Banking

The greenback recorded around EGP 17.24 for buying and EGP 17.35 for selling on Thursday
21 March 04:35 PM Will USD hover below EGP 17 at national banks? – Analysis
By: Eslam Fadl Cairo – Mubasher: The US dollar has been notably falling against the Egyptian pound since the Central Bank of Egypt’s (CBE) governor stated that the USD/EGP exchange rate would see further volatility. The USD exchange rate against …
NOGA is in talks with international companies to attract private-sector investors to the oil and gas sector
20 March 03:20 PM Bahrain’s NOGA signs $300m deal to finance Saudi exports
Mubasher: Bahrain’s National Oil and Gas Authority (NOGA) on Wednesday signed a $300 million finance deal with the Saudi Fund for Development (SFD). The deal is aimed to finance Saudi exports for the Oil and Gas Holding Company (NOGA Holding), …
EGP has risen remarkably against USD on Tuesday
19 March 03:37 PM EGP rises against USD Tuesday
Cairo – Mubasher: The Egyptian pound has risen remarkably against the US dollar on Tuesday at national banks. The USD exchange rate dipped by EGP 0.1 against the EGP to EGP 17.27 for buying and EGP 17.37 for selling at National Bank of Egypt (NBE) …
The USD rate slashed by EGP 0.1 to EGP 0.4 against the EGP on Monday
18 March 03:54 PM USD inches down against EGP Monday
Cairo – Mubasher: The US dollar exchange rate slashed by EGP 0.1 to EGP 0.4 against the Egyptian pound on Monday. The USD rate fell by EGP 0.3 to EGP 17.31 for buying and EGP 17.41 for selling at the National Bank of Egypt (NBE), while it slipped …
The USD rate yesterday slipped by EGP 0.1 to EGP 17.34 for buying and EGP 17.44 for selling at the NBE, Banque Misr
18 March 11:52 AM EGP marks 2-yr high against USD
Cairo – Mubasher: The Egyptian pound has hit its highest level against the US dollar in two years, as the USD recorded EGP 17.32 for buying and EGP 17.44 for selling at the Central Bank of Egypt (CBE). On Sunday, the USD exchange rate fell by EGP …
The USD rate fell by EGP 0.1 to EGP 17.34 for buying and EGP 17.44 for selling at NBE, Banque Misr
17 March 03:13 PM USD slips against EGP Sunday
Cairo – Mubasher: The US dollar exchange rate on Sunday fell by EGP 0.1 to EGP 0.4 against the Egyptian pound at national banks. The USD rate fell by EGP 0.1 to EGP 17.34 for buying and EGP 17.44 for selling at Egypt’s two largest state-owned …
The remaining 1.9% stake was transferred to Olayan Saudi Investment Co.
17 March 03:03 PM Crédit Agricole sells 4.9% stake in BSF at EUR 440m
Riyadh – Mubasher: France-based Crédit Agricole Corporate and Investment Bank on Sunday announced selling its 4.9% stake in Banque Saudi Fransi (BSF) at a value of SAR 1.86 billion (EUR 440 million), or SAR 32.50 per share. Under the transaction, …
Saudi Arabia to increase Islamic tax for some banks
17 March 12:41 PM Saudi Arabia to increase Islamic tax for some banks
Riyadh – Mubasher: Saudi Arabia has finalised new rules for calculating Islamic Tax on banks. The new procedures will lead banks to pay around 10% to 20% of their net profits, Bloomberg News reported on Sunday. “The General Authority of Zakat & …
The USD rate fell by EGP 0.3 to EGP 17.35 for buying and EGP 17.45 for selling at Egypt’s two largest state-owned lenders
14 March 04:55 PM USD edges down against EGP Thursday
Cairo – Mubasher: The US dollar exchange rate on Thursday slipped by EGP 0.3 to EGP 0.6 against the Egyptian pound at national banks. The USD rate fell by EGP 0.3 to EGP 17.35 for buying and EGP 17.45 for selling at Egypt’s two largest state-owned …
Mrsool is an on-demand delivery network
13 March 05:38 PM Saudi delivery startup receives multimilliond-dollar investment
Riyadh – Mubasher: Saudi on-demand delivery startup Mrsool has secured a multi-million dollar Series A funding. The deal was led by Saudi Technology Ventures (STV), Raed Ventures, and Mazen Al Jubeir, according to a statement released on …
Kuwaiti-based banks will retain the ability to withstand losses
13 March 03:52 PM Moody’s maintains stable outlook for Kuwaiti banking sector
Mubasher: Moody’s Investors Service has maintained a stable outlook for the Kuwaiti banking sector for the next 12 to 18 months, according to a report released on Wednesday. This outlook was based on many factors on top of which was the expected …
USD stable against EGP Wednesday
13 March 03:06 PM USD stable against EGP Wednesday
Cairo – Mubasher: The US dollar exchange rate remained stable against the Egyptian pound on Wednesday. The USD rate settled at EGP 17.38 for buying and EGP 17.48 for selling at Egypt’s two largest state-owned lenders, namely the National Bank of …
The banking sector is likely to benefit from the ongoing consolidation drive
13 March 02:07 PM GCC banks remain resilient against economic challenges
Dubai – Mubasher: Most banks operating in the GCC remained resilient despite ongoing economic challenges, Moody’s said in a new report. The banking sector is likely to benefit from the ongoing consolidation drive and government spending on …
Petrochem wins SAR 550m loan from SABB
12 March 03:57 PM Petrochem wins SAR 550m loan from SABB
Riyadh – Mubasher: National Petrochemical Company (Petrochem) on Tuesday has obtained a three-year Sharia-complaint facility at a value of SAR 550 million from Saudi British Bank (SABB). The facility is revolving, and it will be subject for …
Bahrain Trade is jointly being operated with Mubasher financial services company
11 March 05:19 PM Khaleeji Commercial Bank launches “Khaleeji eTrade” platform
Mubasher: Khaleeji Commercial Bank (KHCB) has inaugurated “Khaleeji eTrade” platform to be the first of its kind in Bahrain with many privileges, according to a recent press release. Khaleeji eTrade will become an essential engine for the bank’s …
GCC governments have had to dip into government deposits
11 March 04:39 PM M&A among strategies in GCC banking sector to enlarge benefits
Mubasher: Mergers and acquisitions (M&A) are one of the widely adopted corporate strategies that endorse the growth of an organization; however, not all mergers yield positive outcomes, according to Raghu, executive vice president (EVP) and head …
FIPCO amends loan deal with Riyad Bank
10 March 07:12 PM FIPCO amends loan deal with Riyad Bank
Riyadh – Mubasher: Saudi Arabia’s Filing and Packing Materials Manufacturing Company (FIPCO) on Sunday has revealed adding SAR 15 million to the loan which was obtained via Riyad Bank, making its value reach SAR 38 million, compared to SAR 23 …
Riyad Bank awards SAR 101m loan to MEPCO
10 March 06:49 PM Riyad Bank awards SAR 101m loan to MEPCO
Riyadh – Mubasher: Middle East Paper Co (MEPCO) on Sunday has announced securing SAR 101 million Sharia-compliant facility from Riyad Bank. The loan is revolving, and it will be subject for renewal on 23 January of each year, according to MEPCO’s …
“Our return on the investment is very, very good”
8 March 09:06 PM SoftBank needs Saudi Arabia, UAE consent for $3bn investments
Riyadh – Mubasher: Japan’s SoftBank is requiring the approval of the governments of Saudi Arabia and the UAE for more than $3 billion investments. The bank’s CEO Masayoshi Son told CNBC on Friday that these investments required the consent of …
“The results will be positive on Riyad REIT’s financial performance.”
7 March 09:06 PM Riyad REIT inks deal for SAR 600m facility
Riyadh – Mubasher: Riyad REIT has signed a facility loan with Riyad Bank for SAR 600 million ($160.02 million) Shariah-compliant loan, Riyad Capital announced on Thursday. The facility’s tenor is 5 years and the full amount of the facility will be …
The world’s biggest oil exporter aims to boost its public revenues
7 March 11:19 AM Saudi GAZT considers doubling Islamic tax for local banks
Riyadh – Mubasher: Saudi Arabia is looking to double the current rate of Islamic taxes paid by local banks to reach 20% in a bid to shore up its income sources, people familiar with the matter said. The oil-rich kingdom’s General Authority of …
EFG Hermes to advise on $500m M&A deal in Saudi
5 March 07:05 PM EFG Hermes to advise on $500m M&A deal in Saudi; eyes expansions
Cairo – Mubasher: A top official from EFG Hermes said Tuesday that his company was working on a $500 million merger and acquisition (M&A) deal in Saudi Arabia. Speaking to Reuters, EFG Hermes’ head of investment banking Mohammed Fahmi projected …
Crowdfunding technology is used in Beehive platform to eliminate the cost
4 March 04:24 PM Bahrain EDB launches Beehive for crowdfunding
Mubasher: The Economic Development Board of Bahrain (EDB) and Beehive announced the launch of Beehive, a debt-based crowdfunding platform, in the kingdom, according to a recent press release. Beehive Bahrain is expected to open up new funding …
The plan is set to be finished before the end of 2025
4 March 12:21 PM Saudi development bank to pump SAR 22bn in small-sized enterprises
Riyadh – Mubasher: Saudi Arabia’s Social Development Bank on Monday revealed plans to inject SAR 22 billion for supporting and establishing 70,000 small-sized enterprises in the kingdom, the bank’s director general said. The plan is set to be …
Pyramids Football Club is owned by Saudi mogul Turki Al-Sheikh
3 March 07:38 PM Pyramids FC donates EGP 10m to victims of Cairo train blaze
Cairo – Mubasher: Egypt-based Pyramids Football Club has decided to donate around EGP 10 million to the families of killed and injured people at Cairo’s Ramsis Railway Station accident, prominent talk show host Amr Adeeb said in El Hekakya talk …