amwalalghad :: Financial Institutions

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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        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        Universal For Paper and Packag   4.94        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        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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

Sayed Badr - 2016-10-18 15:22:37
Egypt’s Social Fund for Development (SFD) is negotiating a $330 million financing package from three global financial institutions, Head of SFD for Microenterprises Sector, Nevine Badreldin said Tuesday. The financing package will go for financing micro-sized projects in Egypt, she added. Badreldin further told Amwal Al Ghad that the SFD is seeking a $50 million from theOPEC Fund for International Development (OFID), $200 million from Arab Fund for Economic and Social Development (AFESD), and $80 million from the European Investment Bank (EIB). SFD’s total financing for micro-sized projects had stood at around one billion Egyptian pounds by the end of August, in favour of around 160,000 clients. 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 - 2016-10-18 10:44:24
Egypt's Finance Minister Amr el-Garhy said Monday his country would gather an additional $6 billion in bilateral funding required to secure a $12 billion International Monetary Fund loan within one or two weeks. The IMF in August agreed in principle to grant Egypt a $12 billion, three-year loan facility to support a government reform programme aimed at plugging a budget gap and rebalancing currency markets. Egypt needs to secure $6 billion in bilateral support before the deal goes to the IMF board for approval. In comments on a talk show aired by local television channel CBC, he also said the government would submit an investment law to parliament within "one and a half months or more". The government has been working on a new investment law it hopes will slice through Egypt's notorious red tape and make it easier and quicker for foreign investors to do business. Garhy also said Egypt would issue international bonds in the second half of November or the first week of December. In August Egypt had asked JPMorgan, Citi, BNP Paribas , and Natixis to lead manage its international bond offer. Egypt's government approved earlier that month an international bond issuance of between $3 billion and $5 billion. Egypt's economy has been struggling since an uprising in 2011 ushered in political instability that drove away tourists and foreign investors, major earners of foreign currency. As part of a reform program that formed the basis of the IMF agreement, Egypt approved a long-awaited value-added-tax of 13 percent. Previously Egypt had no value-added-tax. The IMF also wants Egypt to focus monetary policy on easing the chronic dollar shortage and reduce inflation to single digits. More»
Amwal Al Ghad English - 2016-10-18 09:26:38
Saudi Arabia is set to launch its first ever international bond sale Wednesday as the kingdom turns to debt markets to help ease a fiscal squeeze from the two-year decline in oil prices. Banks connected to the sale said the Saudis are due to conclude a transatlantic roadshow on Tuesday for the dollar-denominated bond — one of the most eagerly awaited issues this year — after which they will release initial price guidance. Riyadh is thought to be targeting a sale between $10 billion and $15 billion, making it the largest issue of international debt in the Middle East and a potential rival to Argentina’s record breaking $16.5 billion emerging market bond sale earlier this year. Bankers said strong demand is expected for the debut bond, which comes amid heavy buying of other emerging market debt, including Mexico, Qatar and Argentina. “All going well they should print later in the week,” said one banker. Investors who have met Saudi delegates say they expect the bonds — likely to be split into five, 10 and 30-year maturities — to be issued with a yield anywhere between 160 and 200 basis points over equivalent US government benchmarks. The kingdom’s first international bond is part of a radical plan to wean the kingdom’s economy off its reliance on oil and was first announced in November 2015, as oil prices fell to $50 a barrel from $115 a barrel the previous year. Prices for oil remain around $50 a barrel as Opec seeks to formally agree the terms of a production cut at its annual conference in late November. Riyadh has reacted to the fall in oil prices by cutting government spending, burning through foreign reserves and raising debt to finance steep budget deficits that have not been seen since the 1990s. Between the end of December 2015 and end of August 2016, Saudi Arabia's debt levels increased from 142.2 billion Saudi riyals ($37.9 billion) to SR273.8 billion ($72.9 billion), according to the prospectus for the country's new bond. A 10-year Saudi bond is expected to serve as a benchmark, and rates are likely to be set based on current levels of a 2026 bond issued by neighboring Qatar, which trades with a yield of 3.09 per cent, and Saudi Electricity, which has a dollar-denominated, 2024 bond trading at 3.56 per cent. Bankers in the Gulf are busy preparing a raft of fresh deals once the Saudi bond process is complete. Riyadh is weighing whether to follow the sovereign debt issuance with a public offering for its state oil company, Saudi Aramco, which could be the largest IPO ever. The government of Jordan will hold road shows in Europe and the US this week ahead of its own planned 10- and 30-year sovereign bond. Equate Petrochemical, a Kuwaiti state joint venture with the Dow Chemical company, is also scheduled to meet investors ahead of its own bond later this week. The company is also expected to launch its bond in the wake of the landmark Saudi issuance, the banker said. "The Saudi bond has been a big dam holding back this tide," the banker said. "We will see a flurry of activity this month." According to a report published by S&P on Monday, the six economies that make up the Gulf Co-operation Council, which includes Saudi Arabia, will need to borrow a combined $560 billion over the next four years in order to plug the deficits opened by the fall in oil prices. More»
Sayed Badr - 2016-10-17 10:54:59
Egypt and Japan’s International Cooperation Agency (JICA) will sign two new financing agreements within the final week of October. The two agreements aim to finance the completion of the Grand Egyptian Museum and the renovation of a power plant in Cairo. Egyptian Minister of International Cooperation Sahar Nasr met Friday with Takehiro Kagawa, Japan’s ambassador to Cairo, to discuss the preparations of signing the two financing agreements. The first agreement is worth $450 million to go for the completion of the museum, which will allow Egypt to become a major worldwide hub for Pharonic history and a must-visit place for Egyptologists. The Grand Egyptian Museum complex is extremely flexible and suitable for permanent and temporary exhibitions with an attendance up to 15,000 visitors per day. GEM contains a library, a research centre, restoration laboratories, a museum for children and one for people with disabilities, a public square with shops (particularly a specialised museum gift shop), cafes and restaurants, and an open air museum and parking facilities. More»
Amwal Al Ghad English - 2016-10-17 08:38:56
In his meeting with the editors-in-chief of national newspapers, Egyptian President Abdel Fattah al-Sisi said that he understands how the conditions required for the receipt of the International Monetary Fund’s loan could affect the poor in Egypt, and that the government will increase its subsidies for them. During the meeting held on Friday, he said that Egyptians would be able bear the hard economic conditions and would be prepared to face  challenges in order for Egypt to improve, adding that the results would be great and worth waiting for. Sisi said that Egypt cooperated with the IMF to prepare the programme, which the people would benefit from greatly, because it aims to reduce national debt and ensure that subsidies will go to those that need them. The president noted that IMF’s agreement to provide the loan shows that Egypt has the ability to pay it back. The conditions for the loan seem to be proving hard for people to absorb, and thus far the government has yet to create a more comprehensive method for the poor to enable them to handle the effect of the current economic downturn on prices for commercial goods. Omar El-Shenety, managing director of Multiples Group, said that increasing support programmes, such as karama we takaful (dignity and solidarity), and applying them in an effective manner could reduce the harsh impact of the government’s measures. However, he noted that the programmes may prove to be ineffective due to current price hikes. He added that its effect would not be tangible if the government did not reduce the rate of price increases or raise support pension amounts. The safety net, while available, is not effective due to the rising prices, he stated. It is hard to believe that the government can control the prices by monitoring the markets, El-Shenety said. He stated that the government’s efforts to differentiate between those eligible for food subsidy cards and those who are not makes more sense than trying to cut the subsidies from the financial source. El-Shenety believes that providing food subsidies solely through commissary outlets would make them harder to obtain for the poor, adding that in order to make it easier, the government must find a way to distribute food subsidies through more outlets. More»
Islam Abdelhameed & Al Zahraa Mostafa - 2016-10-15 11:25:34
The 9th General Conference for International Federation of Takaful & Islamic Insurance Companies (IFTI) has issued on Thursday four recommendations to support and revive the insurance industry. Takaful insurance and reinsurance firms should put into consideration the four recommendations while practicing insurance activities in all markets.Omar Gouda, Managing Director at African Retakaful, said that the first recommendation targets the full support for the takaful and retakaful insurance industry.Gouda has added that the second recommendation aims to spread awareness urgently for the standards and the importance of takaful insurance products not only among all customers, but also among all workers in this field. More»
Ahmed Ali & Sayed Badr - 2016-10-12 18:12:06
Factoring and financial leasing can play a critical role in reviving small and medium-sized businesses in Egypt, said an official in the German Agency for International Cooperation (GIZ) on Wednesday. Egyptian government has to focus more on these two tools and increase the awareness of their powerful role in providing SMEs with much needed term-financing, Nihal Hassan, Advisor of Promotion of Access to Finance for SMEs at GIZ, said at a conference in Cairo. GIZ has several programmes to develop and give technical and financial support for small businesses, Hassan added. She stressed the importance of having an integration between local and foreign non-banking financial institutions to revive factoring and financial leasing much more in the Egyptian market. Factoring is considered an important financing alternative for SMEs because it provides an integrated service that includes the purchase of the small or medium enterprise’s trade-related receivables, trade bill collection, and administration. These services allow SMEs to take advantage of strong growth opportunities and overcome capital and access-to-finance constraints. As for leasing, it enables SMEs to leverage an initial cash deposit with the inherent value of the asset being purchased acting as collateral. It helps bring in small businesses into the formal financial system. Once informal businesses have access to lease financing, they begin building a history of financial transactions. When the appropriate credit information-sharing infrastructure is in place, banks and other financial institutions can access these records, better manage risks and start providing widespread financial services to these small businesses. With this new opportunity, small businesses also find additional incentives to join the formal sector. More»
Islam Abdelhameed & Al Zahraa Mostafa - 2016-10-12 17:01:40
The 9th General Conference of International Federation of Takaful & Islamic Insurance Companies (IFTI) has kicked off in Cairo on Wednesday. Under the auspices of the Insurance Federation of Egypt, the IFTI conference takes place on 12-13 October, that aims to tackle ways and tools to develop the takaful industry in the Middle East amidst the current challenges haunting the region. The board of directors and members of the IFTI will convene their general assembly during the second day of the conference. More»
Amwal Al Ghad English - 2016-10-12 10:30:27
Egyptian Minister of International Cooperation Sahar Nasr and Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, signed Tuesday a €129 million ($142.1 million) package of financial assistance. The financial package is in support of Egypt's socio-economic development on Tuesday. “This package of financial assistance clearly underscores the European Union’s strong support to the Egyptian people. It will boost socio-economic development and improve the living conditions of Egyptian citizens. In addition, it foresees measures in favour of strengthening the role of the civil society." Hahn said The package is comprised of six financing agreements with a combined value of €129 million. The agreements focus on improving the quality of life of Egyptian citizens by promoting inclusive economic growth, improving the living conditions in informal areas of Cairo, contributing to the provision of citizen rights, including gender equality, and supporting priority projects in the field of renewable energy and agricultural drainage. Additionally, it includes support at institutional level to on-going reforms in the energy and water sectors. This support is in line with priorities that the EU and Egypt are setting for their partnership in the coming years. During his visit to Egypt, Commissioner Hahn met on Tuesday with several Egyptian minister and key figures. "The main purpose of the visit is to hold talks on focusing the EU-Egypt partnership on priority areas for co-operation, such as socio-economic development, jobs, migration, regional affairs and citizens' rights," according to the European Union Delegation to Egypt's press release on Monday. More»
Amwal Al Ghad English - 2016-10-11 16:43:54
Egypt’s financial leasing industry faces short-term challenges but will be able to pick up pace on the long run, head of EFG Hermes Leasing, a wholly-owned subsidiary of Cairo-based investment bank EFG Hermes, said on Tuesday. Speaking at the second annual financial leasing conference in Cairo, Wael Ziada further said he expects the country’s financial leasing activity would register over 15 billion Egyptian pounds ($1.7 billion) by the end of the current year. However, Egypt ongoing dollar shortage has negatively affected the local leasing firms’ turnovers in terms of the volume of equipment and machinery imports, which declined to represent 3 percent of the country’s total GDP, he added. Egyptian government has to start actual steps to solve the dollar shortage by floating the national currency as an initial move to fix the exchange rate, the EFG-Hermes official stated. More»