Latest news with #CitiBank
See - Sada Elbalad
7 days ago
- Business
- See - Sada Elbalad
Silver Continues Its Rise Locally and Globally… 800 Silver Reaches EGP 51.25
Waleed Farouk Silver prices recorded a notable increase in local markets during Saturday's trading, boosted by global gains in the white metal, which hit its weekly peak at $36.78 per ounce, according to Safe Haven Hub. Locally, 800 silver climbed to EGP 51.25 per gram, while 999 silver reached EGP 64, and 925 silver stood at EGP 59.25 per gram. Meanwhile, the silver pound (925) was priced at EGP 474. Despite escalating geopolitical tensions in the Middle East, silver closed the week with a slight decline to $35.93 per ounce, as some investors took profits after a strong rally that pushed prices above the $36 mark. Globally, around 80% of silver demand comes from key industrial sectors such as solar energy, automotive, and electronics. With sustained strong demand, and despite potential cooling due to higher prices, silver maintained its upward momentum. Over the past month, silver has gained nearly 9%, or about $3, while the past three months saw a 13.56% increase, equivalent to $4.30. Since the beginning of 2025, silver prices have jumped by approximately 25%. On a longer-term basis, silver has more than doubled in value—by 102%—since January 2020, when it traded at $17.92 per ounce. Its historical peak was $48 in 2011, while the lowest level recorded since 1990 was $3.55 in 1991. In another development, Citi Bank analysts maintained their bullish outlook on silver, projecting the price could reach $40 within the next 6 to 12 months, and potentially $46 by Q3 2025, supported by tight supply and sustained industrial demand. At the same time, gold prices stood at $3,369 per ounce, placing the gold-to-silver ratio at 93.79:1—meaning one ounce of gold is currently equivalent to roughly 94 ounces of silver. This historically high ratio suggests that silver may still be undervalued relative to gold, which could support further upside. Despite ongoing speculation about U.S. monetary policy, silver continues to benefit from an environment of economic uncertainty and regional geopolitical tensions. As a result, investors remain cautiously optimistic, carefully weighing geopolitical catalysts against monetary pressures in global markets. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Zawya
29-05-2025
- Business
- Zawya
Kuwait's Boubyan Bank launches $500mln senior unsecured 5-year sukuk
Kuwait's Boubyan Bank has launched its $500 million senior unsecured Reg S 5-year sukuk, with a spread set at CT5+95bps. The initial price guidance came in the area of T+130bps. The order book is $1.7 billion, excluding JLM interest. The issuance is rated A by Fitch, in line with the lender's rating by Fitch and S&P, and A2 by Moody's. The Wakala / Murabaha structure has a fixed rate coupon, paid semi-annually. The settlement date is June 4. Banks mandated include Standard Chartered, HSBC, and Citi Bank, which have been appointed global coordinators on the issuance. Arab Banking Corporation, Boubyan Capital Investment Company, KFH Capital Investment Company, Warba Bank, KIB Invest, Dubai Islamic Bank, SMBC Bank International, The Islamic Corporation for the Development of the Private Sector, along with Standard Chartered, HSBC, and Citi Bank have been appointed joint lead managers. The structure will be issued under Boubyan's $3 billion Trust Certificate Issuance Programme and will trade on Euronext Dublin. (Writing by Bindu Rai, editing by Seban Scaria)
Zawya
27-05-2025
- Business
- Zawya
Oman: OETC completes full repayment of $1bln "Lamar" bonds
MUSCAT: Oman Electricity Transmission Company (OETC), a member of the Nama Group, has announced the full repayment of its $ 1 billion "Lamar" bonds, which were issued in 2015 to finance strategic infrastructure projects in the electricity transmission sector across the Sultanate of Oman. This milestone marks a pivotal moment in the company's financial journey, underscoring its commitment to governance excellence, financial sustainability and a long-term strategic vision aligned with national energy objectives. Citi Bank, which coordinated the repayment process, confirmed that this achievement reflects the robustness of OETC's financial structure and the strength of its global relationships with financial partners. The successful settlement also enhances the company's credit profile in regional and international markets, positioning it to secure new financing opportunities to support current and future projects crucial to Oman's energy transition. Commenting on this occasion, Ali al Reesi, Chief Financial Officer at OETC, stated: "Our successful repayment of these financial obligations clearly demonstrates our financial stability and the depth of our relationships with leading international financial institutions. Over the past years, we've maintained a commitment to transparency and financial discipline, allowing us to preserve high credit ratings with global agencies." Al Reesi added: "We've invested in upgrading our infrastructure and strengthening the resilience of the national transmission network to keep pace with the growing demand for electricity in Oman. Today, we proudly mark the full repayment of bonds issued a decade ago, a testament to the effectiveness of our financial and operational strategies; and our commitment to supporting the national energy transition goals." 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Times of Oman
26-05-2025
- Business
- Times of Oman
OETC successfully completes full repayment of $1bn 'Lamar' bonds
Muscat: Oman Electricity Transmission Company (OETC) a member of the Nama Group has announced the full repayment of its $1 billion "Lamar" bonds, which were issued in 2015 to finance strategic infrastructure projects in the electricity transmission sector across the Sultanate of Oman. This milestone marks a pivotal moment in the company's financial journey, underscoring its commitment to governance excellence, financial sustainability, and a long-term strategic vision aligned with national energy objectives. Citi Bank, which coordinated the repayment process, confirmed that this achievement reflects the robustness of OETC's financial structure and the strength of its global relationships with financial partners. The successful settlement also enhances the company's credit profile in regional and international markets, positioning it to secure new financing opportunities to support current and future projects crucial to Oman's energy transition. Commenting on this occasion, Ali Al Reesi, Chief Financial Officer at OETC, stated: "Our successful repayment of these financial obligations clearly demonstrates our financial stability and the depth of our relationships with leading international financial institutions. Over the past years, we've maintained a commitment to transparency and financial discipline, allowing us to preserve high credit ratings with global agencies." Al Reesi added: "We've invested in upgrading our infrastructure and strengthening the resilience of the national transmission network to keep pace with the growing demand for electricity in Oman. Today, we proudly mark the full repayment of bonds issued a decade ago, a testament to the effectiveness of our financial and operational strategies, and our commitment to supporting the national energy transition goals." It is worth mentioning that OETC, a member of Nama Group, is the only company responsible for the transmission and control of electricity across the Sultanate of Oman's network. The electricity is transmitted from production stations to distributed load centers in the governorates. The transmission network operates at a voltage of 132kV and above to cover most of the governorates in Oman, whether in the north or the south. Furthermore, OETC manages the interconnection lines between Oman and the GCC interconnection network, which operates at a voltage of 220kV.
Khaleej Times
26-05-2025
- Business
- Khaleej Times
Dubai: Gold prices drop in early trade as global tensions ease slightly
Gold prices slipped Dh1 per gram at the opening of the markets in Dubai on Monday. At 9am UAE time, 24-karat fell to Dh403.75 per gram compared to Dh404.75 per gram at the close of the markets over the weekend. Among the other variants, 22-karat, 21-karat, and 18-karat fell to Dh373.75, Dh358.25 and Dh307.25 per gram, respectively. Spot gold was trading at $3,350.2 per ounce, down 0.25 per cent as US President Donald Trump extended the EU tariff deadline to July 9. Earlier, Trump had threatened to impose a 50 per cent tariff on the European Union from June 1. The yellow metal has been trading on the higher side due to the tariff war between the US, China and other major trading partners. Citi bank has also revised its short-term gold price target upward to $3,500 per ounce due to tariff escalation and geopolitical risks. It said in its latest note that it sees precious metal consolidating between $3,100 and $3500 per ounce, up from its previous estimate of $3,000 to $3,300 per ounce. Linh Tran, a market analyst at said market sentiment currently leans toward a "soft landing" scenario for the US economy. 'As a result, investors may be rebalancing their defensive positions, triggering profit-taking in gold after a strong three-day rally. However, gold's pullback remains contained within technical boundaries, reflecting that the selling pressure is temporary rather than a signal of a trend reversal,' said Tran.
