DUBAI: Bahrain’s Bank ABC said on Tuesday it was in preliminary talks to buy Blom Bank’s Egyptian subsidiary, pitting it against Dubai’s Emirates NBD, which is also a potential bidder.
Blom has hired CI Capital to advise on a sale that could fetch $250 million to $300 million as the Lebanese lender tries to boost its capital, Reuters reported last month, citing two sources familiar with the deal.
Blom had approached potential bidders including Dubai’s biggest bank, Emirates NBD, the sources said. Emirates NBD confirmed on Aug. 13 it was interested.
Lebanese banks are trying to strengthen their finances as the country endures its worst financial crisis since the civil war.
Blom’s domestic rival Bank Audi tried to sell its Egyptian business, but the deal stalled in May after First Abu Dhabi Bank halted talks, citing the uncertain outlook relating to the COVID-19 pandemic.
FAB plans to restart talks to buy the Egyptian business of Bank Audi, Reuters reported this week.
Bahrain’s ABC says in preliminary talks to buy Blom Bank’s Egypt business
https://arab.news/bq54b
Bahrain’s ABC says in preliminary talks to buy Blom Bank’s Egypt business
- Bahrain banks pits it against Dubai’s Emirates NBD, which is also a potential bidder
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
