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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 - 2017-12-30 09:46:55
Egypt’s central bank repaid about $2 billion in debt to international bodies in December, state-run MENA news agency reported Friday. "Of the total, 1.2 billion U.S. dollars were paid back to the African Export-Import Bank and about 920 million to other international bodies," Rami Abul-Naga, a deputy to the Central Bank of Egypt (CBE) governor, told MENA. In early January next year, the CBE will pay back 700 million dollars out of the total debt of 3.2 billion dollars to the Paris Club, he said. The Paris Club is a group of officials from major creditor countries whose role is to find solutions to the payment difficulties of debtor countries. On Wednesday, the CBE received the first 2.03-billion-dollar disbursal of the second tranche of a 12-billion-dollar loan from the International Monetary Fund (IMF), bringing the total amount Egypt has received to 6.08 billion dollars. In November 2016, Egypt accepted the three-year IMF loan program tied to its ambitious economic reforms such as subsidy cuts, tax hikes, value-added taxes, as well as the devaluation of its local currency. More»
Amwal Al Ghad English - 2017-12-30 09:35:47
Sudan and Saudi Arabia have agreed to re-establish banking relations, the official Sudanese news agency SUNA reported Thursday, a move that may help restore confidence in Sudan’s economy after the lifting of U.S. economic sanctions. The agreement, which will allow for banking transactions between the two countries, came after meetings between the Sudanese central bank governor and the Saudi Monetary Authority governor in Riyadh, SUNA reported on Thursday. Representatives of major Saudi banks attended the meetings, signalling approval of the move to allow Sudanese users to open accounts at their banks. Sudanese central bank governor Hazem Abdelqader said he expected banking transactions with Saudi Arabia in the next year to reach $600 million. In October, the United States lifted 20-year-old sanctions against Sudan, whose economy has suffered since its south seceded in 2011, taking with it three-quarters of oil output, the country’s main source of foreign currency. The Sudanese pound has plummeted against the dollar since Washington lifted its trade embargo, encouraging traders to step up imports and putting pressure on scarce hard currency. Sudan said earlier this week it would devalue its currency to 18 pounds to the U.S. dollar starting next year from a rate of 6.7 that has drained formal channels and fuelled a black market. Thursday’s announcement came after the International Monetary Fund called on Sudan to lift its peg on the pound and cut subsidies to attract investment and boost growth. More»
Amwal Al Ghad English - 2017-12-30 07:31:29
Egypt selected five banks to arrange its next dollar-denominated Eurobond issuance, Finance Minister Amr el-Garhy said Thursday. The banks are J.P. Morgan, Morgan Stanley, Citibank, HSBC and First Abu Dhabi Bank, Garhy said. The dollar-denominated Eurobonds will take place by the end of January 2018 and will be worth $4 billion, Garhy added. He confirmed on the increased confidence in the Egyptian economy after the success in implementing the reform programme, adding that the five banks were selected out 20 international banks that have applied to arrange the issuance. Egypt issued $7 billion in Eurobonds sales in January and May 2017 on the global bond market, both of which were oversubscribed, according to the Ministry of Finance. Egypt had embarked on a bold economic reform program that included the introduction of taxes, such as the Value added tax (VAT), and cutting energy subsidies. The country has floated its currency in November 2016, after which it clinched a $12 billion loan from the International Monetary Fund (IMF). Egypt is to receive a fourth disbursal of that loan, worth $2 billion, in June or July, the Finance Ministry said, bringing the total it has received to $8 billion. The IMF agreed this month to the third disbursal, also worth $2 billion. More»
Amwal Al Ghad English - 2017-12-30 07:20:29
The Central Bank of Egypt kept its interest rates unchanged in its Monetary Policy Committee (MPC) on Thursday, setting the overnight deposit rate and the overnight lending rate at 18.75 percent and19.75 percent, respectively. In its previous meeting on November 16, the MPC also kept its interest rates unchanged. Economists and investment banks have expected the CBE to keep rates unchanged. They said that since the CBE did not cut interest rates in its last November meeting despite cooling inflation, it was likely to follow a similar conservative approach in its meeting today. Egypt’s annual urban consumer price inflation fell to 26.7 percent in November, from 30.8 percent in October, according to the official statistics agency CAPMAS. Finance Minister Amr el-Garhy said that inflation is expected to drop down to 20 percent in January and to 13-14 percent by August 2018. Inflation has soared since the flotation of the Egyptian pound in late 2016 and it peaked in July reaching 30 percent. However, it started easing afterwards. Meanwhile, other economists expected an easing CBE approach, driven by the lower inflation rates registered in November, which should have encouraged the CBE to cut interest rates. They expected the first cut to take place this month at 100 basis points to hit 17.75 percent. The CBE had increased interest rates by a total of seven percent since the flotation of the Egyptian pound in November 2016 in a bid to curb inflation. More»
Mohamed Hamdy - 2017-12-28 11:05:05
Egypt’s second-largest state bank, Banque Misr says its Islamic financing portfolio has grown to 6 billion Egyptian pounds ($336.9 million) for the2016/2017 financial year, from 4 billion pounds the previous year. The bank’s Islamic branches reached 35 at the end of June, it added in a statement on Wednesday. More»