Banking

Saudi Badir incubated startups obtain SAR 8.8m funding in Q1
21 May 03:24 PM Saudi Badir-incubated startups get SAR 8.8m funding in Q1
Riyadh – Mubasher: The technology startups sponsored by Saudi Badir Programme for Technology Incubators (Badir) have obtained SAR 8.8 million ($2.35 million) in financing during the first quarter of 2018. Over the course of the first three months …
NCB has appointed Al Ghamdi as board chairman
20 May 09:03 AM NCB names Al Ghamdi as board chairman
Riyadh – Mubasher: The National Commercial Bank (NCB) on Sunday announced the appointment of a new chairman and vice chairman, as well as the formation of the board’s subcommittees. The Saudi bank named Saeed Mohammed Al Ghamdi as board chairman …
S&P Dow Jones Indices is considering changing Saudi Arabia’s classification to mirror the progress executed by the Gulf country
17 May 12:25 PM S&P Dow Jones may raise Saudi Arabia rating to emerging market
Riyadh – Mubasher: S&P Dow Jones Indices (S&P DJI) is currently considering changing Saudi Arabia’s classification to mirror the progress and reforms executed by the Gulf country, which include foreign accessibility and alignment with global …
The agreement extends from Wednesday 16 May 2018 to 28 February 2019
16 May 02:23 PM Zahret Al Waha renews SAR 144m facility with ANB
Riyadh – Mubasher: Zahret Al Waha for Trading Company on Wednesday unveiled that the company renewed a SAR 144.13 million sharia-compliant credit facility with Arab National Bank (ANB). The agreement extends from Wednesday 16 May 2018 until 28 …
The Saudi authorities welcomed Egypt’s request subject to applicable regulations
15 May 12:12 PM Egypt's state-run banks to open branches in Saudi Arabia
Riyadh – Mubasher: The Egyptian government has submitted a request to the Saudi Arabian Monetary Authority (SAMA) to issue banking licences to open branches for the biggest state-run banks, namely the National Bank of Egypt (NBE) and Banque Misr …
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10 May 04:48 PM Jordan, EBRD ink EUR 2.8bn agreement
Mubasher: Jordan signed a Memorandum of Understanding (MoU) with the European Bank for Reconstruction and Development (EBRD) for an infrastructure investment programme of more than EUR 2.8 billion ($3.34 billion). The target is to support economic …
Bank AlJazira's profits rose 13.56% in Q1-18
9 May 05:26 PM Higher operating income boosts Bank AlJazira profits 13.6% in Q1
Riyadh – Mubasher: Bank AlJazira on Wednesday reported positive results for the first quarter of 2018 on the back of higher operating income. The bank logged SAR 245.3 million ($65.40 million) in profits for the first three months of the year, a …
The Shariah-compliant facility will mature after 3 yrs
9 May 12:19 PM Jadwa REIT Al Haramain Fund obtains SAR 200m loan from Riyad Bank
Riyadh – Mubasher: Saudi Arabia-based Jadwa Investment said that Jadwa REIT Al Haramain Fund has obtained a SAR 200 million loan from Riyad Bank. The Shariah-compliant facility will mature after three years, according to a statement to the Saudi …
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8 May 05:35 PM FIBCO renews financing deal with Riyadh Bank
Riyadh - Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) announced that it has renewed a sharia-compliant banking facilitation agreement with Riyad Bank. The agreement has modified credit limits to SAR 72 million, consisting …
Jabal Omar CEO Yasser Al-Sharif and SHUAA Capital chairman Jassim Alseddiqi
8 May 01:10 PM UAE’s SHUAA Capital inks property management MoU with Jabal Omar Development
Dubai – Mubasher: SHUAA Capital on Tuesday announced signing a memorandum of understanding (MoU) with Saudi-based Jabal Omar Development Company through which the two companies aim to launch and manage real estate investment vehicles in Saudi …
SABB profits were unchanged in Q1-18
7 May 06:06 PM SABB posts SAR 1.039bn profits in Q1
Riyadh – Mubasher: The Saudi British Bank (SABB) on Monday reported near-stable profits for the first quarter of 2018 from a year ago. SABB logged SAR 1.039 billion ($ million) in profits between January and March, up 0.29% from SAR 1.036 billion …
Al Khodari renewed an SAR 75.9 million loan with Al Bilad Bank
7 May 05:47 PM Al Khodari renews SAR 75.9m loan with Al Bilad Bank
Riyadh – Mubasher: Abdullah A. M. Al-Khodari Sons Company on Monday announced renewing an Islamic loan with Al Bilad Bank worth SAR 75.908 million. The facility will expire on 30 December 2022, the Saudi firm said. “The purpose of these facilities …
SAIB's profits grew to SAR 361 million in Q1-18
6 May 09:17 AM SAIB profits rise to SAR 361m in Q1
Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Sunday posted a year-on-year increase in net profits for the first three months of 2018, citing higher operating income and net special commission income. Profits grew 4.73% to SAR 361.2 …
HSBC has over 20 deals in its pipeline in Saudi Arabia
3 May 05:17 PM HSBC says prepping over 20 deals in Saudi Arabia
Riyadh – Mubasher: HSBC said it currently has over 20 investment banking deals and opportunities in its pipeline in Saudi Arabia. The fiscal year 2018/2019 will be a year of delivering and executing deals, Reuters reported, citing the head of …
SPIMACO Egypt’s capital will rise to EGP 200 million from EGP 66.88 million
3 May 12:21 PM Saudi SPIMACO nods to Egypt unit capital hike
Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp’s (SPIMACO) on Thursday said that the board of directors had approved increasing SPIMACO Egypt's capital by 199% during the meeting held the previous day. SPIMACO …
The funding period lasts for five years
1 May 11:53 AM Saudi SEDCO inks SAR 600m banking facilities
Riyadh – Mubasher: Saudi Economic and Development Company Limited (SEDCO) announced that SEDCO Capital REIT Fund had signed a sharia-compliant financing contract at a value of SAR 600 million. The funding period lasts for five years, according to …
The Saudi budget airline will receive the first batch of jets during Q4-18
24 April 03:02 PM Saudi Flynas in talks with lenders to buy 120 new planes
Riyadh – Mubasher: Saudi Arabia-based Flynas is negotiating with a slew of international banks to finance purchasing 120 Airbus A320neo aircraft, CEO Bander Al-Mohanna said on Tuesday. The Saudi budget airline, part owned by Saudi billionaire …
Saudi Binladin Group obtains $2.9bn gov’t loan
19 April 02:58 PM Saudi Binladin Group obtains $2.9bn gov’t loan
Riyadh – Mubasher: Construction giant Saudi Binladin Group (SBG) has obtained a SAR 10.88 billion ($2.9 billion) loan from the kingdom’s government to pay late wages of employees and bank creditors. Saudi Arabia’s biggest builder will also use the …
Al Khodari renewed a credit agreement worth SAR 330 million
18 April 07:39 PM Al Khodari renews SAR 330m facility
Riyadh – Mubasher: Abdullah A. M. Al-Khodari Sons Company on Wednesday announced the renewal of an SAR 330 million Islamic credit deal with Alawwal Bank. “The purpose of these credit facilities is to provide bonding commitments and fund capital …
The AMF will grant the loan to the African nation in a bid to bolster micro, small and medium enterprises
12 April 03:54 PM AMF to grant $100m loan to Sudan for SMEs development
Mubasher: The Arab Monetary Fund (AMF) will provide a $100 million loan to the Republic of Sudan within the framework of the small- and medium-sized enterprises (SMEs) Enabling Environment Support Facility. The loan agreement was signed by …
Lending growth is forecast to be in the low single digits
11 April 10:37 AM Bank lending to Saudi private sector to hike in 2018 – SABB
Riyadh – Mubasher: Bank lending to Saudi Arabia's private sector is expected to grow this year, backed by a rise in oil prices and an increase in government expenses, Saudi British Bank's (SABB) managing director, David Dew, has said. Lending …
Al Gassim Investment wins SAR 30m loan from Al Rajhi Bank
5 April 04:58 PM Al Gassim Investment gets SAR 30m loan from Al Rajhi Bank
Riyadh – Mubasher: Al Gassim Investment Holding Co on Thursday announced the signing of a three-year agreement with Al Rajhi Bank for SAR 30 million in facilities. The Islamic Sharia-compliant loan is guaranteed by a property mortgage and a …
The credit facility will be secured through a promissory note from Saudi Marketing
27 March 10:07 AM Farm Superstores, Banque Saudi Fransi ink $26.7m credit facility
Riyadh – Mubasher: Saudi Marketing Company, known as Farm Superstores, has signed a SAR 100 million ($26.7 million) credit facility with Banque Saudi Fransi. The deal is effective as of 21 March to 29 June 2018, upon which the Saudi firm will pay …
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23 March 05:38 PM Ma’aden seeks $1bn finances
Riyadh - Mubasher: Saudi Arabian Mining Company (Ma’aden) is currently seeking to refinance bank debt raised for its subsidiary Ma’aden Bauxite and Alumina Company (MBAC). The company aims at attracting funds of nearly $1 billion, expected to be …
Saudi Arabian Prince Alwaleed bin Talal
22 March 12:59 PM Bin Talal, Fawaz Alhokair in talk with banks for $3 loans
Riyadh – Mubasher: Two Saudi Arabian businessmen formerly detained a part of the kingdom’s anti-corruption drive are now in talks with lenders for loans for their companies.   Kingdom Holding Company’s (KHC) owner Alwaleed bin Talal is holding …