amwalalghad :: Financial Institutions

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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 - Financial Institutions

Islam Salah & Islam Abdelhameed - 2017-04-27 14:58:51
Egypt’s Misr Asset Management (MAM), the investment bank arm of Misr Insurance Holding, is negotiating to win the management of two new mutual funds for Misr Life Insurance and Misr Insurance Company. One of the funds is a fixed income; while the other is a capital guarantee fund, said MAM management director Atef El Mahmoudy on Thursday. Misr Asset Management’s assets under management (AUMs) rose 4 percent to reach 496.2 million Egyptian pounds ($27.4 million) during the first half of current financial year 2016/2017. More»
Mohamed Hamdy - 2017-04-25 11:21:13
EFG Hermes Leasing, a wholly-owned subsidiary of Cairo-based investment bank EFG Hermes, has signed Monday a financial leasing contract with the Egyptian Social Fund for Development (SFD). Under the umbrella of World Bank’s $300 million agreement signed in 2014 with the SFD, the EFG Hermes contract is at value of 20 million Egyptian pounds ($1.1 million) designated to support small businesses in Egypt. Established by Egyptian Presidential Decree 40/1991, SFD is a socio-economic safety net to combat unemployment, alleviate poverty, improve living conditions and help attain comprehensive socio-economic development. More»
Amwal Al Ghad English - 2017-04-25 10:53:41
Egypt expects to finalise the third tranche of a $12 billion International Monetary Fund loan in four months, Minister of Investment and International Cooperation Sahar Nasr said Monday. Nasr made these remarks during an interview with Bloomberg's David Westin to discuss rebranding and investing in Egypt. Egypt agreed with the IMF in November on a $12 billion three-year loan programme to support government efforts to reduce its budget deficit and balance its currency market. Egypt received the first tranche of $2.75 billion on November 12. “Egypt is implementing a strong economic reform programme to help the economy return to its full potential, achieve more growth and create more jobs. We recognize the sacrifices made and the difficulties faced by many Egyptian citizens, especially due to high inflation.” IMF managing director Christine Lagarde said earlier this month following her meeting with Egyptian President Abdel Fattah al-Sisi in Washington. More»
Amwal Al Ghad English - 2017-04-23 12:08:20
Interest rates and fiscal measures are among the tools Egypt could use to control one of the highest inflation rates among emerging markets, a senior International Monetary Fund (IMF) official said, creating speculation the Washington-based lender is recommending higher borrowing costs. “Available monetary and fiscal policy instruments, including interest rates, can help to contain inflation,” Jihad Azour, director of the fund’s Middle East and Central Asia department, said in an emailed response to questions. At a press conference on Friday, Azour said interest rates are “the right instrument” to manage Egypt’s inflation. “This is something that we are discussing with the authorities,” he said. The comments come at a time when some Egyptian officials as well as economists point to a slowing pace of price increases as a sign that inflation may be peaking. Capital Economics, a London-based consultancy, said April 10 that “the central bank is unlikely to tighten monetary policy further.” Consumer price inflation surged to more than 30 percent after Egypt floated the pound and reduced fuel subsidies in November, steps that helped the country secure a $12 billion, three-year IMF loan program to ease a dollar shortage that had crippled business activity. On the same day it removed currency controls, the central bank raised interest rates by 300 basis points to 14.75 percent. The Monetary Policy Committee is scheduled to meet next on May 18. More»
Amwal Al Ghad English - 2017-04-22 09:03:45
Growing growth outside the troubled oil sector is offering some relief to economies in the Middle East and Central Asia, a senior International Monetary Fund economist said on Friday. But the subdued overall outlook is not enough to spur needed job growth and reduce poverty, according to Jihad Azour, the new head of the International Monetary Fund's Middle East and Central Asia department. "A more favorable environment, including higher-than-expected growth and some firming up of commodity prices is providing some breathing space," he told reporters during the spring meetings of the IMF and World Bank in Washington. In its World Economic Outlook this week, the fund said Middle East oil exporters would see growth drop precipitously in 2017 as producing countries cope with lower petroleum production and fiscal reforms. Middle East economies, taken together with those of Afghanistan and Pakistan, should expand at a rate of 2.6 percent -- a 1.3 percentage point decline from 2016's estimated growth rate. The Organization of the Petroleum Exporting Countries in November acted to stabilize tumbling oil prices by agreeing to the first production cuts in eight years. But Azour said Friday that growth outside the oil sector in oil exporting countries was on the rise, expected to shoot up from 0.4 percent in 2016 to 2.9 percent in 2017. "Although the production cuts following the OPEC agreement are reducing the headline growth," he added. For oil importers, meanwhile, the IMF expects growth to rise from 2016's 3.7 percent to four percent this year, Azour said. "While this represents an improvement, our medium-term growth projections are too low to create enough jobs and improve the living standards," he said. "Many countries, especially oil importers, are also carrying a high level of debt." Azour said the fund was encouraged by regional governments' efforts to introduce new taxes and reform energy subsidies, noting that recent gains in oil prices should help reduce fiscal deficits. But even oil importers were running an average debt-to-GDP ratio of 80 percent, he said. "Therefore fiscal reforms and fiscal consolidation will remain an ongoing priority across the region." More»
Islam Salah, Islam Abdelhameed & Al Zahraa Mostafa - 2017-04-20 17:51:52
Three insurers are competing to win this year’s pilgrimage travel insurance cover tender launched by the Egyptian Ministry of Interior, sources with knowledge told Amwal Al Ghad on Thursday. The tender involves cover for hajj pilgrim delegation consisting of the winners of the government’s draw, in addition to others in hajj trips organised by social associations and tourism agencies. The five bidders, who submitted their technical offers are; Egyptian Life Takaful Company – GIG, Delta Life Assurance, and Mohandes Life Insurance, the sources said. The ministry will conclude reviewing the offers and announce the winner in the coming few days, the sources added. Designated for around 78,000 pilgrims, the insurance policy will be with total sum insured of 5.5 billion Egyptian pounds approximately ($303.5 million). The policy includes cover against death as well as total disablement and permanent partial disablement. In 2016, 28 Egyptians died from natural causes in Saudi Arabia during pilgrimage due. Earlier, a stampede took the lives of around 126 Egyptians in 2015. More»
Amwal Al Ghad English - 2017-04-20 11:38:00
Egypt is to raise the maximum amount of dollar bonds it can issue on international markets to $7 billion, a Cabinet statement said. The present $5 billion cap will be increased by up to $2 billion, the statement said. It said the Egyptian Ministry of Finance was seeking to obtain additional financing in the face of a rise in interest rates on the domestic market and to increase U.S. dollar reserves held by the central bank. "The government's current trend is to replace domestic borrowing by external borrowing in order to reduce the cost of borrowing as local interest rates rise," Reham El Desoki of Arqaam Capital told Reuters. "The government's decision today to raise the ceiling on the issue of international bonds comes amid expectations of the issuance of bonds worth $3 billion at the end of this year." In February, Egypt's central bank raised $4 billion from a Eurobond sale, twice as much as it initially targeted and at lower yields than expected. Egypt has been seeking a variety of funding sources, from development loans to foreign grants and aid, to plug its financing needs as it struggles with an acute dollar shortage that has hampered its ability to import. The country's dramatic decision to float its currency in November -- roughly halving its value overnight -- along with a three-year $12 billion IMF programme attached to sweeping reforms have been widely praised by economists and investors. More»
Amwal Al Ghad English - 2017-04-19 17:18:55
Egypt has signed Wednesday the Arab Fund for Economic and Social Development (AFESD) financing agreement worth 6 million Kuwaiti dinars (around $85 million). The loan is to help fund building a 50 MW photovoltaic power plant in Kom Ombo in Aswan, said Egyptian Minister of Investment and International Cooperation Sahar Nasr. On the sidelines of chairing Egypt's delegation in the Annual Meetings of the Arab Financial Institutions in Morocco's capital Rabat, Nasr signed the agreement Abdullatif Youssef Al-Hamad, Director-General of the AFESD. The project aims to support electricity supply in Egypt to meet the growing demand for electricity and to focus on new and renewable energy projects instead of projects that depend on traditional energy sources such as natural gas, coals, and black oil, Nasr added. Egypt government seeks to realize the highest level of environmental safety and sustainability in line with the global environmental standards for clean energy generation. KFAED’s cooperation portfolio amounts to $3 billion through 42 development projects in various fields as well as 12 technical grants worth $52 million. More»
Islam Abdelhameed - 2017-04-15 17:25:35
Egypt’s government is targeting a growth rate of 4.8 percent for the 2017-18 financial year and 5.5 percent for the 2018-19 financial year, said deputy finance minister Ahmed Kouchouk on Saturday. The government is also seeking to decrease unemployment rates to 11.9 percent in the 2017-18 financial year and 11 percent in the 2018-19 financial year, Kouchouk added. Speaking at a news conference, Kouchouk said the government is also looking to reduce the country’s total public debt gradually from 98 percent expected for the current financial year to 89.5 percent of GDP by mid-2019. More»
Amwal Al Ghad English - 2017-04-13 13:53:48
The Arab Monetary Fund (AMF) said Wednesday it forecast Egypt’s economy to grow by 4 percent in 2017 and 4.5 percent in 2018, supported by improvement in economic activity and the application of the necessary reforms. The Central Bank of Egypt (CBE) decided earlier in November to float the Egyptian pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the black market, and stabilising the country's flagging economy. Arab Monetary Fund is a regional Arab organisation, founded in 1976, and has started operations in 1977. Member countries are 22: Jordan, United Arab Emirates, Bahrain, Tunisia, Algeria, Djibouti, Saudi Arabia, Sudan, Syria, Somalia, Iraq, Oman, Palestine, Qatar, Kuwait, Lebanon, Libya, Egypt, Morocco, Mauritania, Yemen, and Comoros. More»