mubasher: Al Moammar Information Systems Co (MIS) announced renewing and amending a Sharia-compliant credit facility agreement worth SAR 60 million with Gulf International Bank (GIB). The one-year Murabaha facility will be used to finance …
Companies Investments
The total value of approved loans in 2019 exceeded SAR 1.89 billion
11 March 12:00 PM Saudi Agricultural Development Fund approves SAR 600m loans
Riyadh – Mubasher: The Agricultural Development Fund of Saudi Arabia (ADF) approved agricultural loans worth SAR 600 million to improve the agricultural sector and contribute to food security. The loans include funding to various agricultural …
Banking and Finance
The USD fell by EGP 0.04 to EGP 15.64 for buying at EG Bank
9 March 01:35 PM USD rises against EGP at local banks on Monday
Cairo – Mubasher: The Egyptian pound exchange rate went down against the US dollar at local banks on Monday amid rising concerns over the spread of the new coronavirus (COIVD-19). The USD grew by EGP 0.05 to EGP 15.64 for buying and EGP 15.74 for …
Banking and Finance
The new refinanced loan is also set to be fully repaid by the end of 2023.
9 March 10:44 AM Petrochem’s unit pens SAR 3bn refinancing deal
Riyadh – Mubasher: National Petrochemical Company (Petrochem) announced that its subsidiary Saudi Polymer Company signed a refinancing agreement worth SAR 3 billion with Samba Financial Group and Riyad Bank.  The deal includes refinancing …
Banking and Finance
Foreign liabilities owed by Saudi banks rose to SAR 183.67 billion
8 March 03:17 PM Saudi banks’ net foreign assets down 51% YoY in January
Riyadh – Mubasher: Net foreign assets held by Saudi banks declined by 51% year-on-year (YoY) in January for the third month in a row, according to data released by the Saudi Arabian Monetary Authority (SAMA). The Saudi banking sector’s net foreign …
Central Banks
The fund is currently at the cabinet’s disposal
8 March 03:12 PM Kuwait C. bank sets up KWD 10m fund to combat coronavirus
Mubasher: The Central Bank of Kuwait (CBK) has established a KWD 10 million ($32.8 million) fund financed by Kuwaiti banks to promote the government’s efforts against the spread of the China coronavirus (COVID-19).    The initiative is part of the …
Banking and Finance
NCB accounted for 20.7% of total assets of Saudi listed banks
6 March 03:40 PM Saudi banks’ assets rise SAR 261.5bn in 2019
By: El Sayed Gamal Riyadh – Mubasher: Total assets of banks listed on the Saudi Stock Exchange (Tadawul) grew by SAR 261.5 billion ($69.73 billion) or 11.98% year-on-year during 2019, according to data compiled by Mubasher. Assets of 11 Saudi …
Banking and Finance
The greenback went down to EGP 15.57 for buying at SAIB
5 March 04:43 PM EGP returns to upward trend against USD on Thursday
Cairo – Mubasher: The US dollar exchange rate returned to its downward trend against the Egyptian pound at the end of Thursday’s transactions at local banks.  The USD declined by EGP 0.04 to EGP 15.59 for buying and EGP 15.69 for selling at Al …
Currencies
MSME finances amounted to SAR 117.26 billion last year
5 March 03:44 PM MSME finances in Saudi Arabia grow 8% in 2019 - SAMA
Riyadh – Mubasher: Financing micro, small, and medium-sized enterprises (MSMEs) in Saudi Arabia increased by 8.05% or SAR 8.74 billion by the end of the fourth quarter (Q4) of 2019. Total finances amounted to SAR 117.26 billion by the end of last …
Macroeconomics
Saudi Arabian Monetary Authority
4 March 01:06 PM Saudi Arabia cuts interest rates by 0.5%
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has decided to cut the REPO rate by 50 basis points (0.5%) from 2.25% to 1.75%. Moreover, the REVERSE REPO rate has been reduced from 1.75% to 1.25%. The decision comes in light of …
Banking and Finance
Loans amounted to SAR 317.27 billion in Q4-19
3 March 04:24 PM Real estate loans in KSA leap 25% in Q4-19
Riyadh – Mubasher: Credit facilities granted by commercial banks and real estate finance companies to Saudi nationals soared by 24.6% or SAR 62.2 billion ($16.7 billion) year-on-year (YoY) during the fourth quarter (Q4) of 2019.       The total …
Sector Reports
Commercial loans reached SAR 333.44 billion by the end of last year
3 March 03:31 PM Saudi retail loans up 3.8% in Q4-19
Riyadh – Mubasher: Retail loans in Saudi Arabia increased by the end of the fourth quarter (Q4) of 2019 by 3.8% or SAR 12.15 billion compared with Q4-18. Commercial loans reached SAR 333.44 billion by the end of last year, compared with SAR 321.29 …
Central Banks
Bank investments in government bonds reached SAR 386.69 billion in January
2 March 02:15 PM Saudi banks raise investments in gov’t bonds
Mubasher: Banks operating in Saudi Arabia has raised its investments in government bonds by 20.67% in January 2020, as shown by the data of the Saudi Arabian Monetary Authority (SAMA). Bank investments in governmental and semi-governmental bonds …
Sector Reports
The term Murabaha facility’s duration is seven years
2 March 02:01 PM Alhokair agrees $800m Murabaha term facility
Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Company has signed a Murabaha and revolving credit facility agreements with a number of banks. Al Rajhi, NCB, Samba, ANB, Mashreq, and ADCB will provide a credit facility with a total value of $800 …
Banking and Finance
Consumers in Saudi Arabia spent SAR 84.59 billion in January
1 March 06:17 PM Consumption in Saudi Arabia up 8% in January
Mubasher: Consumption in Saudi Arabia grew by 8.1% year-on-year (YoY) during January 2020, according to data by the Saudi Arabian Monetary Authority (SAMA). Consumers in Saudi Arabia spent SAR 84.59 billion last January, compared with SAR 84.59 …
Banking and Finance
The Saudi Arabian Monetary Agency
1 March 05:36 PM Payments through SADAD up 7.5% in January
Mubasher: Payments through the SADAD system in Saudi Arabia decreased last January by 7.5% or SAR 3 billion to SAR 36.45 billion, compared with SAR 39.4 billion in the corresponding month in 2019. The value of bills paid through SADAD, which is a …
Macroeconomics
Riyadh came in first place in terms of spending with SAR 9.35 billion
1 March 03:58 PM POS operations in KSA reach SAR 28.5bn in January - SAMA
Riyadh - Mubasher: The value of points of sales (POS) transactions in Saudi Arabia increased by 33.4% in January 2020 to SAR 28.53 billion, compared to SAR 21.38 billion in the same month last year, according to data by the Saudi Arabian Monetary …
Sector Reports
This marks the bank's largest Sukuk issuance by value
1 March 01:28 PM Nasdaq Dubai lists $2bn Sukuk by IsDB
UAE – Mubadala: Nasdaq Dubai has welcomed the listing of five-year Sukuk issued by Islamic Development Bank (IsDB) at a value of $2 billion. The Sukuk is the largest by value to be listed on Nasdaq Dubai by IsDB, the multilateral lender which …
Sukuk and Islamic Finance
The funding has a one-year term
1 March 10:52 AM Al Moammar inks SAR 45m credit facility deal
Riyadh – Mubasher: Al Moammar Information Systems Co announced signing a credit facility agreement worth SAR 45 million with Cisco Systems Finance International. The facility will be used to finance the requirements of one of the existing projects …
Banking and Finance