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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        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        

Banks

Egypt's first bitcoin exchange to commence trading this month


Published 2017-08-19 09:47:40| Amwal Al Ghad English

Egypt's first bitcoin exchange will go live later this month, the founders of Bitcoin Egypt announced, linking the Middle East's most populous country with a cryptocurrency that has risen in value in recent months. Many governments around the world are still considering how to regulate and classify bitcoin, a volatile digital currency that has captured the interest of speculative investors worldwide as its value has soared, roughly quadrupling since the start of 2017 and trading at around $4,400 on Thursday. Egypt, most of whose 93 million people have no bank accounts but where electronic payments have grown in recent years, lacks regulations for digital currency. This means local retailers cannot accept it as payment but users on an exchange may be left to trade freely, potentially cashing in on its ascent. "We're still waiting on the Egyptian government to set some kind of regulations...Without any laws, bitcoin is not legal money in Egypt," said Bitcoin Egypt founder Rami Khalil. He said the exchange has picked up about 300 pre-registrations from users ahead of its launch. Egypt's central bank said in a statement it had not provided any instructions to the banking sector to start trading in bitcoin and that a "virtual currency (is) not guaranteed by the banking sector or the central bank." The Egyptian Financial Supervisory Authority, the country's financial markets regulator, did not respond to requests for comment. Khalil and co-founder Omar Abdelrasoul see their platform connecting a community of several thousand bitcoin enthusiasts who will for the first time be able to trade in Egyptian pounds, which have roughly halved in value since November after flotation under an International Monetary Fund loan programme. "Cryptoassets are happening whether (the Egyptian government) joins in or not. And by not joining they're missing out on a very big market. Currently bitcoin is about a $70 billion market," said Khalil. Cryptocurrencies allow anonymous peer-to-peer transactions between individual users, without the need for banks or central banks. Bitcoin's lack of central authority makes it attractive to those wanting to get around capital controls. This has helped it proliferate in China, the world's most active bitcoin market, but has led some governments to crack down on its use to prevent money laundering. Those same dynamics could propel bitcoin in Egypt, where a shortage of hard currency after an uprising in 2011 sharply restricted bank transfers. Though liquidity at banks has improved and capital controls have been lifted in recent months, businesses still resort to a black market for dollars to obtain currency not available in the formal banking system. "We're trying to get people used to the idea of bitcoin, to ready the market so that in a couple of years we will reach a greater number of users. But for now we are trying to let people know what cryptocurrency is," said Abdelrasoul.
Financial Institutions
Jack Ma, Asia’s richest man, is extending the global reach of his financial services empire, by making a $1.68 billion cash-and-stock buyout of Massachusetts Mutual Life Insurance’s Hong Kong unit. Yunfeng Financial Group, a Hong Kong-listed financial services company backed by Ma, will pay $1.01bn in cash to MassMutual for the business, the US insurance group said in a statement. MassMutual will also take a 24.8 per cent stake, valued at $668 million, in Yunfeng. The announcement sent Yunfeng’s Hong Kong shares soaring at least 30 per cent in early trading on Friday. Ma is the billionaire chairman of Alibaba, China’s largest ecommerce group and, according to Bloomberg, Asia’s richest man. The purchase of the insurance business is the latest in a series of overseas investments into financial services by companies connected to him. Many of the deals involve Ant Financial Services, an affiliate of Alibaba in which Ma is invested. Ant is investing alongside Yunfeng in the MassMutual deal and will buy about 5 per cent of MassMutual Asia. Ant, operator of one of the world’s largest mobile payments platforms called Alipay, is also seeking to buy MoneyGram International, a US payments company, for about $1.2 billion. That deal, launched in January, is Ant’s first push into US financial services but has run into national security concerns and is under review by the US foreign investments watchdog. In February, Ant said it would invest $200 million in the mobile finance subsidiary of South Korean instant-messaging group Kakao. It has also invested in an Indian computer and electronics company, according to data from Dealogic. “These deals are the thin edge of the wedge for them [Jack Ma-connected companies] to get into new markets,” said Duncan Clark, chairman of Beijing-based investment adviser BDA and author of a book on Alibaba and Ma. “They’re not trying to take on Amazon in the US but maybe they [will] push into payments there.” Yunfeng, which goes into the MassMutual Asia deal with several investors, will hold 60 per cent of company. The other investors include an affiliate of the Singapore sovereign wealth fund GIC, and Chinese internet and telecoms group Sina Corp. Yunfeng runs a wealth management and securities broking business and says the buyout will add to the range of services it can offer. “This transaction is a milestone step of Yunfeng FG becoming a financial conglomerate, integrating its existing fintech-focused financial services with traditional insurance business,” said Yunfeng chairman Yu Feng in a statement. A number of mainland China-based groups have moved into Hong Kong via buyouts of insurance businesses in recent years. Fujian Thai Hot Investments, a Chinese property group, paid $1.4 billion for Dah Sing Financial Holdings’ insurance business earlier this year. In 2015, Beijing-based JD Capital bought the Hong Kong unit of Belgian insurance company Ageas for $1.4 billion.
Real Estate
Cairo Commerce Chamber announced it has donated 15 million Egyptian pounds ($843,931) in favour of Ahalina, a government-led social housing project serving Cairo's El Salam district to develop slums. Ibrahim Al Araby, Cairo Commerce Chamber’s chairman, said Saturday that Ahalina project includes 25 residential towers consisting of 1.065 housing units surrounded by a big commercial mall, school, and mosque. Al Araby further added that the government and some business organisations should pay attention to the county’s social housing flagship Ahalina in order to provide better opportunities for slum dwellers.