February 22nd, 2019 | 0 commentsArabia Investments, Development and Financial Investment Holding Co (AIND) on Thursday announced completing the acquisition of International Company for Leasing’s stake in UI Finance at a value of EGP 14 million. The company has purchased over 99% stake or 60,000 shares in UI Finance, International Company’s entire stake, according to a s...
February 22nd, 2019 | 0 commentsAfrican Development Bank (AfDB) has signed on Thursday an EGP 80 million agreement with Egypt to develop entrepreneurship in the Arab world's most populous country. The agreement was signed by Egyptian investment and international cooperation minister Sahar Nasr and manager of AfDB’s Cairo office Malinne Blomberg, according to a statement...
February 21st, 2019 | 0 comments Novus Aviation Capital (NAC) has closed a $423 million (AED 1.55 billion) facility deal with BNP Paribas and MUFG Bank to finance an order for four Boeing 777-300ER aircraft. Scheduled for delivery in 2020, the four long-range wide-body jets are planned to be leased to a leading European carrier, the UAE-based company said in a statement...
February 21st, 2019 | 0 commentsCommercial International Bank (CIB) (COMI) is arranging a USD 80 mn loan to Qalaa Holdings’ (CCAP) Egyptian Refining Company (ERC) with a tenor of one year, unnamed sources told Reuters’ Arabic service. ERC is a major public private partnership (PPP) megaproject led by Qalaa, and is scheduled to come online later this year. -Arab Finance
February 21st, 2019 | 0 commentsBank Audi has started due diligence to buy National Bank of Greece’s (NBG) unit in Egypt, a banking source said on Wednesday. The due diligence process will be completed by the end of this month, the source, who asked not to mention his name, told Reuters. NBG Egypt has 18 branches across the North African state, according to the bank’s o...
February 20th, 2019 | 0 commentsMiddle East Paper Co (MEPCO) on Tuesday announced raising the value of a sharia-compliant loan from Bank Albilad to SAR 200 million, from SAR 100 million. The revolving facility, which is guaranteed through a promissory note, will be subject for renewal on 7 July of each year, according to a statement to the Saudi Stock Exchange (Tadawul)...
February 20th, 2019 | 0 commentsThe Saudi Central Bank, known as the Saudi Arabian Monetary Authority (SAMA), on Tuesday signed a three-year, SAR 34.1 million agreement with Al Khaleej Training and Education company. Under the deal, Al Khaleej Training will develop, manage, and operate SAMA's communication centres, according to a statement to the Saudi Stock Exchange (T...
February 20th, 2019 | 0 commentsIslamic banks listed on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) registered a 13.7% year-on-year profit increase during the full-year 2018. The banks’ net profits hit a combined AED 9 billion ($2.45 billion) last year, compared to AED 7.93 billion ($2.16 billion) in 2017, according to data compiled by M...
February 20th, 2019 | 0 commentsAbu Dhabi National Takaful Company on Tuesday reported a 33% year-on-year increase in its profits for the full-year 2018. Net profits hit AED 86 million last year, compared to AED 64.6 million in 2017, according to the company’s recent statement. “This stellar financial performance marks ADNTC’s ninth consecutive year of increased profits...
February 20th, 2019 | 0 commentsMashreq Bank has begun marketing dollar-denominated bonds with an initial price guidance of about 200 basis points over mid-swaps, a document showed. The UAE’s lender expects to raise $500 million with the issuance, Reuters reported on Tuesday. The Dubai-based bank appointed BNP Paribas, BofA Merrill Lynch, Commerzbank, Mashreqbank, Nomur...
