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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        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        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        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

Amwal Al Ghad English - 2016-08-20 11:34:56
Egypt’s Ministry of Finance is set to issue on Sunday treasury bills worth 10.2 billion Egyptian pounds ($1.15 billion) designated to fill the country’s state budget deficit. In a statement released on Saturday, the ministry said it would raise two treasury bills; the first is worth 4.7 billion pounds, to mature in 91 days. The second will be at value of 5.5 billion pounds, to mature in 273 days. State budget deficit is expected to reach 322 billion pounds by end of the current financial year. More»
Amwal Al Ghad English - 2016-08-20 11:06:35
The International Finance Corporation (IFC)’s, the investment arm of the World Bank, current portfolio for Egypt is nearing $1.5 billion in private sector, infrastructure, energy, tourism, and SME businesses. These remarks were made following a meeting between Egyptian Minister of International Cooperation Sahar Nasr and Mouayed Makhlouf – IFC’s Regional Director for Middle East and North Africa – in Cairo on Saturday. The meeting aimed at discussing IFC’s possible contribution to the Egyptian tourism and small and medium-sized sectors in the coming period. The two officials also reviewed the recent report on obstacles holding back private sector investments in eight countries including Egypt, which was made by European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the World Bank (WB) last July. The report highlighted political instability, corruption, unreliable electricity supply, and inadequate access to finance as the factors that were holding private sector investments in the Middle East and North Africa region. From her part, the Egyptian minister said the government is working hard to remove any obstacles facing private sector investments in Egypt. “The government is keen to apply all the suggestions mentioned in the report, which in turn Egypt will need the support of various financial institutions.” Minister Nasr said. More»
Amwal Al Ghad English - 2016-08-20 09:26:27
Global ratings agency Fitch affirmed on Friday its sovereign rating on Turkey at 'BBB-', the lowest investment grade, but lowered its outlook to negative from stable in a review after last month's attempted military coup. Investors have been rattled by both the failed July 15 putsch, when a group of rogue soldiers attempted to overthrow the government, and the widespread crackdown that has followed, with the arrests or dismissals of tens of thousands of people. "An unsuccessful coup attempt in July confirms heightened risks to political stability," the Fitch statement said, saying a purge of some 70,000 public sector workers "generates uncertainty over capacity and continuity." "Political uncertainty is expected to impact economic performance and poses risks to economic policy," it added. Both Fitch and Moody's rate Turkey at the lowest investment-grade rung, allowing its bonds to be bought by more conservative funds that require a country to be classed as investment grade by at least two agencies. Moody's said on July 18 it was putting Turkey's credit rating on review for a possible downgrade to junk status. Standard & Poor's cut its unsolicited rating on Turkey further into junk territory last month and changed its outlook to negative, also citing concerns following the coup. In Friday's statement, Fitch said the overwhelming public opposition to the coup attempt and subsequent unity of most political parties could lessen political fractures. But security conditions have worsened, it said, referring to militant attacks which it said were having a material impact on the tourism sector. It did not expect the fiscal stance to weaken in response to the coup attempt, though "the central bank and commercial banks are facing renewed political pressure on interest rates," it said. A downgrade could be triggered by prolonged or deepened political instability, insecurity or geopolitical stresses that undermine economic performance or economic policy credibility, it added. More»
Amwal Al Ghad English - 2016-08-20 08:49:45
The Egyptian Ministry of Finance announced Thursday it selected Matouk Bassiouny Law Firm to act as a local legal advisor to a dollar-denominated bond issuance in international markets. On Wednesday, the ministry selected four international investment banks to be in charge of the dollar-denominated bond issuance. These banks are:  Natixis, Citi Bank, JP Morgan, and BNP Paribas. Egypt plans to offer bonds $3 billion in bonds in the international markets to finance the three-year economic reform programme that is being discussed with the International Monetary Fund (IMF), and which requires total finances of $21 billion from different global institutions. Through the issuance, the government aims to ease pressure on domestic financing resources. Egypt's domestic debt increased to 83% of the gross domestic product (GDP), according to official data. More»
Amwal Al Ghad English - 2016-08-20 08:15:46
Moody's Investors Service has affirmed on Friday Egypt's long-term issuer and senior unsecured bond ratings at B3 and it said the outlook remains stable for the country. The rating affirmation is based on Moody's view that the B3 rating appropriately captures Egypt's credit risk profile, which faces a number of deep structural challenges reflected in very weak government finances, a fragile external payments position, and continued security risks. The factors combine to weigh on the investment climate and on the economic performance of the country, it said. The stable rating outlook reflects Moody's view that despite the somewhat slower-than-expected implementation of fiscal and economic reforms over the past 12-18 months, upward and downward pressures on the rating are balanced. Importantly, the rating agency views the staff-level agreement with the IMF which was announced on August 11 as credit-supportive, because it will alleviate some of Egypt's external liquidity pressures and also promote the reform agenda. Moody's has also affirmed the provisional (P) B3 MTN programme rating. Egypt's country ceilings stay unchanged at B2/Not Prime (NP) for the foreign-currency bond ceiling, Caa1/NP for the foreigncurrency deposit ceiling, and Ba2/NP for the local-currency country risk ceilings. The decision to affirm Egypt's B3 rating reflects Moody's view that it appropriately captures the country's ongoing credit challenges in a number of key areas, mainly the very weak level of government finances, a vulnerable external liquidity position and the presence of elevated security risks, all of which are contributing to a poor business climate and constrain Egypt's growth potential. Public finances are characterised by sizeable fiscal deficits of more than 12 per cent of GDP, high general government debt levels close to 100 per cent of GDP, and weak debt affordability ratios which will all continue to exceed the median for B3-rated peers. While reform momentum has slowed somewhat since April last year, the government has recently introduced another round of electricity price hikes, which together with the civil service law will help to keep current spending in check. The expected introduction of value-added tax and measures to improve tax compliance will help increase government revenues and support a gradual reduction in the government's large fiscal deficit to 10 per cenet of GDP by fiscal year 2019, according to Moody's estimates. Moody's notes that Egypt's low levels of foreign-currency denominated and externally-held government debt mitigate fiscal risks. The Egyptian banking system's demonstrated ability to provide funding even in times of stress alleviates the immediate risks of a fiscal crisis. Egypt's external liquidity position remains vulnerable in Moody's view. The rating agency forecasts that the current account deficit will widen to more than 5 per cent of GDP in fiscal year 2016, driven by a persistently high trade deficit, the negative impact on tourism from recent security incidents, and weaker Suez Canal revenues. Also, due to the economic slowdown in Gulf Cooperation Council (GCC) economies and the divergence between official and parallel exchange rates, private remittances have come under pressure lately. In addition, external support from GCC government in the form of public transfers has slowed. Despite a recovery in financial account inflows since early 2015, FDI inflows are below the levels seen in the second half of the 2000s. Uncertainty over the Central Bank of Egypt's exchange rate policy and restrictions on access to hard currency have had a dampening effect on both direct investment and portfolio inflows from abroad. Although foreign exchange reserves have stabilised somewhat they have done so at a low level, covering less than three months of imports of goods and services, and external debt repayments in July have sent net international reserves to only $15.5 billion. Moody's notes that government effectiveness has improved, risks to policy making have diminished, and the overall political situation appears to be broadly stable. More»
Amwal Al Ghad English - 2016-08-18 10:18:12
Egypt signed a deal earlier this year for a $2 billion central bank deposit from Saudi Arabia, International Cooperation Minister Sahar Nasr announced Thursday. Egypt inked a raft of agreements with Saudi Arabia during a visit by the Saudi king in April, including plans for a 60 billion Saudi riyal ($16 billion) investment fund. Nasr said the $2 billion deposit deal was also signed during King Salman's visit. The deal had not been previously announced. Egypt is scrambling to secure some $5 billion to $6 billion in bilateral financing needed to ensure that a $12 billion lending programme agreed with the International Monetary Fund last week will go ahead. Nasr did not say when the Saudi deposit was expected to arrive and it was not clear whether it would be counted toward the financing of Egypt's programme. "This is old money. I don't know if they count that," she said by text message. Egypt, struggling to rebuild an economy battered by turmoil since a 2011 uprising, won staff-level agreement for the three-year IMF lending programme last week. But IMF Egypt Mission Chief Chris Jarvis told Reuters that Egypt's programme would require additional financing in the first year, including assurances of $5 billion-$6 billion in bilateral support, before he could take it to the board. The Arab world's most populous state has already secured pledges from the United Arab Emirates for a $4 billion aid programme that would include a $2 billion central bank deposit and a development loan. Egypt had also announced in May cabinet approval for a Saudi grant of $2.5 billion to be paid in tranches. The first $500 million tranche has already been disbursed. Nasr said the $2 billion central bank deposit was part of a separate deal though both were signed during the king's visit. Previously pledged Gulf Arab aid could form part of the bilateral financing but the IMF needs assurances that the money will arrive in the first year of the programme, Jarvis told Reuters last week. He said then that the IMF would support Egypt's effort to secure the financing it needs. Armed with an IMF-approved reform agenda, the government has said it will go to international markets with a eurobond issuance of $3 billion to $5 billion as early as September. The Finance Ministry said in a statement on Thursday Egypt had asked JPMorgan, Citi, BNP Paribas and Natixis to lead manage its international bond offer. More»
Amwal Al Ghad English - 2016-08-17 18:09:57
Egyptian Ministry of Finance and of International Cooperation signed Wednesday a cooperation protocol to support a public-private partnership programme, as the country received the Middle East and North Africa Transition Fund’s $2.4 million grant.The protocol was signed by Minister of International Cooperation Sahar Nasr and Minister of Finance Amr el-Garhy. Created in April 2012 and managed by the World Bank, the Middle East and North Africa Transition Fund supports projects that provide technical training and expertise to local stakeholders and promote knowledge exchanges between international financial institutions, countries in the Middle East and North Africa and donors. The fund aims to provide grants to public and private institutions in five countries in the region; Egypt, Jordan, Libya, Morocco, and Tunisia for projects in the following areas: (a) investments in sustainable growth; (b) inclusive development and job creation; (c) enhanced economic governance; and (d) trade competitiveness and integration. The Fund is an initiative of the Deauville Partnership with Arab Countries in Transition. The Deauville Partnership is a long-term, global partnership that was established in 2011 to respond to the historic changes in some of the countries in the Middle East and North Africa region. It aims to help these countries by supporting their transition to democracy, strengthening governance, fostering economic and social inclusion, creating jobs, supporting private sector-led growth, and advancing regional and global integration. More»
Amwal Al Ghad English - 2016-08-17 17:46:05
Federation of Afro Asian Insurers and Reinsurers (FAIR) is looking forward to organising a major conference designated to promote the Egyptian insurance industry. FAIR organised earlier this month a meeting involving 11 major insurance marketing experts in the Egyptian market, aimed to discuss means to develop the insurance brokerage industry in Egypt, sources with knowledge of the matter told Amwal Al Ghad on Wednesday. They agreed on holding a summit for promoting the insurance industry in Egypt biennial. More»
Al Zahraa Mostafa - 2016-08-17 15:58:43
Egypt’s Misr Insurance Company said Wednesday it had paid Arab Petroleum Pipelines Company – SUMED $2.4 million compensation as one of SUMED’s turbines suffered irreparable damage. SUMED is half owned by state run oil company Egyptian General Petroleum Corp (EGPC) while a group of four other Gulf Arab countries - Saudi Arabia, Kuwait, United Arab Emirates and Qatar - own the other half. Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, further told Amwal Al Ghad that SUMED’s insurance policy involves providing coverage against all risks of fire, burglary, machinery breakdown, and civil liability. More»
Al Zahraa Mostafa - 2016-08-17 12:20:49
Egypt’s Misr Insurance Company has paid Dubai-based Shelf Drilling Holdings compensation worth $45 million for the loss of a drillship in Suez Canal, an insurer official said Tuesday. Shelf Drilling Holdings Limited offers shallow water jack-up drilling services to the oil and gas industry. Its clientele include Chevron, ExxonMobil, ONGC, Perenco, Petrofac, Saudi Aramco, and Total. The company was founded in 2012 and is headquartered in Dubai, with additional locations in Southeast Asia, India, West Africa, Egypt, Saudi Arabia, and Italy. Shelf Drilling Holdings Limited operates as a subsidiary of Shelf Drilling Intermediate, LTD. Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, further told Amwal Al Ghad that his company paid the entire required compensation upon Shelf Drilling’s insurance policy to provide coverage against all risks of fire, burglary, and robbery. Misr Insurance captures more than 95 percent share of the Egyptian oil insurance market, Abdel Fattah said. More»