Latest News from Saraha News
Saraha News
6 hours ago
- Business
- Saraha News
Bank ABC secures upgrade from Fitch to investment grade rating BBB- reflecting continued strategic momentum
Fitch assigns 'BBB-' Long-Term IDR with Stable Outlook, recognising strengthened risk profile, capital and international footprint Manama, Bahrain: Bank ABC (Arab Banking Corporation B.S.C.), a leading international bank headquartered in the Kingdom of Bahrain, is extremely pleased to announce that Fitch Ratings has upgraded its Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and its Viability Rating (VR) to 'bbb-' from 'bb+', with the rating outlook as 'Stable.' Fitch has announced the rating upgrade, citing the Bank's strengthened risk profile, diversified international operations and a robust capital and liquidity position. It has also recognised Bank ABC's enhanced asset quality, prudent risk management and strategic rebalancing towards lower-risk markets. Fitch cited the Bank's 'regional corporate franchise and wide geographical diversification' as key strengths, alongside 'well-managed market risks, adequate capitalisation, stable asset quality, funding and liquidity.' The agency also noted the improvement in the Bank's operating environment and resilience of its performance across core markets. Importantly, Fitch has reaffirmed that Bank ABC's rating is not constrained by the sovereign rating of its home market, underscoring the strength and independence of the Bank's international funding profile and offshore liquidity. The rating upgrade also marks the realignment of Bank ABC's ratings as investment grade across both major global agencies, with S&P also maintaining its 'BBB-' rating with Stable outlook.
Saraha News
2 days ago
- Business
- Saraha News
Orange Jordan Announces the Inauguration of the Kingdom's Newest, Most Sustainable and Secure Data
Under the patronage of H.E. Minister of Digital Economy and Entrepreneurship, Eng. Sami Smeirat, Orange Jordan inaugurated its new state-of-the-art Data Center in the Ain Al-Basha district of Al-Balqa Governorate, on the site formerly known as the Al-Baqa'a Satellite Station. This milestone marks a significant leap forward and reaffirms the company's sustained leadership in digital transformation and its commitment to strengthening sustainable technological infrastructure that drives economic growth. The center was inaugurated in the presence of H.E. the French Ambassador to Jordan, Alexis Le Cour Grandmaison, H.E. Chairman of the board and CEO of the Telecommunication Regulatory Commission (TRC), Eng. Bassam Alsarhan, the Chairman of the Board of Directors of Orange, Eng. Jacques Aschenbroich, accompanied by the Chief Executive Officer of Orange Middle East and Africa, Eng. Jérôme Hénique, the Chairman of the Board of Directors of Jordan Telecom Company – Orange Jordan, Raslan Deiranieh, and the Chief Executive Officer of Orange Jordan, Eng. Philippe Mansour, members of the executive management team, and several esteemed guests, along with several media representatives. The center, designed with a modular and scalable architecture, features advanced environmental and operational systems. Such features include double thermal insulation, energy-efficient smart cooling, and waste heat recovery to reduce carbon emissions. Built on a site that is rooted back to 1972, the facility is engineered to withstand environmental risks such as earthquakes and flooding, ensuring uninterrupted business operations. To safeguard digital assets, it offers multi-layered security with double-gated entry, 24/7 surveillance, and access managed by a secure operations center. This facility is more than just an infrastructure. It offers the colocation of customers dedicated workspaces, meeting rooms, hoteling services with full catering, and even sports activities with full cycling track on an 80,000 square-meter campus. The CEO of Orange Middle East and Africa, Eng. Jérôme Hénique stressed that the inauguration of this new Data Center is a strategic leap forward, building on Orange's successful legacy of digital leadership in Jordan. He further added that this facility is a critical pillar in Orange's long-term regional strategy, designed to provide the resilient, high-performance digital infrastructure that will not only empower businesses to grow but also solidify Jordan's role as the regional hub for data and digital services. The CEO of Orange Jordan, Eng. Philippe Mansour, expressed his pride in inaugurating this center which is in alignment with the 'Lead the Future' strategy's goals. This step reinforces the company's position as the true responsible digital leader in the Kingdom. He also explained that the new data center is designed to accommodate 500 racks with a total capacity of 5 megawatts, meeting the growing needs of the business sector. This could be materialized by supporting them with innovative digital solutions that keep pace with rapid growth while fulfilling the requirements of various industries. The inauguration of this center builds on the company's track record of excellence in this field. Several of its data centers have obtained key international certifications such as Tier III, ISO, and LEED
Saraha News
3 days ago
- Business
- Saraha News
ila Bank wins ‘Best Consumer Digital Bank in Bahrain' title at Euromoney Awards for Excellence 2025
ila Bank wins 'Best Consumer Digital Bank in Bahrain' title at Euromoney Awards for Excellence 2025 Bahrain's leading digital mobile-only bank wins the prestigious award for its revolutionary business model that has changed the face of traditional retail banking. Manama, Bahrain: ila Bank, powered by Bank ABC, has been declared Best Consumer Digital Bank in Bahrain by Euromoney Awards for Excellence 2025. The award celebrates ila's phenomenal success in reimagining retail banking, placing consumers at the core of its innovative digital mobile-only proposition. The award was presented on 20 May in Dubai at a ceremony attended by the industry's leading financial institutions and experts. Commenting on the prestigious award, Mohammed Al Maraj, Group Head of Retail Banking at Bank ABC and ila Bank CEO, said, 'It is an honour to win the title of Best Consumer Digital Bank in Bahrain by a long-established awards programme like Euromoney. This recognition reinforces our commitment to continue delivering superior digital banking experiences, while promoting further financial inclusion in Bahrain and the wider region. We take great pride in providing fast, convenient, and personalised consumer banking solutions that greatly enrich our customers' lifestyles. I thank Euromoney for this esteemed award, our customers for their faith in our capabilities, and the Board and leadership at Bank ABC for their unwavering guidance and support. I remain grateful to the ila team for their relentless efforts in making ila a household name that is renowned for 'banking that reflects you'.' ila's unique banking proposition has made a positive impact since its launch in 2019. By offering intuitive, seamless digital banking products and services, ila has successfully eliminated customer pain points in managing and taking control of their finances. The Bank's customer-centric approach has enabled it to drive exceptional growth through personalised product offerings, communications and never-before benefits and privileges that drive customer trust and engagement. ila's continued success is reflected in its year-on-year growth across key metrics. ila Bank has been expanding its footprint across the region to bring its digital-first banking proposition to underserved markets, thereby spurring financial inclusion and redefining consumer banking experiences in MENA. Further expansion plans are well underway. By leveraging innovative technology, data analytics and simply listening to what customers require, ila Bank has fundamentally reshaped conventional banking as well as Islamic Banking through alburaq. Its innovative proposition comprises rapid onboarding, multi-currency accounts, easy payments and transfers, convenient savings tools like Al Kanz, Hassala and Jamiyah, Government Securities investment solution amongst an extensive product suite. The Best Digital Bank in Bahrain award is one of four titles swept by Bank ABC Group at the Euromoney Awards for Excellence 2025. The award platform recognises world-class institutions that have demonstrated innovation, leadership and positive impact in their banking propositions in the capacity of a leading
Saraha News
21-05-2025
- Business
- Saraha News
Royal Jordanian Signs $250 Million Syndicated Loan Agreement led by Arab Bank
– Royal Jordanian signed today a syndicated loan agreement valued at USD 250 million, led by Arab Bank with the participation of several Jordanian and regional banks. This step underscores the solid confidence the banking sector places in the airline. In his opening remarks at the signing ceremony, Royal Jordanian's Chairman of the Board of Directors Said Darwazeh said that Royal Jordanian has a long-standing legacy as the national carrier and has, since its establishment, served as a key pillar in connecting Jordan to the world and reinforcing its role as a regional hub. Despite the various challenges in the world and in the region in particular, the airline continued its operations with resilience and determination, carrying out its national mission and contributing significantly to Jordan's economy, particularly in the tourism and transport sectors. He added that this agreement marks a strategic milestone that underscores the strong relationship between Royal Jordanian and the banking sector. It also reflects the confidence that local and regional financial institutions have in the company's long-term vision. 'We see this partnership as a vital enabler of Royal Jordanian's transformation and modernization efforts, reinforcing its regional and global competitiveness.' 'We greatly value the role played by Arab Bank and all participating banks in facilitating this banking arrangement. We look forward to continued constructive collaboration that supports the company's objectives and contributes positively to the national economy,' Darwazeh said. Commenting on the occasion, Vice Chairman of the Board and Chief Executive Officer of Royal Jordanian Samer Majali said: 'As part of our recently launched growth and expansion strategy, Royal Jordanian is focused on modernizing its fleet, expanding its route network, investing in our growth ambitions especially in aviation support ventures, digital transformation and advanced technologies, in addition to settling the remaining balance of the existing loan; this strategic direction requires reliable financial support. Fleet modernization is a cornerstone of our commitment to sustainability, as modern aircraft play a crucial role in reducing fuel consumption and carbon emissions, aligning with our environmental responsibility and long-term aspirations. 'We take great pride in the trust shown by Jordanian and regional banks that chose to participate in this financing. Their confidence affirms the airline's strong credit profile and financial stability. Our full commitment to repaying the previous syndicated loan on schedule even under the most challenging conditions during the COVID 19 pandemic played a key role in reinforcing this trust and encouraging broader participation from financial institutions,' Majali commented. Randa Sadik, Chief Executive Officer, Arab Bank commented: 'This USD 250 million financing agreement demonstrates Arab Bank's and the participating banks' belief in Jordan's national carrier's capacity to execute ambitious future expansion and development plans, reinforcing its position within the aviation sector. The agreement also underscores the strong confidence Royal Jordanian enjoys among local and regional financial institutions.' This financing, Sadik added, directly contributes to supporting the national economy and reinforcing Jordan's standing regionally and internationally
Saraha News
13-05-2025
- Business
- Saraha News
Zain Provides Integrated Telecom Solutions for Jordan Gate Towers Project
In line with its strategic role in advancing the Kingdom's digital infrastructure and providing state-of-the-art telecom solutions to major national projects, Zain Jordan has signed a strategic agreement with 'Jordan Gate' – developer of the iconic Sixth Circle Towers – to deliver comprehensive and integrated telecommunications services across the project's residential and commercial components. The agreement was signed at the headquarters of Jordan Gate, by Zain Jordan CEO Fahad Al-Jasim and Chairman of the Board at Jordan Gate, Abdul Mughni Al-Abdul Mughni. As part of the agreement, Zain will design, employ, and manage the telecommunications infrastructure within both the residential tower and the commercial complex. The scope of services includes high-speed internet, Voice over IP (VoIP), IPTV, mobile network (GSM) coverage, Wi-Fi connectivity, closed-circuit television (CCTV), and a wide range of enterprise communication solutions that align with smart city standards and modern digital lifestyles. This partnership aims to equip the entire development with a future-ready digital foundation, ensuring an enhanced, tech-enabled experience for residents, businesses, and visitors. It also supports the operational readiness and long-term attractiveness of the project, positioned in a prime location in the heart of Amman. The collaboration further emphasizes Zain's commitment to pioneering digital transformation and providing tailored technology solutions that meet the evolving needs of real estate industry, business, and community development. It highlights Zain's continued role as a trusted digital enabler and strategic partner to key sectors shaping the future of smart living in Jordan. Commenting on the agreement, Chairman Abdul Mughni Al-Abdul Mughni said: 'This partnership is a significant step toward delivering world-class infrastructure for the Sixth Circle Towers project. Our goal is to create an exceptional environment that delivers premium services to both future residents and investors.' Set to become one of Amman's most recognizable landmarks, Jordan Gate Towers project features a striking architectural design and a strategic location. It includes a residential tower with approximately 215 units, and a southern tower encompassing a hotel, serviced apartments, and office spaces. The project also features a fully integrated commercial center that will serve as a vibrant destination for business, leisure, and lifestyle, further stimulating economic activity in the capital.
