Banking

Pakistan seeks financial aid from Saudi Arabia
20 September 04:05 PM Pakistan seeks financial aid from Saudi Arabia
Riyadh – Mubasher: Pakistan’s Prime Minister Imran Khan on Wednesday met with Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman in a bid to secure a financial aid for his country, AFP reported. The two-day visit marked Khan’s …
Ithmaar Bank’s customers will simply use their fingerprint
18 September 06:04 PM Ithmaar Bank to launch 1st biometric payment network
Mubasher: Ithmaar Bank and Eazy Financial Services intend to launch the region’s first biometric payment network, backed by the Labour Fund “Tamkeen”, providing a new and more efficient alternative for customers to execute several financial …
Yasir Othman al-Rumayyan, managing director of the PIF
17 September 11:41 AM Saudi PIF obtains $11bn facility Monday
Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), on Monday has announced obtaining its first syndicated loan at a value of $11 billion. This facility is the first step in merging loans and debt instruments as …
FIPCO will use the one-year loan secured by a promissory note to finance its working capital
17 September 10:02 AM FIPCO gets SAR 30m Islamic facility from Bank Albilad
Riyadh – Mubasher: Saudi Arabia-based Filing and Packing Materials Manufacturing Company (FIPCO) has signed a contract with Bank Albilad to secure a SAR 30 million sharia-compliant loan on Sunday. FIPCO will use the one-year loan secured by a …
Saudi Arabia plans to obtain around $31 billion during this year in a bid to complete its external funding requirements
13 September 11:34 AM Saudi Arabia closes $2bn sukuk issue
Riyadh – Mubasher: Saudi Arabia has raised $2 billion in Islamic bond issue in an effort to plug its budget deficit on the back of the drop of global oil prices. The oil-rich kingdom had appointed Samba Capital, Mizuho Bank, Citigroup, JPMorgan …
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12 September 01:39 AM Saudi PIF gets $11bn loan
Riyadh - Mubasher: The Saudi Public Investment Fund (PIF) has obtained $11 billion from 15 banks, sources told Maaal.com. The loan agreement aims at financing and supporting investment and developmental projects, in line with the Saudi Vision …
The two oil and gas giants asked lenders to present their revised proposals by the end of this week
10 September 12:18 PM Aramco-Petronas JV seeks $9.7bn facility
Riyadh – Mubasher: Saudi Aramco and Malaysian state energy firm Petroliam Nasional Berhad (Petronas) have started discussion to obtain a 15-year loan at a value of $9.7 billion for their joint venture (JV) Refinery and Petrochemical Integrated …
The Arab funds will maintain supporting the development of the Sinai Peninsula project over the coming period
9 September 12:47 PM Arab funds to secure $2.5bn for financing Sinai development
Cairo – Mubasher: The Egyptian investment and international cooperation ministry has signed agreements worth a combined $2.5 billion with the Saudi Fund for Development (SFD), Kuwait Fund for Arab Economic Development, and Arab Fund for Economic …
The first deal amid at supplying goods worth $1 billion in an effort to benefit 67 million citizens.
9 September 11:04 AM Egypt, ITFC ink $3bn financing deals
 Cairo – Mubasher: The Egyptian General Petroleum Corporation (EGPC) and the General Authority for Supply Commodities (GASC) have signed two agreements with the International Islamic Trade Finance Corporation (ITFC). The first deal, signed by CEO …
These mergers assert the position of the GCC banking sector
6 September 06:07 PM GCC may see $300bn bank merger deals
By: Bedour Al Raee and Mahmoud Gamal Abu Dhabi – Mubasher: The concept of merger has returned into focus in the GCC banking sector, as a group of banks in the region announced consolidation plans, which could create huge economic conglomerates …
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31 August 05:57 PM Expat remittances in KSA rise 7%
Riyadh - Mubasher: Foreign remittances by expats working in Saudi Arabia rose by 7.3% year-on-year in July, according to the Saudi Arabian Monetary Authority (SAMA). The data of SAMA’s monthly bulletin showed on Wednesday that remittances reached …
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30 August 07:56 PM SAMA’s assets up 0.6% in July
Riyadh - Mubasher: The Saudi Arabian Monetary Authority’s (SAMA) assets rose by 0.55% year-on-year last month. Assets reached SAR 1.92 trillion by the end in July, compared with SAR 1.91 trillion for the same period last year, as shown by the data …
WIBC 2017 registered participation from a staggering 1200 delegates
30 August 05:08 PM Bahrain to host 25th World Islamic Banking Conference
Mubasher: Bahrain will host the 25th edition of the World Islamic Banking Conference (WIBC) which will take place on 26 to 28 November, according to an official statement. Middle East Global Advisors (MEGA), a leading financial intelligence …
The IFC has invested $2 billion in the MENA in FY 2017/2018
29 August 06:30 PM IFC injects $2bn investments in MENA
Cairo – Mubasher: The International Finance Corporation (IFC) has invested $2 billion in the Middle East and North Africa (MENA) region during the fiscal year 2017/2018. The IFC paid 50% of these investments and secured the remainder from regional …
Interest rates across the GCC will rise in the coming period
26 August 09:10 AM GCC interest rates to rise after Fed remarks
Mubasher: It is widely expected that interest rates across the GCC will rise in the coming period, particularly after US Federal Reserve chairman Jerome Powell said that US central bank would move forward with its planned rate hikes. The Fed is …
A group of 16 banks may participate in the loan
23 August 06:20 PM Saudi PIF said to eye $12bn loan after Aramco IPO falls - Reuters
Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) is reportedly seeking a $12 billion loan from global banks, according to news agency Reuters. This reports followed others regarding the collapse of Saudi Aramco’s initial public …
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14 August 05:41 PM SAPTCO’s subsidiary obtains SAR 59m loan
Riyadh - Mubasher: Saudi Public Transport Company (SAPTCO) announced on Tuesday that its subsidiary Public Transport Company has acquired a SAR 59 million murabaha finance for six months from the Arab National Bank. The murabaha loan deal will …
The situation in Turkey will have its repercussions in the GCC economies
13 August 11:59 AM Turkish crisis maintains special presence in UAE markets
By: Mahmoud Gamal Dubai – Mubasher: The diplomatic spat between Turkey and the US has stolen the limelight from the disclosures in the UAE markets. This tension began when Turkey refused to release an American evangelical pastor accused of being …
The firm will use the loan in financing its operating capital
12 August 04:09 PM Saudi Marketing renews SAR 204m loan deal with NCB
Riyadh – Mubasher: Saudi Marketing Company (Farm Superstores Co) on Sunday renewed a credit facility agreement with the National Commercial Bank (NCB) at a value of SAR 203.51 million. The finance period extends from April 2018 until the end of …
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7 August 06:34 PM SIDF approves SAR 287m loan for SPIMACO
Riyadh - Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) announced receiving the approval of the Saudi Industrial Development Fund (SIDF) for a SAR 287.1 million. The approval letter was received, and the …
Travelodge Hotel comprises six floors
5 August 12:46 PM ADIB’s UK unit funds EUR 40m acquisition
 Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank's (ADIB) wholly-owned unit in the UK has financed a deal for the acquisition, by a Saudi client, of the Travelodge Hotel at London’s Heathrow Airport. The Saudi client acquired the hotel for GBP 40.3 …
The Saudi lender attributed the second-quarter profit decrease to a 5.4% drop in operating income
30 July 04:02 PM Alawwal Bank logs SAR 253m profit in Q2
Riyadh – Mubasher: Alawwal Bank on Monday reported a 21.27% decline in net profits for the second quarter of 2018, compared to the year-ago period. The bank logged a net profit of SAR 253.6 million during Q2-18, down from SAR 322.1 million in …
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26 July 06:53 PM Saudi German Hospital inks SAR 700m Islamic loans
Riyadh - Mubasher: Middle East Healthcare (Saudi German Hospital) on Thursday announced two Islamic financing agreements. The company signed an SAR 500 million Musharka agreement with Alinma Bank, with the loan availability period lasting until …
The lender attributed the second-quarter profit growth to a 2.3% rise in net operating income.
26 July 04:40 PM SAIB generates SAR 362m profit in Q2
Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Thursday posted a 1.7% year-on-year profit increase during the second quarter of 2018. SAIB’s profits amounted to SAR 361.6 million in Q2-18, compared to SAR 355.6 million in the same quarter …
The Saudi lender's net profit went up 14.35% to SAR 498.7 million in H1-18
26 July 09:56 AM Bank AlJazira profit rises 15% in Q2
Riyadh – Mubasher: Bank AlJazira on Thursday reported a 15.08% year-on-year rise in net profits for the second quarter of 2018, recording SAR 253.4 million, compared to SAR 220.2 million.  The Saudi lender's net profit went up 14.35% to SAR 498.7 …