Market value of top 30 banks in Middle East totals $586.6bn

Market value of top 30 banks in Middle East totals $586.6bn
Qatar's QNB Group topped the list for the second year in a row. (File/Reuters)
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Updated 07 August 2022

Market value of top 30 banks in Middle East totals $586.6bn

Market value of top 30 banks in Middle East totals $586.6bn
  • Gulf banks dominate this year’s ranking, with 25 out of the 30 based in the GCC

LONDON: The Middle East’s top 30 banks have a total market value of $586.6 billion and assets worth $2.5 trillion as of June 28, Forbes Middle East has reported.

Saudi Arabia leads the ranking with 10 entries, followed by the UAE with seven, Qatar with four, Morocco with three, Kuwait with two, and Egypt, Bahrain, Jordan, and Oman with one each.

Qatar's QNB Group topped the list for the second year in a row, with $300.3 billion in total assets.

The UAE’s FAB, Saudi Arabia's Al-Rajhi Bank, and Saudi National Bank tied for second place.

The UAE-based Emirates NBD was ranked third.

Last year, these five banks combined made $16.8 billion in profit, accounting for 49 percent of the total profit of the 30 banks on the list.

The list “recognizes the region’s resilient banking heavyweights that have emerged stronger from the pandemic crisis.”

Forbes Middle East compiled data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value.


Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5
Updated 05 October 2022

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

RIYADH: Arabian Plastic Industrial Co.’s shares are scheduled to begin trading on Tadawul’s Nomu-Parallel Market today, Oct. 5.

APICO offered 1 million shares, or 20 percent of its SR50 million ($13 million) market capitalization.

The offering coverage was 15.43 times oversubscribed, with the offer price set at SR27 per share.

Established in 1996, APICO serves customers across different sectors, including but not limited to Almarai Co., flynas, TotalEnergies, and Nahdi Medical Co.

 

 


Saudi startup Jahez to acquire all shares in Marn Business for $16m

Saudi startup Jahez to acquire all shares in Marn Business for $16m
Updated 05 October 2022

Saudi startup Jahez to acquire all shares in Marn Business for $16m

Saudi startup Jahez to acquire all shares in Marn Business for $16m

RIYADH: Jahez International Co. for Information Systems Technology has signed an agreement to acquire all shareholders’ shares of Marn Business Information Technology Co. for SR60 million ($16 million).

The transaction is in line with the online food delivery platform Jahez’s strategy of expanding its business through acquisitions in order to take advantage of the growing opportunities in the industry, it said in a bourse filing.

The completion of this agreement requires the approval of relevant authorities, including approval from the General Authority for Competition.

The financial impact is expected to appear in the second half of the fiscal year 2022, it said.

Marn Business develops an eco-system by integrating digital services with different service providers to build systems for business owners.


Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 
Updated 14 min ago

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

RIYADH: Jeddah-based Middle East Paper Co. saw its share price rise in early trade, after it received the Capital Market Authority’s approval to increase its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans.

MEPCO’s shares gained 3.25 percent to reach SR57.20 at 10:07 a.m. Saudi time.

The Saudi-listed paper manufacturer’s plan calls for a 33 percent capital hike from the current capital of SR500 million, according to a bourse filing.

Subject to obtaining shareholders’ nod, the transaction will be conducted by granting shareholders one bonus share for every three shares held.

 


UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54
Updated 05 October 2022

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

RIYADH: The UAE-based private healthcare provider Burjeel Holdings set its final offering price at 2 dirhams ($0.54) per share following the completion of its bookbuild and public subscription.

The offering was oversubscribed multiple times as the total gross demand amounted to over 32 billion dirhams, implying a 29-fold oversubscription, the company reported.


Oil Updates — Crude slightly lower ahead of OPEC+ meeting; Fire in Nigerian oil wells 

Oil Updates — Crude slightly lower ahead of OPEC+ meeting; Fire in Nigerian oil wells 
Updated 05 October 2022

Oil Updates — Crude slightly lower ahead of OPEC+ meeting; Fire in Nigerian oil wells 

Oil Updates — Crude slightly lower ahead of OPEC+ meeting; Fire in Nigerian oil wells 

RIYADH: Oil prices moderated very slightly on Wednesday after gaining more than 3 percent in the previous session ahead of a meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, to discuss a big cut in crude output.

Traders said a stronger dollar was the main reason for the slightly easier prices, as it reduced demand from buyers using other currencies.

Brent crude fell 22 cents, or 0.2 percent, to $91.58 a barrel at 0427 GMT, after climbing $2.94 in the previous session.

US West Texas Intermediate crude futures fell 29 cents, or 0.3 percent, to $86.23 a barrel after gaining $2.89 in the previous session.

OPEC+ is expected to discuss output cuts as big as 2 million barrels per day, an OPEC source told Reuters.

The US is pushing OPEC+ producers not to go ahead with deep cuts, a source familiar with the matter told Reuters, as President Joe Biden looks to prevent a rise in US gasoline prices.

EU price cap on Russian oil will not apply to pipeline shipments: Hungary

A price cap for Russian oil proposed as part of the EU’s eighth round of sanctions against Russia will not apply to pipeline shipments, Hungary’s Foreign Minister Peter Szijjarto said in a statement late on Tuesday.

Hungary, which has been the most vocal critic of sanctions against Russia in the EU, largely relies on Russian crude shipments and Russian gas, both imported via pipelines.

Two oil wells operated by Nigeria’s Eroton on fire

Two oil wells operated by Nigerian firm Eroton Exploration and Production Limited caught fire on Monday and were still burning on Tuesday after the company hired a contractor to try to extinguish the fire, the agency responsible for detecting oil spills said.

It was not immediately clear if this was the same area where a well operated by Eroton spilled oil and gas into the Niger Delta for more than a week in June.

Eroton produces and exports crude from its Oil Mining Lease 18 block through the Nembe Creek Trunkline.

The National Oil Spills Detection and Response Agency said the fire broke out at two wells in Rivers state, in the Niger Delta. A boat suspected to have been engaging in the theft of crude oil was burnt to ashes at the site.

“The company has mobilized a vendor, which is expected to arrive at the incident location today, Oct. 4, 2022, to extinguish the raging fire from the wells, the agency will supervise the activity accordingly,” Idris Musa, head of NOSDRA said in a statement.

(With input from Reuters)