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Saudi Aramco is currently the most profitable company worldwide
26 May 11:02 AM World's top 2,000 list includes 40 Arab companies; Aramco ranked 5th
By: Amal A. Wahaab Mubasher: This year's Forbes Global 2000 list saw the inclusion of 40 companies from the Arab world in the magazine's ranking of the world's top 2,000 companies, based on assets, profits, revenues, and market value.  Oil giant …
David Parker - co-chief Investment officer for the Financial Services sector at EDB
21 May 11:39 AM GCC sees growing trend for fintech platforms amid COVID-19 crisis
Mubasher: The GCC region is set for a big leap in the use of financial technology applications amid the coronavirus (COVID-19) outbreak with the Middle East and Africa (MEA) region witnessing a 70% growth in the use of contactless payments, …
The bank's assets increased by 6.3%
19 May 03:51 PM SAIB's net profits dip 46.5% in Q1-20
Riyadh – Mubasher: Saudi Investment Bank (SAIB) reported a 46.45% decline in net profits to SAR 150.7 million during the first quarter (Q1) of 2020, compared to SAR 281.4 million in the year-ago period. The drop in net profits is driven by a rise …
Sheikh Saleh Abdullah Kamel
19 May 10:57 AM Saudi businessman Saleh Kamel passes away
Riyadh – Mubasher: Prominent Saudi businessman, the chairman and founder of Dallah Al Baraka Group, Sheikh Saleh Abdullah Kamel died on Monday, aged 79. Saleh Kamel was one of the region’s biggest investors in the media industry as the founder of …
The bank’s net income increased during the first quarter of 2020
17 May 03:59 PM Samba Group posts 20% rise in Q1 profits
Riyadh – Mubasher: Samba Financial Group reported a 19.6% increase in net profit during the first quarter (Q1) of 2020 to SAR 1.27 billion, compared with SAR 1.065 billion for the same period last year. The bank’s net income increased during the …
The total operating income jumped by 9%
17 May 03:11 PM Bank Albilad reports 5% lower net profits in Q1-20
Riyadh – Mubasher: The net profits of Bank Albilad dropped by 5.2% to SAR 270 million during the first three months of 2020, compared to SAR 284.9 million in the same period of 2019. The decrease in net profits was driven by a 5% decline in net …
The total operating income increased by 7.2%
17 May 11:35 AM NCB posts SAR 2.83bn in Q1 profits
Riyadh – Mubasher: The interim financial results of National Commercial Bank (NCB) showed an increase in net profit during the first quarter (Q1) of the year by 0.6% to SAR 2.83 billion, compared with SAR 2.78 billion in Q1-19. The bank attributed …
The dividends will be distributed on 8 June 2020
14 May 09:48 AM Banque Saudi Fransi approves dividends for H2-19
Riyadh – Mubasher: The extraordinary general meeting (EGM) of Banque Saudi Fransi (BSF) approved disbursing cash dividends worth SAR 1.19 billion or SAR 1 per share for the second half (H2) of 2019 as previously recommended by the board. The …
The duration of the credit facility is 12 months
13 May 10:11 AM Zahrat Al Waha obtains SAR 33.5m SIDF loan
Riyadh – Mubasher: Zahrat Al Waha Trading Company announced on Tuesday the signing of a loan contract with the Saudi Industrial Development Fund (SIDF). The credit facility is valued at SAR 33.5 million, according to a statement to the Saudi Stock …
The repurchase will be funded from internal resources
13 May 10:00 AM Bank Albilad EGM approves 5m shares buyback
Riyadh – Mubasher: The extraordinary general assembly meeting (EGM) of Bank Albilad has approved the purchase of five million of the bank’s shares. The repurchased shares will be allocated as treasury shares within the employee shares program, …
Profits reached SAR 2.65 billion in the first quarter of 2020
13 May 09:46 AM Expenses lower Al Rajhi quarterly profits by 7%
Riyadh – Mubasher: Al Rajhi Bank registered a 6.8% decline in net profit, as shown by the company’s interim financial results for the three-month period ending on 31 March 2020. During the first quarter (Q1) of 2020, the bank’s net profit after …
Debt is part of a previous SAR 1.3 billion Murabaha facility
12 May 11:38 AM Takween Industries restructures SAR 429m loan
Riyadh – Mubasher: Takween Advanced Industries Company has signed an agreement with a number of local banks to reschedule a debt of SAR 429.4 million. The debt is part of previous Murabaha facility agreements worth SAR 1.3 billion, signed in March …
Phoenix Commodities Pvt was recently placed in liquidation
11 May 10:58 AM CBI denies financial exposure to Phoenix Commodities
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has negated any financial exposure to Phoenix Commodities Pvt or its related parties, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday. Founded 20 …
Riyad Bank and MIS signed the finance agreement on 4 May
5 May 12:54 PM MIS signs SAR 290m Islamic finance deal
Riyadh – Mubasher: Al Moammar Information Systems (MIS) Company has signed on Monday an Islamic finance agreement with Riyad Bank. The renewable one-year finance facility is valued at SAR 290 million, according to a company statement to the Saudi …
The deal is part of the ITFC’s master murabaha agreement
4 May 03:02 PM Egypt inks $100m financing deal with ITFC to secure food commodities
Cairo – Mubasher: The International Islamic Trade Finance Corporation (ITFC) signed a $100 million emergency financing agreement with the Egyptian General Authority for Supply Commodities (GASC) to meet the country’s needs of essential goods amid …
Dividends will be distributed at SAR 0.0674 per unit
4 May 01:02 PM Albilad Sovereign Sukuk ETF announces dividends
Riyadh – Mubasher: Albilad Capital announced the distribution of cash dividends to the unitholders of Albilad Saudi Sovereign Sukuk ETF for April 2020. The cash dividends stand at SAR 242,637, according to a statement to the Saudi Stock Exchange …
Capital Market Authority (CMA)
30 April 12:36 PM Mudaraba Fintech application receives experimental permit
Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has granted Mudaraba Capital company a financial technology experimental permit (ExPermit), according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday. The permit allows …
Accumulated losses reached SAR 25.85 million by end of last year
29 April 02:15 PM SIDC board recommends lowering accumulated losses
Riyadh – Mubasher: The board of the Saudi Industrial Development Company (SIDC) has recommended to the general assembly fully utilizing the company’s statuary reserve to offset losses. The board recommended using SAR 8.099 million to offset part …
FIPCO aims to use this facility to finance its working capital
29 April 01:35 PM FIPCO renews SAR 30m agreement with Albilad
Riyadh – Mubasher: Filling and Packing Materials Manufacturing Company (FIPCO) has renewed a SAR 30 million Shariah-compliant banking facility agreement with Bank Albilad. The agreement’s duration is for one year from 25 March 2020 to 25 March …
Saudi Arabian Monetary Authority (SAMA)
29 April 08:51 AM Saudi gov’t reserve down 2.9% in March
Riyadh – Mubasher: Saudi Arabia’s government reserve decreased by 2.85% year-on-year (YoY) last month, as shown by the Saudi Arabian Monetary Authority’s (SAMA) monthly bulletin. The reserve declined to SAR 469.6 billion by the end of March 2020, …
Net dividends for 2019 to stand at SAR 675 million
27 April 12:11 PM Bank Albilad approves SAR 0.5/shr dividends
Riyadh – Mubasher: The ordinary general assembly meeting (OGM) of Bank Albilad has approved the recommendation of the board of directors to distribute SAR 375 million dividends to shareholders for the second half (H2) of fiscal year (FY) 2019. The …
Sukuk trading suspension will begin on 15 June 2020
27 April 10:56 AM Riyad Bank to redeem SAR 4bn Sukuk
Riyadh – Mubasher: Riyad Bank plans to redeem its SAR 4 billion ten-year Sukuk in full at face value on 24 June 2020. The Sukuk, issued on 24 June 2015, has an original maturity of ten years, due on 24 June 2025. In accordance with the Sukuk's …
The USD rose to EGP 15.69 for buying at CBE
26 April 02:43 PM USD stabilises against EGP at local banks on Sunday
Cairo – Mubasher: The Egyptian pound exchange rate has stabilised against the US dollar during mid-trades on Sunday at local banks. The USD remained unchanged at EGP 15.68 for buying and EGP 15.78 for selling at the National Bank of Egypt (NBE) …
Photo Archive
22 April 02:43 PM ACWA Power plans $1bn Sukuk issuance
Riyadh – Mubasher: ACWA Power International plans to raise about SAR 3.75 billion ($1 billion) from a Sukuk sale, Bloomberg reported citing unnamed sources. The company is reportedly in talks with a number of banks in Saudi Arabia to discuss the …
Photo Archive
20 April 05:36 PM FIPCO renews SAR 25m facility with Riyad Bank
Riyadh – Mubasher: Filling and Packing Materials Manufacturing Company (FIPCO) announced the renewal of a Shariah-compliant SAR 25 million banking facility agreement with Riyad Bank. The one-year renewal began on 9 April 2020 and will ends in 20 …