amwalalghad :: Business

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Egypt to pay $720 million to Paris Club next week

Published 2017-06-28 18:20:10| Mohamed Hamdy

Egypt will pay back around $720 million to the Paris Club of creditor countries by next week, the central bank announced Wednesday. As pursuant to an agreement between the Egyptian government and the Paris Club several years ago, Egypt pays a total of $700 million installment of its foreign debts to the economic club in January and July. The Paris Club is comprised of 19 creditors selected by the International Monetary Fund, aimed at finding coordinated and sustainable solutions to the payment difficulties experienced by debtor countries. Years of political turmoil following a 2011 uprising has shattered Egypt's economy and hurt state finances, leading to delays in some debt payments including those owed to oil and gas companies. Egypt's external debt has reached $67.332 billion at the end of the second quarter of financial year 2016/2017, compared to $60.152 billion at the end of first quarter.
Financial Institutions
A.M. Best has affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of “bbb” of Egypt’s Arab Misr Insurance Group – GIG. The outlook of these ratings is stable. “The ratings of GIG-Egypt reflect the company’s track record of excellent operating profitability, solid level of risk-adjusted capitalisation and good business profile in Egypt’s insurance market.” A.M. Best said in a statement in a statement released on June 21. “An offsetting rating factor is the company’s concentrated exposure to Egypt. GIG-Egypt’s ratings receive enhancement from its parent company, Gulf Insurance Group K.S.C.P. (GIG), due to the company’s strategic importance to the group.” The rating agency further said that GIG-Egypt had an excellent track record of generating technical and operating profits despite the challenging economic pressures and intense competition in the domestic market. GIG-Egypt generated a solid combined ratio of 79 percent in 2016. Technical profitability has been driven by compulsory motor business that has outperformed the market. This was supplemented by strong investment income, as the company benefited from rising interest rates in Egypt. GIG-Egypt has undergone a period of growth in the past seven years in which gross written premium increased to 537 million Egyptian pounds ($61 million) in 2016. The company has a good business profile in Egypt as the third-largest insurer with a market share of 6 percent of gross written premium. “GIG-Egypt’s risk-adjusted capitalisation is strong, and continues to strengthen through good internal capital generation, with capital requirements largely driven by investment risks.” The majority of the company’s investments are held in government treasury bills, with the bulk maturing between three to 12 months. “Although this creates concentration risk, it also provides liquidity allowing the company to react to changes in market conditions. Despite the company’s conservative asset portfolio, regulation dictates that all assets are held domestically.” GIG-Egypt’s capital position is “sufficiently strong” to absorb the higher risk charges associated with assets held within Egypt, A.M. Best added. “Political and financial instability has the potential to disrupt the economic conditions in Egypt. Despite GIG-Egypt’s track record of successfully navigating these challenging market conditions, A.M. Best continues to monitor the impact these external factors may have on the company’s operations.”
Real Estate
Egypt’s Construction and Design Company (CONSTEC) says it has received an offer to take part in establishing a mega fully-fledged touristic city in Oman. The ten-million square metre city is one of the ongoing mega projects in Oman that will be built in cooperation with four Egyptian construction firms. Talaat Fawzy, CONSTEC's Managing Director, said Thursday that his company is planning to develop the touristic city within a ten-year timeframe. Fawzy further added that CONSTEC is set to execute a 40 percent share of the utilities works as well as a number of housing and services facilities in the city.