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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        

Business - Banks

Amwal Al Ghad English - 2017-08-19 09:35:16
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. More»
Amwal Al Ghad English - 2017-08-19 08:19:09
Egypt's central bank kept on Thursday its key interest rates unchanged at a meeting of its monetary policy committee, it said in a statement, after it had raised them by a total of 400 basis points in the past two meetings. The bank has raised key interest rates by a total of 700 basis points, or 7 percentage points, since it floated the pound in November as part of a $12 billion International Monetary Fund loan programme aimed at boosting the economy. It kept the overnight deposit rate at 18.75 percent and the overnight lending rate at 19.75 percent on Thursday, in line with the expectations of all 11 economists polled by Reuters this week. "It is apparent from the latest economic indicators, which show a rise in economic growth and strong secondary effects of supply shocks resulting from implementing economic reforms, that tightening monetary policy was necessary to achieve targeted inflation rates in the medium term," the bank said. Inflation has been climbing up since the float in November. Key inflation rates soared to multi-decade highs last week on the back of energy subsidy cuts agreed with the IMF. The government in June hiked fuel prices by up to 50 percent and electricity prices by up to 42 percent in an attempt to narrow its gaping budget deficit. Annual urban inflation for July hit a high of 33.0 percent from 29.8 percent in June, the highest since June 1986, and the second highest since Reuters data began in 1958. Core inflation, which strips out volatile items such as food, rose to 35.26 percent year-on-year in July from 31.95 percent in June, the highest level since at least 2005, the oldest available central bank records. With growth in GDP reaching 4.9 percent in the last quarter, unemployment falling and consumption slowing, the central bank is predicting inflation will fall. "The latest economic developments since the previous meeting were in line with the central bank's predictions. Therefore, the monetary policy committee sees that interest rates are currently in line with targeted inflation of 13 percent (+/- 3 percent) in the fourth quarter of 2018 and single digits after that," it said. Egypt's economic growth has deteriorated since a 2011 uprising drove tourists and foreign investors away, draining foreign reserves and putting pressure on President Abdel Fattah al-Sisi who has to maintain support amid the tough economic reforms. More»
Amwal Al Ghad English - 2017-08-19 08:09:23
The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) have joined forces to make a major contribution to a $1 billion renewable energy project in Egypt. The funding supports the Egyptian government’s sustainable energy strategy, which aims to source 20 percent of Egypt’s energy from low-emission renewable sources by 2022. The financing will allow independent power producers to invest in the first wave of private renewable energy production in Egypt. Funding for this initiative, the largest contribution by GCF since it began full-scale operations, is expected to start flowing in September. This followed the signing of a funded activity agreement (FAA) between GCF and the EBRD on Thursday. FAAs mark the last phase of legal arrangements to implement projects between GCF and its Accredited Entities, such as the EBRD. GCF currently has 54 Accredited Entities, which propose climate finance projects and implement those that are approved by the GCF Board. The EBRD is providing $352.3 million while GCF is making a contribution of $154.7 million. Additional financing from sponsors and other co-financiers will bring the total investment in new private renewable energy generation in Egypt to $1 billion. GCF Executive Director Howard Bamsey said that the FAA signing marks a benchmark in the way the Fund can work with its partners to pool financial resources to boost countries’ mitigation and adaptation capacities. “This FAA is just the beginning of the potential GCF and the EBRD have in combining their financial forces to drive climate action across various parts of the planet,” said Bamsey. The GCF Board has already approved three diverse projects proposed by the EBRD in addition to the Egypt initiative, Bamsey added. These include a hydropower project in Tajikistan; a water conservation project in Morocco; and a sustainable energy project covering 10 countries. EBRD President Suma Chakrabarti said that the initiative, the nearest to implementation among the GCF-approved EBRD projects, underscores the very productive cooperation between the two organisations. “Climate finance is crucial to the EBRD’s strategy. We are aiming to dedicate 40 per cent of our annual investments to the green economy by 2020,” Chakrabarti said, referring to the EBRD’s Green Economy Transition policy, launched in 2015. Suma heralded the rising prominence of the private sector as a major driving force in the current creation of a global green economy, including climate finance. “There are various financial instruments that are now coming into play,” he said. “These are making the private sector become increasingly interested in climate finance.” The Green Climate Fund was established in 2010 to finance climate change projects and programmes that help developing countries adapt to climate impacts and reduce greenhouse gas emissions. It is the largest global fund with the ability to leverage the private sector in tackling climate change. The EBRD was created in 1991, initially to support eastern European countries in making the transition to open-market economies.  It has been investing in the southern and eastern Mediterranean region, which includes Egypt, since 2012. The bank’s financial support is primarily focused on the private sector, in particular on micro, small and medium-sized enterprises. It uses a range of financing instruments, mainly loans, equity investments and guarantees. More»
Amwal Al Ghad English - 2017-08-17 12:03:51
Central Bank of Egypt (CBE) is seen leaving key interest rates unchanged this month, a Reuters poll indicated on Tuesday, after it raised them by 200 basis points last month for the second time in a row as inflation soared. Egypt has raised key interest rates by seven percentage points since it floated the pound in November as part of a $12 billion International Monetary Fund programme aimed at boosting the economy. “I expect no change given that the CBE has already hiked in the previous two meetings and inflation is peaking and will decline in the coming months,” said Reham ElDesoki, an economist at Arqaam Capital. Inflation has been climbing up since the float in November. Key inflation rates soared to multi-decade highs last week on the back of energy subsidy cuts agreed with the IMF. Egypt in June hiked fuel prices by up to 50 percent and electricity prices by up to 42 percent in an attempt to narrow its gaping budget deficit. More»
Amwal Al Ghad English - 2017-08-17 08:08:40
Egypt’s Ministry of Investment and International Cooperation recently met with the African Development Bank (AFDB) in Cairo to discuss the $3 billion strategy of cooperation between Egypt and the AFDB planned for 2015-2019. The strategy includes funding to support Egypt’s economic and social programmes with $1.5 billion, in addition to the ongoing collaboration portfolio with a value of $1.5 billion, to support infrastructure development projects, electricity, and SMEs, reported Daily News Egypt. The two sides discussed the $150 million funding proposed by the AFDB for a sewage treatment plant in Abu Rawash, as well as the final procedures of the signing of the $500 million third tranche of the $1.5 billion loan, which Egypt has already received the first two tranches worth $1 billion. More»