Banking

Saudi Arabia to inject $500m in Tunisia
16 January 03:38 PM Saudi Arabia to inject $500m in Tunisia
Mubasher: Saudi Arabia has signed a agreement to provide Tunisia with a loan worth $500 million (TND 1.5 billion). This loan will be used to finance Tunisia’s budget deficit, Tunis Afrique Presse (TAP) reported, citing the Ministry of Finance also …
The firm's new name is “FAB Capital”
15 January 08:21 PM CMA approves FAB’s unit request for name change
Abu Dhabi – Mubasher: First Abu Dhabi Investment Saudi Company has requested the Capital Markets Authority of Saudi Arabia (CMA) approval to change its name. The CMA has approved the Saudi company’s request to change the company's name to “FAB …
Salaries for top bankers in the Middle East have been cut by nearly a quarter in 2018
14 January 05:14 PM Top Mideast banker salaries cut by 25% on economic slowdown
Mubasher: Salaries for top bankers in the Middle East have been cut by nearly a quarter in 2018 due to an economic slowdown. Senior banking professionals have seen a pay cut ranging between 20% to 25%, while salaries for middle-management bankers …
The loan aims to finance Farm Superstores’ operating capital
14 January 04:50 PM Farm Superstores renews SAR 200m loan with Al Rajhi Bank
Riyadh – Mubasher: Saudi Market Company, known as Farm Superstores Co, on Monday announced renewing a SAR 200 million sharia-compliant credit facility with Al Rajhi Bank. The financing’s tenure extends from 14 January until 30 September, according …
Al Rajhi Bank in talks over Malaysian unit merger
13 January 09:09 AM Al Rajhi Bank in talks over Malaysian unit merger
Riyadh – Mubasher: Al Rajhi Bank on Sunday revealed that it has received preliminary approvals from two central banks for the potential merger of one of its wholly-owned subsidiaries with a Malaysian firm. The Saudi-listed bank is looking to merge …
Egyptian President Abdel Fattah El-Sisi
10 January 02:30 PM El-Sisi calls off sales deal with Islamic Development Bank
Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi has cancelled a presidential decree on a sale agreement between the Egyptian government and Saudi-based Islamic Development Bank (IDB) that was initiated on 14 January 2013. Under the …
UAE banks invest AED 87.2bn in Egypt, Saudi Arabia
31 December 2018 06:49 PM UAE banks invest AED 87.2bn in Egypt, Saudi Arabia
Dubai – Mubasher: UAE banks’ investments in Saudi Arabia and Egypt totalled AED 87.2 billion ($23.74 billion) by the end of the third quarter of 2018, representing 12.5% of their total non-UAE invested assets of AED 693 billion ($188.70 billion). …
Foreign cash and deposits abroad went up 12.1%
27 December 2018 08:06 PM Saudi int’l reserves record SAR 1.9tn in November
Riyadh – Mubasher: Saudi Arabia's foreign reserves increased by 2% year-on-year in November 2018. The kingdom’s international reserves grew to SAR 1.891 trillion ($504.27 billion) by the end of the November, up from SAR 1.854 trillion ($494.4 …
The merger could create the third-biggest lender by assets in the GCC
24 December 2018 05:28 PM NCB, Riyad Bank in talks for merger of $182bn in assets
Mubasher: National Commercial Bank (NCB) has started initial negotiations with Riyad Bank for a possible merger that would create an asset base of $182 billion for this entity, Bloomberg reported. Although the talks may not result in a deal, NCB …
Around $500 million of the aid will be allocated for supporting the Tunisian budget
16 December 2018 03:21 PM Saudi Arabia pledges $830m aid to support Tunisia
Mubasher: Saudi Arabia has pledged to provide an $830 million aid to Tunisia over the coming period, prime minister Youssef Chahed told Reuters during a conference. Around $500 million of the aid will be allocated for supporting the Tunisian …
It is IFC’s first direct investment in an Egyptian technology firm
10 December 2018 04:57 PM World Bank's IFC to invest in Egypt’s healthtech startup Vezeeta
Cairo — Mubasher: Egyptian healthtech startup Vezeeta announced that it has raised an investment from the International Finance Corporation (IFC), the private-sector lending arm of the World Bank. It is IFC’s first direct investment in an Egyptian …
Mobily wins $291m facility via global lenders
5 December 2018 10:53 AM Mobily wins $291m facility via global lenders
Riyadh – Mubasher: Saudi Arabia’s Etihad Etisalat Company (Mobily) on Wednesday has announced signing a ten-year financing contract with Swedish Export Credit Agencies (ECA) and Finnvera ECA at a value of SAR 1.09 billion ($291 million). The list …
The facilities will be divided into two tranches
29 November 2018 09:44 AM Saudi Electric to ink $2.15bn credit facilities Thursday
Riyadh – Mubasher: Saudi Electricity Co. will sign an international syndicated revolving credit facilities agreement worth $ 2.15 billion (SAR 8.06 billion) on Thursday. The facilities will be divided into two tranches; the first values at $1.58 …
29 UAE firms make Top 100 GCC market cap list in 2018
26 November 2018 00:50 PM 29 UAE firms make Top 100 GCC market cap list in 2018
Dubai – Mubasher: A total of 29 UAE-based companies made Gulf Business’ list of 100 Best Companies in the GCC by Market Capitalisation for 2018. The report is issued annually in cooperation with Marmore MENA Intelligence. Several UAE banks made …
22 November 2018 02:36 PM Saudi PIF’s local bank shares hit SAR 89.13bn at end-October
Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund is owning SAR 89.13 billion, or 2.59 billion shares, at a number of local banks which are listed on the Saudi Stock Exchange (Tadawul), according to recent data by Kuwait's Al Joman Center …
Saudi's ACWA Power closes SAR 1.2bn loan for 300 MW green energy project
16 November 2018 05:42 PM Saudi's ACWA Power closes SAR 1.2bn loan for 300 MW green energy project
Riyadh – Mubasher: Riyadh-based ACWA Power has announced its successful closure of an SAR 1.2 billion ($320 million) financing for the Sakaka photovoltaic (PV) IPP, which has a capacity of 300 megawatts (MW) of power. The deal is the "first ever …
The seven-year facilities are covered by a promissory note and real estate mortgage
13 November 2018 10:53 AM Mefic Reit Fund gets SAR 400m loans from Riyadh Bank
Riyadh – Mubasher: The Middle East Financial Investment Company’s Mefic Reit Fund on Tuesday announced that it has obtained a SAR 400 million ($106.7 million) sharia-compliant credit facilities from Riyad Bank. The seven-year facilities are …
This amount represents the oil-rich Kingdom’s monthly contribution to support Palestine’s budget with $20 million a month
11 November 2018 07:13 PM Saudi Arabia transfers $60m to Palestine’s MoF
Riyadh – Mubasher: The Saudi Fund for Development (SFD) on Sunday has transferred $60 million to the Palestinian Ministry of Finance (MoF). This amount represents the oil-rich Kingdom’s monthly contribution to support Palestine’s budget with $20 …
UAE-based construction startup raises $1.6m in funding
11 November 2018 00:21 PM UAE-based construction tech startup raises $1.6m in funding
Mubasher: A UAE-based construction startup has announced closing its funding round with $1.6 million in investments from a group of investors from the UAE and Saudi Arabia. WakeCap received investments from leading construction firm Consolidated …
The 15-year loan will be guaranteed through a promissory note
7 November 2018 05:19 PM AlAhli REIT Fund 1 obtains SAR 650m facility from NCB
Riyadh – Mubasher: AlAhli REIT Fund 1 has announced signing a sharia-compliant Ijara loan agreement with the National Commercial Bank (NCB) at a value of SAR 650 million ($173.29 million). The facility will be allocated for acquiring …
The Egyptian lender will not sell its stake in Cairo Amman Bank
31 October 2018 03:22 PM Banque Misr sells stake in Saudi's Samba for $370m
Cairo – Mubasher: Banque Misr, Egypt’s second largest state-run bank, has sold its 2% stake in Samba Financial Group, one of Saudi Arabia’s largest lenders, for around $370 million, vice chairman of the bank said. The Egyptian lender, which has an …
Bank AlJazira’s net profits went up 14% to SAR 753.8 million from January to September 2018
31 October 2018 10:22 AM Bank AlJazira reports SAR 255m profit in Q3
Riyadh – Mubasher: Bank AlJazira on Wednesday posted a 12% year-on-year profit rise during the third quarter of 2018. The Saudi lender generated a profit of SAR 255.1 million ($68.01 million) during Q3-18, up from SAR 227.6 million ($60.68 …
The Saudi lender attributed the nine-month profit drop to a 5.9% decrease in operating income
30 October 2018 04:00 PM Alawwal Bank’s profit drops 19% in 9M
Riyadh – Mubasher: Saudi Arabia-based Alawwal Bank on Tuesday reported a 23% year-on-year profit decline in the third quarter of 2018, reaching SAR 281 million ($74.91 million), compared to SAR 363 million ($96.78 million). The bank attributed the …
The growth of the Saudi central bank’s assets was attributed to a 28% increase in banks’ overseas deposits
28 October 2018 05:35 PM SAMA assets rise 3.4% in September
Riyadh – Mubasher: Total assets of the Saudi Arabian Monetary Authority (SAMA) grew 3.4% year-on-year in September, registering SAR 1.942 trillion ($518 billion), versus SAR 1.878 trillion ($500.9 billion). The growth of the Saudi central bank’s …
Saudi APICORP inks $35m-$40m deal with Egypt derivatives firm
28 October 2018 00:20 PM Saudi APICORP inks $35m-$40m deal with Egypt derivatives firm
Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) on Sunday announced signing a financial structuring mandate with Egypt’s Suez Company for Methanol Derivatives in a deal worth $35 million to $40 million. The total value of …