Banking

The bank extended working hours to 06:00 PM

17 November 01:44 PM Samba Capital extends working hours for Aramco’s IPO

Riyadh – Mubasher: Samba Capital, lead manager of the Saudi Aramco initial public offering (IPO) has extended working hours to 6:00 PM during the subscription period in all of Samba Financial Group’s branches. Saudi Arabian Oil Company (Saudi …

Initial Public Offerings

Abo Moati’s stock was listed on Tadawul on 11 November

17 November 12:36 PM Abo Moati Bookstores agree SAR 50m Islamic finance

Riyadh - Mubasher: Abdullah Saad Mohammed Abo Moati for Bookstores Company announced on Sunday signing an Islamic finance facilities agreement with Bank Al Jazira. The bank will provide SAR 50 million in Islamic finance facilities, according to a …

Banking and Finance

The subsidy comes in line with the private sector incentive plan

17 November 12:13 PM SPM obtains SAR 52m government subsidy

Riyadh – Mubasher: Saudi Paper Manufacturing (SPM) Company announced on Sunday that the Ministry of Finance has approved providing the company with SAR 52 million financial support. The subsidy comes in line with the private sector incentive plan, …

Banking and Finance

Kafalah GM Homam Hashem and BIAC CEO Nawaf Al Sahhaf signing the agreement

17 November 11:46 AM Kafalah, BIAC collaborate in funding tech startups

Riyadh – Mubasher: Saudi-based small and medium-sized enterprise (SME) financing guarantee program, Kafalah, has signed a cooperation agreement with the Business Incubators and Accelerators Company (BIAC), a government company owned by TAQNIA. The …

The rating supports confidence in the bank

14 November 02:38 PM S&P assigns ‘A’ credit rating to Boubyan Bank; Outlook stable

Mubasher: Standard and Poor’s rating agency has assigned ‘A’ long-term credit ratings to Boubyan Bank, with a stable outlook. The bank’s anchor and stand-alone credit profile (SACP) was assigned ‘bbb’ rating, according to a bourse statement …

Banking and Finance

The credit facility will finance working capital and capital expenditure requirements

14 November 10:57 AM SACO, SABB ink SAR 331m finance agreement

Riyadh – Mubasher: Saudi Company for Hardware (SACO) announced signing an Islamic banking facilities agreement with the Saudi British Bank (SABB) worth SAR 330.9 million. The credit facility duration is seven years, including a two-year grace …

Banking and Finance

Exchange companies registered profits of KWD 13.77 million by September

12 November 12:43 PM Kuwaiti exchange companies’ profits down 4% in 9M

Mubasher: Foreign exchange companies in Kuwait saw a 4% decrease in net profits during the first nine months of the year, according to a statement by the Central Bank of Kuwait (CBK). Exchange companies registered profits of KWD 13.77 million …

The state-run company will set the final offer price on 5 December

12 November 11:50 AM Saudi Aramco to announce IPO’s price range on 17 November

Riyadh – Mubasher: Saudi Arabian Oil Company, globally known as Saudi Aramco, will announce the price range for the world’s largest initial public offering (IPO) on Sunday, 17 November. The state-run company will set the final offer price on 5 …

Banking and Finance

MARAKEZ has set an EGP 17 billion investment plan in Egypt

11 November 03:24 PM MARAKEZ borrows EGP 395m from Emirates NBD Egypt to develop Mall of Arabia

Cairo – Mubasher: MARAKEZ for Real Estate Investment, a subsidiary of Saudi Fawaz Abdulaziz Alhokair, has signed a long-term loan agreement worth EGP 395 million with Emirates NBD Egypt. “The facility will be used to finance Mall of Arabia’s …

Banking and Finance

The company already received the first tranche of the loan

10 November 05:11 PM Makkah Construction pens SAR 450m credit facility with Bank Albilad

Riyadh – Mubasher: Makkah Construction and Development Company has signed a SAR 450 million credit facility with Bank Albilad. The nine-year facility will be used to finance renovation and development in hotels and towers in Makkah, according to …

Banking and Finance

Goldman Sachs will disclose any allocation of over-allotments

10 November 10:07 AM Aramco allows Goldman Sachs to buy up to 15% of total offered shares

Riyadh – Mubasher: Saudi Arabia Oil Company, globally known as Saudi Aramco, has allowed its Stabilising Manager, Goldman Sachs, to purchase an additional number of shares equal to up to 15% of the total number of shares sold in the offering …

Banking and Finance

Arabian Centres hired Goldman Sachs and HSBC

8 November 09:58 PM Saudi Arabian Centres hires banks to arrange dollar sukuk

Riyadh – Mubasher: Arabian Centres Company has reportedly hired global banks to arrange its dollar-dominated sharia-compliant sukuk, according to Reuters. The Tadawul-listed company hired Goldman Sachs and HSBC to coordinate the deal, along with …

Sukuk and Islamic Finance

Net profits of Banque Saudi Fransi reached SAR 2.6 billion in nine months

5 November 04:08 PM Banque Saudi Fransi records SAR 880 profits in Q3

Riyadh – Mubasher: Banque Saudi Fransi posted a 6.68% year-on-year fall in its net profits for the third quarter of 2019, recording SAR 880 million. Total revenue from special commissions/financing and investments grew by 4.9% to SAR 1.87 billion …

Banking and Finance

The UAE managed to redirect its trade closer to home

5 November 12:27 PM NBK Research: UAE’s economic outlook stable, policymakers drive non-oil growth

UAE - Mubasher: In its recent research, the National Bank of Kuwait (NBK) has said that the UAE’s economic outlook remains stable in spite of a slacking global economy, trade disputes, softer energy demand, and heightened geopolitical tensions. …

Banking and Finance

HSBC Saudi Arabia has been appointed by the Company as an international settlement agent

3 November 04:01 PM Aramco selects financial advisors, lead manager for world’s biggest IPO

Riyadh – Mubasher: Saudi Arabian national petroleum and natural gas company based in Dhahran, Saudi Aramco, has selected the joint financial advisers, global coordinators, joint bookrunners and lead manager for its long-awaited initial public …

Banking and Finance

Net profits of SABB inched down by 0.09% in Q3

3 November 09:36 AM SABB logs SAR 1bn profits in Q3

Riyadh – Mubasher: Saudi British Bank (SABB) reported a 0.09% year-on-year decline in its financial results for the third quarter of 2019, recoding SAR 1.06 billion. Total revenue from special commissions/financing and investments jumped by 46.14% …

Financial Results

ANB’s net profit went down by 6.6% QoQ

31 October 09:58 PM Arab Bank’s profit jumps over 14% in Q3-19

Riyadh – Mubasher: Arab National Bank (ANB) has reported a 14.2% year-on-year profit increase during the third quarter of the fiscal year 2019. The bank’s net profit reached SAR 834.8 million in Q3-19, compared to SAR 731.1 million in the year-ago …

Financial Results

Hatem Sleiman, Regional Vice President - Middle East, Pakistan & Afghanistan, Western Union

31 October 11:53 AM Sleiman in Interview – Western Union starting to leverage platform in new ways

Mubasher: Western Union, the US worldwide financial services and communications company, has enhanced the UAE with the latest generation of omni-channel platform in a way of confirming the deep commitment to keeping the Middle East at the …

Companies Investments

The deal's impact cannot be determined accurately

30 October 07:32 PM Malath Cooperative signs insurance agreement with Riyad Bank

Riyadh – Mubasher: Malath Cooperative Insurance Company signed a vehicle insurance agreement with Riyad Bank at a value equivalent to 5% of the firm’s total annual sales. By means of the contract, the company will cover the insurance of the bank’s …

Banking and Finance

The proceeds of this facility will be used for general corporate purposes

30 October 05:02 PM Saudi PIF secures $10bn bridge loan from 10 int’l banks

Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has signed a syndicated bridge loan agreement valued at $10 billion with ten international banks, according to PIF’s statement. The ten …

The first installment after rescheduling will start from 31 January 2020

30 October 04:45 PM Saudi Paper reschedules SAR 6m credit facility from ANB

Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPM) has signed a sharia-compliant credit facility with the Arab National Bank (ANB) in order to reschedule an existing loan. The company will reschedule an amount of SAR 6 million from a total …

Banking and Finance

Loans granted to the private sector rose by 3% YoY

30 October 04:36 PM UAE banks provide AED 83bn more loans in September

UAE – Mubasher: The value of loans provided by Emirati banks grew by 5%, or AED 83 billion, in September 2019, recording AED 1.72 trillion. On a monthly basis, loans went down by AED 82.5 billion in September, from AED 1.638 trillion in August, …

Banking and Finance

The fund aims to forge strategic partnerships with entrepreneurs and technology companies

30 October 03:29 PM Riyad Bank launches new Fintech Fund valued SAR 100m

Riyadh – Mubasher: Riyad Bank has launched its Digital Partnership Program and its association with a venture capital fund of SAR 100 million ($26.6 million). The announcement took place on the sidelines of the Future Investment Initiative 2019 …

MESC amended SAR 268.9 million debt-restructuring deal with banks

30 October 01:02 PM MESC amends debt-restructuring deal with banks

Riyadh – Mubasher: Middle East Specialized Cables Company (MESC) has amended today a debt-rescheduling agreement with a consortium of banks. Those banks are Saudi British Bank (SABB), Arab National Bank (ANB), Banque Saudi Fransi (BSF), and Riyad …

The credit facility will end on 18 March 2020

29 October 07:57 PM FIPCO renews SAR 30m credit facility agreement

Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) has announced the renewal of a SAR 30 million Shariah-compliant banking facility agreement with Bank Albilad. The credit facility duration starts from 22 October 2019 …

Banking and Finance