amwalalghad :: Financial Institutions

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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        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        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        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        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        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        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        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        


Business - Financial Institutions

Amwal Al Ghad English - 2017-06-28 13:12:22
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.” More»
Amwal Al Ghad English - 2017-06-28 10:36:02
Egyptian real estate tycoon Hesham Talaat Moustafa has been appointed once again as the chief executive of the country’s Egypt's largest listed property developer Talaat Mostafa Group. Shares of the property group jumped 6 percent at early trade on Wednesday following the news of Moustafa’s release and appointment. Moustafa jailed in Cairo for the murder of a Lebanese pop diva in Dubai almost a decade ago was freed as part of a presidential pardon for hundreds of detainees on health grounds. He was sentenced to 15 years in jail in 2010 for the murder of Suzanne Tamim. Moustafa was released from prison on Friday. The Lebanese singer’s killing sparked an outcry in the region, particularly in Egypt where Moustafa was a respected figure and a business associate of ousted president Hosni Mubarak’s son and heir apparent Gamal. Moustafa was also a member of Mubarak’s now-dissolved National Democratic Party. In May 2009, Moustafa was sentenced to jail but a year later an appeals court overturned the verdict on procedural grounds and ordered a retrial.  More»
Amwal Al Ghad English - 2017-06-28 08:51:02
A 51 percent year-on-year rise in tourist arrivals in the first quarter of 2017 is likely to prop up the banking sector in Egypt, according to a recent report issued by Moody’s Investors Service. The increase in foreign-currency flow from tourism will boost Egyptian banks’ limited access to foreign currencies, improving their capacity to meet clients’ foreign-currency needs. “Tourism in Egypt has great potential and has traditionally been a major economic force in Egypt,” said Melina Skouridou, an assistant vice president at Moody’s. Tourism, she added, accounted for 19.5 percent of gross domestic product (GDP) at its peak in 2007. The report said that the increase in tourism is positive for Egyptian banks because it enhances the repayment capacity of borrowers directly and indirectly linked to tourism. Revenues from tourism increased 9 percent on a sequential quarterly basis to $826 million in the fourth quarter of 2016, from $758 in the third quarter and $510 million in the second quarter of 2016. According to the World Travel and Tourism Council (WTTC), tourism directly accounted for 3.2 percent of Egypt’s GDP and 2.9 percent of employment in 2016. However, its total contribution including indirect effects on the economy was higher at 7.2 percent of GDP. According to the report, indirect effects include the purchase of food and cleaning services for hotels, government spending related to advertising and promoting tourism and tourism spending outside the food and entertainment sectors. “The tourism industry’s revival will positively affect the cash flows of borrowers in hospitality and related sectors such as transport, construction and food, and lead to job creation,” said Skouridou. Among Moody’s-rated banks, Commercial International Bank is expected to benefit the most from an increase in tourism because it has the largest exposure to the sector, with around 8 percent of its total loans exposed to tourism, which is higher than the 3 percent system average. The report said that the bank’s ratio of non-performing loans (NPL) to gross loans increased to 5.28 percent as of September 2016 from 3.97 percent in December 2015, reflecting the low economic growth following the sustained decline in tourism and the bank’s conservative approach of NPL classification. “The March 2017 NPL ratio of 7 percent was further exacerbated by the floatation of the Egyptian pound, which resulted in higher inflation and higher interest rates,” it added. The improvement in the tourism industry’s prospects and the bank’s relatively strict underwriting standards (e.g., lending to hotels with low leverage that can service their loans even with occupancy rates below 50 percent) will help contain further asset quality deterioration. Egypt’s economy has been struggling since a 2011 uprising drove foreign investors and tourists away, but the government hopes a $12 billion International Monetary Fund (IMF) lending programme signed last year will put it on the road to recovery. More»
Amwal Al Ghad English - 2017-06-22 14:20:49
Egypt is set to receive the second disbursal of a $12 billion International Monetary Fund loan within two to three weeks, the country’s Finance Minister Amr el-Garhy told Reuters on Thursday. The $1.25 billion disbursal, which will complete the first $4 billion loan tranche, was initially expected to come toward the end of June. Garhy said it was delayed due to bank procedures and the IMF executive board meetings, but that there were no obstacles to Egypt obtaining the loan. More»
Amwal Al Ghad English - 2017-06-22 14:12:04
Fitch Ratings has affirmed Thursday Egypt’s long-term foreign- and local-currency issuer default ratings (IDRs) at 'B' with a stable outlook. The issue ratings on Egypt's senior unsecured foreign- and local-currency bonds were also affirmed at 'B'. The country ceiling and the short-term foreign- and local-currency IDRs were all affirmed at 'B'. The rating agency further said Egypt’s ratings balance a large fiscal deficit, a high general government debt/GDP ratio, and recent volatile political history, with renewed progress in implementing an economic and fiscal reform programme and improving external finances. The subsequent depreciation was the second-largest among Fitch-rated sovereigns in 2016. The pound, which was managed at EGP8.9:USD1 prior to November 3, has averaged EGP17.9:USD1 since, up to 16 June 2017. The Egyptian government has pressed on with its reform programme, which regained momentum in the second half of 2016, and remains on track with the $12 billion three-year extended fund facility (EFF) signed with the International Monetary Fund in November. In May 2017, the IMF and Egypt completed the first review of the EFF, which should lead to the second disbursement, of $1.25 billion, in June or July. After the floatation of the Egyptian pound on November 3, the Central Bank of Egypt (CBE) seems not to have intervened in the market and the authorities have been gradually removing a number of capital controls. Fitch said in a statement. Monetary and fiscal reforms are having a significant macroeconomic impact in Egypt, especially on inflation, Fitch added. Fitch said it forecasts that inflation will remain above 20 percent for the remainder of 2017 and fall back to an average of 13.5 percent in 2018. CBE is pursuing monetary targeting, which is subject to indicative targets as agreed with the IMF, and has continued to raise its policy interest rates, most recently in May 2017. The public finances will remain a key weakness of Egypt's credit profile, Fitch said, yet it expects further gradual fiscal consolidation to start to reduce government debt/GDP in the fiscal year ending June 2018 (FY18). In the first nine months of FY17 the budget sector deficit narrowed to 8 percent of GDP from 9.4 percent in the year-earlier period. The primary deficit more than halved to 1.2 percent of GDP. The IMF has commended the draft FY18 budget, which is targeting a budget sector deficit of 9 percent of GDP and a primary surplus of 0.3 percent of GDP. Budget sector primary deficits have averaged 3.6 percent in FY11 to FY17, so to reach a surplus would be a significant achievement. Fitch forecasts the budget sector primary balance will get close to balance, at -0.3 percent of GDP. VAT implementation should improve further in FY18, when it will also have a full-year effect and the rate will increase to 14 percent from 13 percent.    “While the government's budget assumptions are largely realistic, the projected inflation rate of 15.2 percent is likely to prove too low. FY18 inflation may be closer to 20 percent. In this context, there may be pressure to boost some expenditure items, to mitigate the risk of greater social tensions.” “This could lead to a larger-than-projected budget deficit. There is also uncertainty over the timing and extent of further energy price reforms, which have yet to be publicly announced.” Fitch also forecasts that general government debt/GDP will rise above 100 percent by end-FY17, owing to significant additions of external debt and the weaker exchange rate. This debt stock creates a large burden of interest payments for the government, more than 40 percent of government revenue. The rating agency forecasts that government debt/GDP will moderate to 93 percent in FY18 and 87.9 percent in FY19, assuming faster real GDP growth, averaging 5 percent, declining but still high inflation, and a small primary surplus in FY19. The key risk to this outlook is that reform momentum weakens, as it did after a round of reforms in FY15. The level of guaranteed debt and contingent liabilities is currently unclear. Headline real GDP growth has slowed in FY17, but has proved more resilient than Fitch expected and is likely to be just under 4 percent for the year. Despite fiscal consolidation, Fitch said it forecasts stronger GDP growth in FY18, at 4.5 percent, as the exchange rate adjustment beds in, as gas production starts at the giant Zohr field, and with stronger investment. More»
Sayed Badr - 2017-06-21 16:45:28
Egypt has signed Wednesday an agreement with the United National Development Programme (UNDP) to establish its first national impact investment fund. The fund will facilitate grants and market capital for businesses, especially startups as well as micro, small, and medium-sized enterprises (MSMEs) that will contribute towards the achievement of any of the United Nations’ 17 sustainable development goals. Egyptian Minister of Investment and International Cooperation Sahar Nasr has signed the letter of intent with Randa Aboul-Hosn, UNDP Egypt Country Director. “This initiative is the first of its kind in the Middle East and Africa, thus positioning Egypt as a champion and leader in innovative and sustainable alternative finance for development.” a UNDP statement reads. The partnership aims at promoting impact investments in Egypt, facilitating blended financing, supporting the growth of impact-oriented start-ups, and strengthening ecosystem stakeholders in collaboration with Egypt’s Startup Investment Fund and outreach programme. The Fund will be co-financed by the UNDP and Egypt’s Entrepreneurship Company, which is recently established by the Egyptian Ministry of Investment and International Cooperation, Minister Nasr said. UNDP will provide capacity-building and advisory services to the entrepreneurship incubator, besides providing technical assistance relating to entrepreneurship in Egypt, including promotion proposals, training and conferences, she added. Establishing an entrepreneurship incubator to support emerging development projects and encourage investments that contribute to achieving development goals in areas of eliminating poverty, and providing job opportunities and renewable energy will be among the fund’s first activities, Nasr noted. She further said that the fund aims to increase support for the private sector to participate in the development process, explaining that it connected development goals with investments that have social and environmental dimensions with a view to provide better services to citizens at lower costs. More»
Amwal Al Ghad English - 2017-06-21 12:32:55
Egypt's budget for financial year 2017/18 will include a 75 billion Egyptian pounds ($4.17 billion) social package, a finance ministry statement announced Wednesday. The government aims to maintain a previously announced budget deficit target of 9.1 percent despite the introduction of the social package, the statement added. President Abdel Fattah al-Sisi announced on Tuesday a number of measures intended to ease pressure on Egyptians suffering as a result of recent economic reforms necessary to secure a $12 billion International Monetary Fund programme. The measures included more than doubling monthly food subsidies effective starting July 1 and an increase of 15 percent in civil servants pensions. The IMF deal, aimed to put Egypt's economy back on track after years of turmoil drove foreign investors and tourists away, includes raising taxes and energy subsidy cuts. More»
Amwal Al Ghad English - 2017-06-19 13:27:27
Egypt’s Delta Life Assurance has won an insurance policy for the Egyptian Veterinaries Syndicate. The policy is with a total sum insured of 7.5 billion Egyptian pounds ($414.4 million), designated to provide the syndicate’s members with death and retirement insurance cover, said Yasser Al-Alam, Managing Director of Egypt Link Insurance Brokerage, on Monday. The insurance policy is expected to serve around 75,000 syndicate members, Al-Alam added. More»
Amwal Al Ghad English - 2017-06-18 10:37:25
Egypt's central bank will remove restrictions on dollar deposits in the coming months, local newspaper Al-Borsa has quoted International Monetary Fund's mission chief for Egypt, Chris Jarvis as saying on Sunday. The move will form part of a package of economic reforms Egypt has to implement to bring back foreign investment, in return for a $12 billion IMF lending programme. In a long-awaited move, the central bank removed limits on international currency transfers last week, scrapping a $100,000 monthly limit on individual bank transactions. "The central bank's policy also includes removing remaining restrictions, including limits on dollar deposits, which we understand will take place in the coming months," the financial newspaper quoted Jarvis as saying. Egypt put in place strict controls on the movement of foreign currency after its 2011 political uprising, in an effort to limit the flight of capital. As part of the three-year IMF deal, Egypt is obliged to end those controls, which include a limit of $50,000 per month on deposits for importers of non-priority goods. More»
Amwal Al Ghad English - 2017-06-17 11:26:51
Egypt's Finance Ministry announced in a statement on Saturday that it has provided the state grains buyer GASC with letters of credit worth $64.3 million for the purchase of 395,000 tonnes of imported wheat. The ministry provided 1.1 billion Egyptian pounds ($60.6 million) for the purchase of wheat from local farmers in May. It gave GASC a total of 2.2 billion pounds ($121 million) in emergency funding in May, the statement said. More»