amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        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        Canal Shipping Agencies   7.39        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        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        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        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 - Financial Institutions

Islam Abdel Hamid & Alzahraa Mustafa - 2018-02-22 13:47:35
Egyptian composite insurer Suez Canal Insurance (SCI) says it has won a policy bid to insure a number of new flagships worth five billion Egyptian pounds ($282.3 million) in New El Alamein City, northwest of Cairo. These projects will include the implementation of infrastructure works as well as units and residential towers in the city, engineering sector head at SCI Moshira Maamoun told Amwal Al Ghad on Thursday. “The country carried out a bunch of national projects during the last years,” Maamoun further said, adding that they participated in supporting all the insurance sectors, notably the state’s engineering insurance. More»
Amwal Al Ghad English - 2018-02-22 11:30:27
The Micro, Small and Medium Enterprises Development Agency (MSMEDA)'s accounts of microfinance have witnessed a significant growth in 2017 by 58.72 percent, Niveen Badr El Din, head of funding department. She further told Amwal Al Ghad that the microfinance accounts have recorded 7.12 billion Egyptian pounds by the end if 2017 compared to 4.48 billion pounds in 2016. The number of beneficiaries from microfinance in the sector in that period increased 23.76  percent, registering 2.260 million compared to 1.8 million in 2016. On the other hand, the total value of bank accounts has mounted to 3 billion pounds to more than 300,000 clients. More»
Amwal Al Ghad English - 2018-02-20 10:56:27
The latest amendments to Egypt’s Capital Market Law, recently approved by parliament, are credit positive for the country’s banks, said credit rating agency Moody’s in a statement on Monday. The amended act will deepen the financial markets in Egypt by facilitating Sukuk issuance and investors’ ability to hedge, making the country a more appealing investment destination to foreign investors, Moody’s added. “The law’s amendments include the introduction of futures trading, a commodities exchange, allow the establishment of privately owned stock exchanges, and reduce listing fees to 0.005 percent from 0.002 percent to encourage smaller companies to list on an exchange,” Moody’s said. The amendments also facilitate issuance of Sukuks, set higher penalties for violations of the law and set up a federation for non-banking financial companies similar to the Federation of Egyptian Banks, statement read.  Egypt’s capital markets are underdeveloped relative to other African peers. “Egypt ranks 14th among the 17 African countries in Barclays Africa Group 2017 Financial Market Index, which uses a variety of parameters, both qualitative and quantitative, to record the openness and attractiveness of countries across the continent to foreign investment,” Moody’s pointed out. Government issuance dominates Egypt’s debt market and listed equities are few, it added. Listed corporate debt issuance accounted for 0.5 percent of listed bonds and the market cap of listed corporations accounted for 20 percent of 2017 GDP. Additionally, only 32 entities were listed on NILEX, a stock exchange dedicated to small and midsize enterprises (SMEs), as of October 2017. “Although Egypt is the largest Arab country by population, the sukuk market is inactive, something the authorities are aiming to address with the revised law,” Increasing the products offered and investors’ ability to hedge will increase Egypt’s attractiveness to foreign investors, which would provide additional funding options for banks, the rating agency elaborated. Currently, Egyptian banks are financed mainly by deposits, which accounted for 71 percent of non-equity liabilities as of October 2017. “The income banks earn from their debt capital markets activity will increase, diversifying their operating income, which is heavily reliant on interest income earned from investment in government bonds,” As of October 2017, government bill and bond investments accounted for 31 percent of banking system assets and contributed more than 41 per cent to banks’ interest income. To divert much needed credit to the SME sector, the central bank introduced regulations in 2016 requiring all Egyptian banks to allocate 20 percent of total loans to SME loans by 2020. Local SMEs, which account for around 80 percent of GDP and 75 percent of employment, cite a lack of access to credit as a main impediment to their growth. “Despite the central bank’s initiative, loans to SMEs remain low at around 10 percent of total loans,” according to Moody’s estimates. More»
aya salah - 2018-02-18 11:48:36
Microfinance activities continued their growth over by the end of 2017, recording  7.2 billion Egyptian pounds ($407 million), a 59 percent increase compared to 4.49 billion in 2016 according to chairperson of the Egyptian Financial Supervisory Authority (EFSA) Mohamed Emran. The number of beneficiaries from microfinance initiatives in that period increased 24  percent, registering 2.260 million by the end of 2017 compared to 1.8 million in 2016, the EFSA chairperson added. on the other hand, the commercial activity has captured a market share of 61.4 percent with funding of 4.3 billion pounds and number of beneficiaries 1.51 million, while the service activity came second with market share of  17.55 percent and funding of 1.24 billion pounds. The agriculture activity came in third place registering market share of 13.6 percent with funding of 968 million pounds. Omran also has praised the role that the microfinance law played in supporting this activity, noting that that this law focused, in its articles, on production activities rather than consumer activities. More»
Amwal Al Ghad English - 2018-02-15 12:10:12
Misr Insurance, Arab Misr Insurance Group gig,  Orient Takaful Insurance Egypt and Iskan Insurance are competing to win a tender offered by Internet service provider, TE Data insuring its assets and vehichles The four companies have presented financial and technical offers, The policy is a one-year renewable term with total amount of 1.2 billion Egyptian pounds. sources with knowledge said that the amount of insurance bid offered by TE Data included 66.9 million pounds to cover the companies building in Dokki, 87.3 million pounds for smart village building and 77.6 million pounds for the data center building. Upon the policy, the company shall provide insurance coverage for all TE Data’s assets, vehicles, and warehouses against all types of risks, civil liabilities, cash transfer, and dishonesty. More»
Amwal Al Ghad English - 2018-02-15 08:38:12
 Bitcoin topped the psychologically key $9,000 level to hit a 10-day high Wednesday amid improved sentiment about government regulation. The cryptocurrency climbed 9.7 percent to $9,346, its highest since Feb. 4, according to CoinDesk's bitcoin price index, which tracks prices from four major exchanges. As of 12:50 p.m. ET, Bitcoin was about 9 percent higher near $9,313. "Sentiment has changed. The Senate hearing a week ago was positive. That definitely helped to create a more optimistic view," said Nick Kirk, quantitative developer and data scientist at Cypher Capital, a cryptocurrency trading firm. He added that news out of South Korea has been OK. More»
Amwal Al Ghad English - 2018-02-15 07:29:25
Egypt's tax revenues rose by 61 percent year-on-year during the first half of financial 2017/2018 that began in July, a Finance Ministry official said on Wednesday. Revenues rose to 248.8 billion Egyptian pounds($14.10 billion) from 154.6 billion Egyptian pounds in the same period last year, Finance Ministry Deputy Mohamed Moeet said. Egypt hiked taxes last year as part of economic reforms tied to a $12 billion International Monetary Fund loan aimed at boosting growth. IMF Managing Director Christine Lagarde said at an economic conference in Marrakech last month that Middle Eastern countries should build broader tax bases to fund infrastructure projects and social spending. More»
Yomna Yasser - 2018-02-12 14:07:35
The world’s leading communications services group WPP and Global financial auditing and consulting company PricewaterhouseCoopers LLP commended Monday Egypt’s successful national campaign to reduce electricity consumption. During a session at the World Government Summit in Dubai, Roy Haddad, Managing Director at WPP Middle East, and Fadi Adra, partner at Strategy&, part of the PwC network, said Egypt adopted successful communication campaigns to make consumers aware of energy use. In 2014, the demands on Egypt’s electricity supply were exceeding generating capacity, leading to daily power cuts. Household consumption was a large part of the problem, accounting for 42 percent of the total, compared to industry and public facilities that were 32 and 26 percent, respectively, according to the WPP’s ‘Triggering Change in the GCC through Behavioral Insights’ report. Egypt’s National Initiative for Energy Conservation campaign exploited traditional and digital media channels to send messages about consumption rates and nudges in the form of energy efficiency tips, Adra said. “For example, the campaign (in Egypt) told consumers to set air conditioning units to the right temperature, use the right fuel for cars, and turn off electrical kitchen appliances when not in use.” the report read. The campaign discussed the issue on talks shows. TV stations displayed a power meter on their screens showing real-time peaks in national electricity consumption, Roy Haddad explained. According to the report, the Egyptian campaign achieved a 3.7 percent reduction in electricity demand in two months. More»
Yomna Yasser - 2018-02-12 11:36:53
In a closed press meeting from Dubai, the IMF’s Director of the Middle East and Central Asia Department Jihad Azour talks about Egypt’s anticipated monetary policy meeting, assessment of the government and policymakers’ performance, expectations for inflation, and ingredients for economic growth. Asked about the future of the Egyptian pound currency, Azor told Amwal Al Ghad English that the International Monetary Fund does not assess the currency situation but focus more on the market situation in terms of the supply and demand, and the policymakers’ strategies. “I believe the central bank’s policies are correct; they come in line with a good policy taken by the ministry of finance in an attempt to solve the budget deficit and provide more liquidity to support the social protection programmes and ease the burdens on the least well-offs.” Having a strong consolidation between those policies shall raise confidence in the economy, attract more foreign direct investments, and improve the country’s economic activity afterwards, he said. “Egypt has a great capacity given the size of its economy, its unique location, and the return of the global economic upturn.” Azor said. Asked about his expectations about the Egyptian central bank’ upcoming monetary policy committee meeting on interest rates, Azour said that whether increasing, lowering, or keeping the interest rates with no change, it is the committee’s decision based on the central bank’s policies for the country. “There is no doubt that the central bank has taken crucial measures to solve a big-time dilemma in respect of the exchange rate volatility in the first stage followed by embarking a series of reforms in the second stage by successfully easing soaring inflation.” The central bank has managed to lower the inflation levels from more than 30 percent to reach between 20 percent and 22 percent by the end of 2017, the IMF official explained, saying he expects more gradual decline this year. “This is an accomplishment and it would indeed help achieve stability and social justice by easing the burden on citizens. Inflation is apparently the least fair toll that affects everyone.” Azor said. Inflation reached a record high in July of around 35 percent on the back of energy subsidy cuts but then gradually declined as inflationary pressure caused by Egypt floating its currency eased. Later in December 2017, the inflation levels fell to 21.9 percent from 26 percent in November. The IMF official have hailed the central bank’s measures which have raised both investors and global institutions’ confidence in the Egyptian economy. Such measures have helped growth rates gradually rebound, seeking remittances from expatriate Egyptians and foreign investments in government treasury bills are on the rise. Remittances from expatriate Egyptians rose by 29.3 percent year-on-year in December to around $2.6 billion, the central bank said in its latest report. The central bank also said remittances have jumped by 19.2 percent to $29.1 billion since the country floated its pound currency in November 2016. Asked about the impact of inflation on prices and the purchasing power of the low, middle, and high-income citizens, Azor said the middle and above-middle classes were the most severely affected by the reforms. “The reform is a lengthy path, not just based on one single measure. And Egypt’s reform path is on track. Both the central bank and the government have quickly fixed the soaring inflation levels. The central bank is clearly determined to address such challenges.” Azor added. “The only way to protect these classes, the government has to provide more jobs, create solutions to unemployment, and raise wages. By doing this, Egypt’s economic situation, investors’ confidence, investment climate, and flows of foreign investments shall improve. In return, the living conditions of the middle class will become better.” The IMF official further said that Egypt has to benefit from the fact that global economy had restored its activity. Asked about how to control the growing levels of foreign debts, the IMF official said the levels of both external and internal debts are associated with the size of the budget deficit. “Lowering debts cannot be achieved unless budget deficit are eased and economic growth are achieved.” Azor explained. Asked about the growth rate required whereby the effects would be felt by citizens, the IMF official said: “Based on studies and statistics, if the growth rate exceeds between 5.5 percent and 6 percent per year, there will be more stability in the labour market and a gradual decline in unemployment rates and that’s required to have growth been felt by citizens.” The IMF held a high-level conference in Marrakesh in late January, and focused on promoting higher economic growth, job creation, and inclusiveness in the Arab World. “In this conference, we made it clear restoring growth demands a series of reforms that will eventually lead to reduce unemployment gradually.” Azor said. “Egypt has the chance to reduce the unemployment levels by working harder on boosting its economic growth rates. This is not just the case in Egypt but for the rest of the Arab World.” In conclusion, Azor said the government is undertaking more structural reforms that would help ease the burdens on low and middle classes besides providing partnership opportunities for the private sector. This will contribute to create more jobs and increase wages, he elaborated. More»
Yomna Yasser - 2018-02-11 12:32:08
Asked about the #MeToo hashtag, Chirstine Lagarde pushes to move from emotions to actions, from #MeToo to #YouandMe, as a new hashtag. “While the anger that came with it was necessary and right, what's needed now is action to implement change--and that needs to be a conversation including both men and women, which she just referred to as a chat between #YouAndMe.” Lagarde was speaking at a panel session with Richard Quest on global business and social trends at the World Government Summit took place in Dubai. Me Too (or "#MeToo", with local alternatives in other languages) went viral in October 2017 as a hashtag used on social media to help demonstrate the widespread prevalence of sexual assault and harassment, especially in the workplace. More»