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Egypt's current portfolio with the ITFC has reached $11.2 billion.
14 January 11:19 AM Egypt inks deal to secure $1.1bn from ITFC
Cairo – Mubasher: Egypt signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to obtain a funding package of $1.1 billion to finance the purchase of basic commodities and petroleum products. The funding is aimed at …
Aramco plans to sell a stake in a pipeline unit for about $10 billion.
13 January 02:13 PM Saudi Aramco aims to secure $7.5bn loan for oil pipeline investors
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) is aiming to obtain a loan worth $7.5 billion for potential investors in its oil pipelines, Bloomberg reported on Tuesday, citing people familiar with the matter. The oil giant has …
Majid A. Al Gwaiz will act as CEO of the Credit Suisse branch in Riyadh
11 January 01:27 PM Credit Suisse opens branch in Riyadh
Riyadh – Mubasher: Credit Suisse has inaugurated its branch in Riyadh to promote wealth management services in Saudi Arabia, according to a press release on Monday. The new branch will enable its clients in Saudi Arabia to benefit from an extended …
The SAR 200 million long-term financing will be paid over seven years
10 January 12:22 PM SASCO inks SAR 630m facilities with Al-Rajhi Bank
Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) has signed a Shariah-compliant bank facilities worth SAR 630 million with Al-Rajhi Bank, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Sunday. The …
The settlement is expected to have a positive impact on the company's financial statements
10 January 11:41 AM Saudi Amiantit settles loans worth SAR 107m with Saudi, Bahraini banks
Riyadh – Mubasher: The Saudi Arabian Amiantit Company announced the full settlement of its loans with Samba Financial Group, Bank Aljazira, Gulf International Bank, Al Baraka Islamic Bank (Bahrain), and Arab Banking Corporation (Bahrain). The …
The MoC will expand the opportunities of financing government projects implemented by Japanese firms in KSA.
7 January 03:48 PM Saudi Debt Management Center pens MoC with Japan's Nippon
Riyadh – Mubasher: The National Debt Management Center (NDMC) signed last week a memorandum of cooperation (MoC) with Japan's Nippon Export and Investment Insurance (NEXI). The MoC aims to expand the opportunities of financing government projects …
Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.
7 January 01:03 PM Standard Chartered expects Qatar’s economy to grow 3% this year
Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported. The British lender had revised its previous 2.1% …
The greenback slid to EGP 15.63 for purchasing
6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves
Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …
The loan will be used for strategic government projects in line with the Vision 2030 programme.
6 January 03:09 PM Saudi MoF signs $3bn financing deal with Korea Trade Insurance
Riyadh – Mubasher: The Saudi Ministry of Finance (MoF), represented by the National Debt Management Center (NDMC), penned a long-term financing agreement with South Korea’s Korea Trade Insurance Corporation (K-SURE). CEO of NDMC, Fahad A. Al-Saif, …
The kingdom’s cash liquidity totalled SAR 2.139 trillion in the January-November period.
6 January 01:31 PM Saudi M3 money supply hits all-time high in 11M
Riyadh – Mubasher: Saudi Arabia's cash liquidity -M3 money supply- rose by 7.75% or SAR 153.85 billion yearly in the first eleven months of 2020 to reach an all-time high. The kingdom’s cash liquidity amounted to SAR 2.139 trillion in the …
Minister of Planning and Economic Development, Hala El-Saeed
5 January 01:08 PM Egypt secures $12.7bn funding from IsDB in two years
Cairo – Mubasher: Egypt landed the third place among the top 10 countries that benefited the most from the Islamic Development Bank (IsDB) Group’s financial allocations from August 2018 until December 2020. Egypt secured a total funding from $12.7 …
The Social Development Bank will provide interest-free financings with a two-year grace period.
5 January 01:00 PM REGA, Social Development Bank launch real estate excellence programme
Riyadh – Mubasher: The Saudi Real Estate General Authority (REGA) and the Social Development Bank (SDB) launched on Tuesday the real estate excellence programme with the aim to finance and support small real estate entities, Saudi Press Agency …
The loan will finance the establishment of a factory for the production of tissue and hygienic paper.
4 January 04:34 PM MEPCO secures SAR 340m loan from Bank Albilad
Riyadh – Mubasher: Middle East Paper Company (MEPCO) signed a Sharia-compliant credit facility agreement worth SAR 340 million with Bank Albilad to finance the establishment of a factory for the production of tissue and hygienic paper. The …
The agreements will enhance the initiatives aimed at developing the agricultural sector.
3 January 03:25 PM Saudi ADF teams up with Al Rajhi Bank, Samba
Riyadh – Mubasher: Saudi Arabia’s Agricultural Development Fund (ADF) on Sunday signed two cooperation agreements with Al Rajhi Bank and Samba Financial Group as part of the financing programme in partnership with commercial banks. The agreements …
Part of the signing ceremony today.
3 January 02:13 PM King Abdullah Economic City, Bank Aljazira pen cooperation agreement
Riyadh – Mubasher: King Abdullah Economic City (KAEC) has penned on Sunday a cooperation agreement with Bank Aljazira under which the bank will provide Sharia-compliant financing solutions. The solutions will be offered to customers willing to …
The credit facility agreement was renewed for one year.
31 December 2020 04:35 PM Abo Moati renews SAR 70m loan deal with SAIB
Riyadh – Mubasher: Abo Moati for Bookstores Company has extended a Sharia-compliant credit facility agreement worth SAR 70 million with the Saudi Investment Bank (SAIB). The credit facility agreement has been renewed for one year and is set to be …
The agreement aims to stimulate the franchise industry.
31 December 2020 02:36 PM Monshaat, ANB team up to provide franchise-related financing products
Riyadh – Mubasher: The Saudi General Authority for Small and Medium Enterprises (Monshaat) and the Arab National Bank (AND) signed a cooperation agreement to provide franchise-related innovative financing products in line with the banking systems …
The step will improve SASCO's cash and liquidity performance.
30 December 2020 04:23 PM SASCO renews, reschedules existing loan with Riyad Bank
Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) has renewed and rescheduled an existing Sharia-compliant facility agreement with Riyad Bank to suit the company's cash flow conditions and improve the cash and liquidity performance. The …
Total bank investments in Saudi bonds reached SAR 430.01 billion during the January-November period.
30 December 2020 03:24 PM Saudi banks raise investments in gov’t bonds 12% in 11M
Riyadh – Mubasher: Banks operating in Saudi Arabia have raised their investments in government-issued bonds by 12% or SAR 46.34 billion in the first eleven months of 2020 when compared to 2019. Total bank investments in Saudi bonds reached SAR …
The limit of withdrawable facilities is SAR 600 million.
29 December 2020 04:27 PM Mulkia Investment pens financing deal with Al Rajhi Bank
Riyadh – Mubasher: Mulkia Investment Company, manager of Mulkia Gulf Real Estate REIT Fund, has signed a Sharia-compliant financing agreement with Al Rajhi Bank to reduce financing costs and extend the loan term for the benefit of the unitholders. …
The kingdom's general reserve decreased by 14.3% YoY in November.
29 December 2020 00:54 PM Saudi general reserve at SAR 420.3bn by November-end
Riyadh – Mubasher: Saudi Arabia’s general reserve decreased by 14.3% or SAR 70.12 billion year-on-year (YoY) in November 2020, whereas stabilised on a monthly basis. The kingdom’s general reserve stood at SAR 420.347 billion by November-end, …
The Saudi foreign reserves dropped by 8.6% YoY in November.
29 December 2020 10:48 AM Saudi foreign reserves hit eight-month high in November
Riyadh – Mubasher: Saudi Arabia's foreign reserves hiked to an eight-month high in November 2020, reaching SAR 1.713 trillion ($456.96 billion). On a monthly basis, the kingdom’s foreign reserves increased by 2.3% or SAR 38.76 billion ($10.34 …
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28 December 2020 11:19 AM SIDF approves SAR 17bn worth of loans in 2020
Riyadh – Mubasher: The Saudi Industrial Development Fund (SIDF) has approved loans worth more than SAR 17 billion during 2020, an exceptional number in SIDF’s history. In this regard, the CEO of the SIDF, Ibrahim Almojel, said these exceptional …
The maturity date of the new Murabaha financing is in 2027.
27 December 2020 04:44 PM Sipchem’s unit pens SAR 700m Murabaha loan deal
Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) said that its 75%-owned subsidiary, International Polymers Company (IPC), signed a SAR 700 million Murabaha facility agreement with Riyad Bank to refinance the existing …
The weighted average viability rating (VR) of Saudi banks is at 'bbb+'
24 December 2020 11:17 AM Saudi banks supported by retail mortgages amid pandemic – Fitch
Riyadh – Mubasher: Banks operating in Saudi Arabia have been facing a challenging operating environment since the first quarter (Q1) of 2020, pressured by the coronavirus (COVID-19) pandemic and falling oil prices, Fitch Ratings said in a recent …