BANKING

Visa and Central Bank of Jordan co-host Risk Management Forum in AmmanFebruary 15, 2017

Global payments technology company, Visa (NYSE:V), and the Central Bank of Jordan have jointly organized a Risk Management Forum in Amman. The event was attended by more than 95 representatives from both the public and private sectors, and focused on the importance of collaboration between Visa and the Central Bank on enhancing the security of Jordan’s rapidly evolving digital payments ecosystem.

The forum aimed at discussing and addressing issues"...

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Chairman leads deal to buy stake in Jordan's Arab Bank for $1.12 bln February 8, 2017

A consortium of Arab and Jordanian investors led by Arab Bank Chairman Sabih al Masri has bought Oger's 20 percent stake in Jordan's Arab Bank Group for $1.12 billion, the bank said on Wednesday.

It said the deal to buy the stake from Lebanon's Hariri family which owns Oger was concluded by the consortium that includes 40 investors, a majority of them Jordanian.

Masri led negotiations to buy stake after the family of Saudi Arabia's Fawaz Alhokair...

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Jordan: investors buy 20% of Arab Bank shares at $1.12 bln February 8, 2017

A group of investors on Wednesday completed purchase 20 percent of shares in the Arab Bank, valued at $1.12 billion from al Hariri family, the bank said in a statement.

The deal was lead by Arab Bank chairman Sabih al Masri and included several local and foreign investors in the mega deal.

The deal has been in the making for a while, but hit a snag due to negoatiaion issues. The Arab Bank is the largest financial institution in Jordan and the Middle east, founded in Jerusalem in the early 1920s, employing tens of thousands across the globe. (ANSAmed).

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Korean bank to partly fund project to improve south Amman water servicesFebruary 5, 2017

The government on Sunday signed a $48.5 million (over JD34 million) agreement with a Korean company and a local contractor from the Arab Towers Contracting Company, to continue implementing a project to improve water and sewage services in south Amman.

Out of the total amount, $46 million is funded by the Export-Import Bank of Korea, while the rest is covered by the Treasury, the Jordan News Agency, Petra, reported.

Water"...

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Jordan's Arab Bank group says 2016 net profit rose 20 percentJanuary 30, 2017

Jordan's largest lender, Arab Bank Group, said on Saturday its 2016 net profit rose 20 percent to $533 million, saying the results were due to diversified operations and growth in revenue from core banking activities.

The bank, one of the Middle East's major financial institutions, said its loans book and customer deposits had continued to grow despite exchange-rate fluctuations.

Total loans rose 6 percent to $23.7 billion while deposits rose 3 percent to $33.6 billion at the end of last year compared with the same period the previous year.

Arab Bank is one of the Arab world's...

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Foursan Group exits investment in Jordan Dubai Islamic Bank January 25, 2017

Foursan Group, a leading Middle Eastern private equity firm, announced today the successful exit by its fund, Foursan Capital Partners (“FCP”), of its investment in Jordan Dubai Islamic Bank (“JDIB”), a premier Islamic banking institution listed on the Amman Stock Exchange.

FCP was the second largest shareholder"......

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