Barclays sells Egyptian business to Morocco bank

Updated 04 October 2016
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Barclays sells Egyptian business to Morocco bank

LONDON: Britain’s Barclays has completed the sale of its Egyptian business to Morocco’s Attijariwafa Bank as part of its shift toward focusing on the US and Britain.
The sale will mean a cut of about 2 billion pounds ($2.55 billion) in Barclays’ risk-weighted assets, it said, boosting the bank’s core capital ratio by about 0.1 percent.
Barclays did not give a price for the transaction, although sources previously said they valued the business at around $400 million.
The London-based lender is seeking to sell its African operations as part of a plan by CEO Jes Staley to simplify its structure and improve shareholder returns.
However, attempts to sell the African businesses as one have come up against difficulties, including the disparate nature of the local units, the biggest of which is Barclays Africa Group , mainly made up of former South African bank ABSA.
Barclays successfully sold a 12 percent chunk of its holding in the South African bank in May, but talks to sell a bigger holding in the business have so far not yielded a deal.
Former Barclays CEO Bob Diamond’s bid to buy Barclays Africa Group as part of a consortium was dealt a blow by the withdrawal of Carlyle Group earlier this year.
Reuters reported Attijariwafa’s interest in March, as the Moroccan lender’s general manager told Reuters he planned to expand in Egypt.


Petroleum Development Oman to help create job opportunities for 21,000 locals

Updated 49 min 24 sec ago
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Petroleum Development Oman to help create job opportunities for 21,000 locals

  • ‘We aim to create 21,000 job opportunities in 2019, and we are confident that we can achieve that number’

DUBAI: State-owned Petroleum Development Oman expects to create 21,000 job opportunities for Omanis this year through the oil exploration and production company’s training opportunities and other undertakings.

“We aim to create 21,000 job opportunities in 2019, and we are confident that we can achieve that number. These are real opportunities that lead to direct employment once the training is completed,” Raoul Restucci, the managing director of PDO, told the Times of Oman.

“A lot of the opportunities we are promoting today exist outside the oil and gas sector, whether it be in tourism, manufacture or logistics. While some of these jobs will be created by PDO, many of the Omanis will be employed by other organizations once they complete their PDO funded on-the-job training.”

The prospective jobs would be spread across multiple sectors – from oil and gas, manufacturing, tourism to logistics – as PDO works with the government in pushing the Omanization agenda.

PDO’s Restucci noted the company has already created more than 5,000 job opportunities so far this year. Meanwhile, the Omanization rate for PDO has reached 81 percent and the company’s target is to reach 90 percent by 2020.

“… the oil and gas sectors are highly Omanized, and where you have expatriates, is where you have a gap in skills, or more likely, experience,” Restucci said.