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23 October 05:57 AM

Banking

The lender’s earnings hit SAR 382.6 million in Q3-20.
22 October 04:08 PM Bank Albilad reports 17% profit hike in Q3
Riyadh – Mubasher: Bank Albilad posted a 17.1% annual increase in profits over the third quarter (Q3) of 2020, thanks to higher total operating income by 9%. The lender’s earnings hit SAR 382.6 million in Q3-20, compared with SAR 326.6 million in …
Financial Results
The Sukuk has a 3.326% annual fixed return rate payable semi-annually.
22 October 10:35 AM ANB offers $750m in Sukuk
Riyadh – Mubasher: Arab National Bank (ANB) announced it has completed offering US dollar-denominated Tier 2 capital Sukuk worth $750 million. The settlement of the Sukuk issue will take place on 28 October 2020, the bank said to the Saudi Stock …
Sukuk and Islamic Finance
Both of the Sukuk listing price and return will be subject to market conditions.
21 October 10:34 AM ANB starts issuing US dollar-denominated Tier 2 capital Sukuk
Riyadh – Mubasher: Arab National Bank (ANB) has begun issuing US dollar-denominated Tier 2 capital Sukuk by way of an offer to eligible investors in Saudi Arabia and internationally. The offering start date is 21 October 2020 and the end date is …
Banking and Finance
Photo Archive
19 October 12:18 PM Saudi Agricultural Development Fund approves SAR 2.7bn loans in 9M
Riyadh – Mubasher: Saudi Arabia’s Agricultural Development Fund (ADF) has approved SAR 2.688 billion worth of funding during the first nine months of 2020 through 2,275 loans, state-run Saudi Press Agency (SPA) reported on Monday. This comes as …
Macroeconomics
The Sukuk issue will support the bank’s capital base and fulfill its financial and strategic needs.
19 October 10:18 AM ANB plans issuing US dollar-denominated Tier 2 capital Sukuk
Riyadh – Mubasher: Arab National Bank (ANB) intends to issue US dollar-denominated Tier 2 capital Sukuk by way of an offer to eligible investors in Saudi Arabia and internationally. The lender’s board approved on 22 September 2020 the Sukuk …
Sukuk and Islamic Finance
Both of the Sukuk listing price and return are subject to market conditions.
19 October 09:34 AM Banque Saudi Fransi starts issuing SAR-denominated Additional Tier 1 Sukuk
Riyadh – Mubasher: Banque Saudi Fransi (BSF) on Monday said it began issuing SAR-denominated Additional Tier 1 Sukuk through a private placement offer. The number and value of any Sukuk to be offered will be determined based on market conditions. …
Sukuk and Islamic Finance
Photo Archive
18 October 09:37 AM Banque Saudi Fransi plans issuing SAR-denominated Additional Tier 1 Sukuk
Riyadh – Mubasher: Banque Saudi Fransi (BSF) on Sunday said it plans to issue SAR-denominated Additional Tier 1 Sukuk to strengthen its capital base in accordance with the Basel III framework agreement. The number and value of the potential Sukuk …
Banking and Finance
ITFC has provided a total of $11.207 billion to Egypt
13 October 02:05 PM Egypt, ITFC launch GASC capacity building programme
Cairo – Mubasher: The Egyptian Ministry of Planning and Economic Development and the International Islamic Trade Finance Corporation (ITFC) have launched a new programme for building the capacity of the General Authority for Supply Commodities …
Macroeconomics
The merger will create a regional powerhouse with SAR 837 billion ($223 billion) in assets
11 October 04:04 PM NCB signs binding merger agreement to take over Samba
Riyadh – Mubasher: The National Commercial Bank (NCB) has entered into a legally binding merger agreement with Samba Financial Group to take the necessary steps to implement a merger between the two banks. The completed transaction involves a …
Mergers and Acquisitions
Photo Archive
8 October 10:35 AM Moody's assigns national scale ratings to four Saudi lenders
Riyadh – Mubasher: Moody's Investors Service has assigned national scale ratings (NSRs) for the long-and-short term deposit ratings and counterparty risk ratings (CRRs) of four Saudi banks. These banks are Bank AlJazira, Riyad Bank, Samba …
Banking and Finance
Photo Archive
7 October 04:24 PM Bank AlJazira CEO resigns
Riyadh – Mubasher: Bank AlJazira’s board has accepted the resignation of Nabil Dawood Al Hoshan from his position as the bank’s managing director and CEO. The resignation shall be effective from 7 October 2020, according to a bourse statement on …
Banking and Finance
This agreement will have a direct impact on the bank's financial statements
6 October 04:32 PM Bank AlJazira inks SAR 22m agreement with Aljazira Takaful
Riyadh – Mubasher: Bank AlJazira has signed a SAR 21.81 million agreement with Aljazira Takaful Taawuni Company which will provide mortgage portfolio protection services for the bank's clients. The agreement will be effective for a year starting 8 …
Companies Investments
Banks purchased bonds worth SAR 45.63 billion during the first eight months of 2020.
1 October 02:03 PM Saudi banks lower investments in gov’t bonds by SAR 4bn in August
Riyadh – Mubasher: Banks operating in Saudi Arabia reduced their investments in government-issued bonds in August 2020 by 0.9% or SAR 3.95 billion monthly. The banking sector's investments in bonds amounted to SAR 429.31 billion in August, …
Macroeconomics
Each of the three loans matures 36 months after December 2020.
1 October 09:42 AM Petro Rabigh pens revolving loans, facility agreements worth SAR 7.5bn
Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) has signed three joint revolving loans and facility agreements valued at SAR 7.5 billion for general corporate and working capital purposes. A loan worth SAR 1.875 billion …
Companies Investments
The value of the loan has been amended to SAR 1.456 billion
30 September 03:35 PM Egypt approves amendment to deal with Saudi Fund for Development
Cairo – Mubasher: The Egyptian cabinet approved a draft presidential decree regarding an amendment to the finance agreement signed with the Saudi Fund for Development (SFD). The agreement includes financing the establishment of King Salman bin …
Macroeconomics
The webinar discussed the Road to Digital Transformation and Innovation
30 September 12:33 PM Industry leaders discuss the future of digital transformation
By: Moslem Ali Cairo – Mubasher: The British Egyptian Business Association (BEBA) organized a webinar on Tuesday discussing “The Road to Digital Transformation and Innovation” to discuss the rising importance of digital transformation, especially …
Banking and Finance
FDI inflows in the kingdom amounted to netted SAR 3.54 billion in Q2
29 September 01:59 PM Net FDI inflows in Saudi Arabia down 15.7% in Q2
Riyadh – Mubasher: Foreign direct investment (FDI) inflows in Saudi Arabia netted SAR 3.54 billion ($945.07 million) in the second quarter (Q2) of 2020, hurt by the repercussions of the coronavirus pandemic on the global economy. This represents a …
Macroeconomics
The Saudi current account registered SAR 98.516 billion in August.
29 September 01:28 PM Saudi general reserve stabilises at SAR 422.5bn by August-end
Riyadh – Mubasher: The Saudi general reserve contracted by 14.8% year-on-year (YoY) in August of the year, equivalent to SAR 73.53 billion. The reserve reached SAR 422.489 billion by August-end, compared to SAR 496.020 billion in the corresponding …
Banking and Finance
Credit Agricole - Egypt logged net profits of EGP 701.01 million in H1
29 September 12:01 PM Credit Agricole Egypt clarifies news on Banque Saudi Fransi stake sale
Cairo – Mubasher: Credit Agricole - Egypt clarified news reports about the sale of a stake in Banque Saudi Fransi (BSF). The lender said Credit Agricole France is the one that conducted the sale transaction not its unit in Egypt, according to a …
Banking and Finance
SABB Takaful is a 65%-owned subsidiary of SABB.
29 September 10:19 AM SABB Takaful extends two policies with SABB
Riyadh – Mubasher: SABB Takaful Co renewed the Property All Risk Insurance Policy with Saudi British Bank (SABB) on 28 September. Total contribution exceeds 1% of the revenue as per the insurer’s audited financials for 2019 with the subscription …
Companies Investments
The agreement’s financiers include Al Rajhi Bank and Arab National Bank (ANB).
29 September 09:30 AM Zain KSA signs deal to reschedule SAR 3.85bn Murabaha facility
Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) signed an agreement to reschedule its existing five-year syndicated Murabaha facility valued at SAR 3.85 billion maturing on 30 September 2020 (originally SAR 5.9 billion, …
Banking and Finance
About 48.3 million shares were sold at SAR 30 riyals on Sunday.
28 September 03:12 PM Credit Agricole sells final stake in Banque Saudi Fransi for $386m
Riyadh – Mubasher: Credit Agricole sold on Sunday the final portion of its stake in Banque Saudi Fransi (BSF), bringing to an end the French lender’s decades long investment in one of the largest Saudi corporate banks, Bloomberg reported citing a …
Companies Investments
Part of the signing ceremony
28 September 01:51 PM Tourism Development Fund pens projects finance deals with two lenders
Riyadh – Mubasher: Saudi Arabia’s Tourism Development Fund signed two cooperation agreements with Riyadh Bank and Banque Saudi Fransi (BSF) to support and facilitate the financing of tourism projects in the kingdom. The signing ceremony was …
Macroeconomics
Saudi Arabian Monetary Authority
23 September 04:20 PM SAMA launches Saudi Currency mobile app
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has launched the "Saudi Currency" smartphone application, coinciding with the 90th Saudi National Day. The aim is to spread knowledge and awareness of the sixth issue of Saudi …
Banking and Finance
The kingdom’s holdings of US bonds amounted to SAR 124.6 billion last July
17 September 11:17 AM Saudi holdings of US debt instruments down 31% in July
Riyadh – Mubasher: Saudi Arabia has lowered its holdings of US treasury bonds by 31.08% year-on-year (YoY) in July 2020, equivalent to SAR 56.2 billion. The kingdom’s holdings of US bonds amounted to SAR 124.6 billion last July, compared with SAR …
Macroeconomics