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

Amwal Al Ghad English - 2017-04-06 11:23:36
The International Monetary Fund (IMF) is working with Egypt to help bring inflation under control, managing director Christine Lagarde said Wednesday following her meeting with Egyptian President Abdel Fattah al-Sisi in Washington. “President Sisi and I discussed the progress of Egypt’s economic reform programme supported by the IMF’s $12 billion Extended Fund Facility arrangement.” Lagarde stated. “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.” “The IMF is working to help the government and the Central Bank bring inflation under control and supports the steps the Egyptian authorities are taking to protect its poorest and most vulnerable citizens.” More»
Islam Abdelhameed - 2017-04-04 14:41:13
Egypt’s Iskan Insurance Company has won a tender to provide a medical insurance cover designated for the employees of Cairo’s major cruising restaurant Nile Maxim. Nile Maxim’s medical insurance policy is to insure around 400 employees, with total sum insured of 15 million Egyptian pounds approximately (around $829,420), Noman Ashour – General Head of Marketing, brokers, and Bancassurance at Iskan – told Amwal Al Ghad on Tuesday. The policy will cover the costs of hospital accommodation for surgeries, endoscopes, and treatment, as well as outpatient clinics, medical expenses, medicines, dental treatment, and chronic diseases, Ashour said. It will also cover costs of medical tests, surgeries, treatment of mental illness, intensive care confinement, and dialysis, he added. More»
Amwal Al Ghad English - 2017-04-04 11:52:15
Some Egyptian banks are still at risk of struggling to meet minimum regulatory capital requirements as a consequence of currency weakness after the Egyptian pound was floated earlier on November 3rd, given their high exposure to foreign-currency (FC) loans, Fitch Ratings said in its release on Tuesday. “The currency devaluation will also weaken asset quality, with debt restructuring of loans for smaller corporates already taking place, but we expect only modest deterioration.” Fitch said. In the event of capital shortfalls at public-sector banks, the ratings agency believes the Egyptian authorities would look to provide support, as they did last year when the Central Bank of Egypt (CBE) provided interest-free loans classified as subordinated debt to help recapitalise the country's three public-sector banks. However, the government's ability to support banks is severely constrained by its weak credit profile and financial flexibility. Fitch further said it expects private-sector banks would cut dividends to bolster capital if needed. The capital weakness stems from the inflation of FC risk-weighted assets due to the depreciation of the pound in November 2016, with some banks reporting more than 50 percent loan growth in 2016, while capital is predominantly in local currency. Seeking subordinated debt may help banks meet the minimum regulatory capital adequacy requirement of 11.25 percent, but Fitch Core Capital (FCC) and Tier 1 capital ratios will continue to be under pressure as subordinated debt is not included as capital in these ratios. Capital remains vulnerable to the weakening of the pound as FC loans are significant, reaching 44 percent of the sector's total loans at end-November 2016 just after the pound was floated. Egyptian banks had reasonable asset quality before the pound was floated, with an average impaired loan ratio of 5.9 percent while impaired loans were 99 percent covered by reserves at end-September 2016. Falls in the value of a currency tend to lead to weaker asset quality for banks but Fitch expects limited deterioration. Most FC lending in Egypt is to borrowers with FC revenues, which acts as a natural hedge, and import-related trade finance loans (excluding certain strategic products) are backed by 100 percent cash cover in the same currency.   Further to the devaluation, the CBE has agreed with banks to restructure the FC debt of some smaller corporates (with turnover less than 500 million Egyptian pounds and debt not exceeding $5 million). The CBE will provide banks with $400 million-500 million to cover their open position and in return the firms will repay their debt in local currency at 12 percent interest rate. Egyptian banks have strong pre-impairment operating profits, which provides a buffer to absorb impairments. Previously, Egyptian banks had insufficient FC liquidity to meet demand from corporate borrowers. Fitch believes the floating of the pound will increase the flow of foreign direct investments and help to ease the FC shortage in the Egyptian banking system. “However, the sector's FC loans/deposits ratio is weak, in our opinion, given the operating environment, with a worsening trend in recent years.” In contrast, banks have excess local-currency liquidity, which they are deploying in government bond auctions, attracted by the yields. Egyptian sovereign debt accounts for 30 percent -50 percent of banks' balance sheets and is the main credit risk for banks. Any change in Egypt's sovereign rating (B/Stable) would probably be reflected in Egyptian banks' Issuer Default Ratings. More»
Al Zahraa Mostafa - 2017-04-03 17:06:26
Misr Insurance Company has won a tender to provide insurance cover for Etisalat Misr, the Egyptian arm of UAE telecommunications firm Etisalat, sources with knowledge told Amwal Al Ghad on Sunday. The policy is designated to cover Etisalat Misr’s assets, property, and networks of all dangers arising out of fire and burglary in addition to land and marine transportation and accidents, with total sum insured of more than 10 billion Egyptian pounds (around $550.3 million). The sources further told Amwal Al Ghad that the policy also includes political violence cover, which shall come into effect next July 26th, with total sum insured of $50 million. It will cover the group’s assets and property against physical loss and damage, as well as any consequential financial loss, as a result of a terrorist act or acts of political violence, they added. Etisalat’s policy will also cover liability to employees for work-related bodily injury or accidents, with total sum insured of 600 million pounds approximately. In addition, the policy will provide employers’ liability and civil liability coverage, with total sum insured of 500 million pounds and 20 million pounds, respectively, the sources noted. Dishonesty cover is also included in the policy with total sum insured of 2.5 million pounds per incident, the sources referred, saying the cash transfer cover will be provided with total sum insured of 153 million pounds. More»
Al Zahraa Mostafa - 2017-03-30 18:59:04
Egypt’s Misr Life Insurance has renewed a medical insurance cover designated for the Egyptian Gulf Bank’s (EGB) employees and their families, the insurer’s chairman Ahmed Abdel-Aziz announced Thursday. EGB’s policy will cover the costs of hospital accommodation for surgeries and treatment, as well as outpatient clinics, medicines, critical illness, tests and x-ray services, physical therapy, pregnancy, and childbirth, Abdel-Aziz added. More»
Gehad Abdel Ghany - 2017-03-29 14:48:19
Egyptian mid-cap investment management firm Ezdehar Management says it raised $85 million for its fund, Ezdehar Egypt Mid-Cap Fund, which is designated to make equity and equity-related investments into the country’s small and medium-sized businesses. “The founders are seeking to increase the fund’s size to range between $100 million and $120 million before the end of the current year.” Emad Barsoum, managing director of Ezdehar Management, told Amwal Al Ghad on Wednesday. The fund was founded with an initial capital of $70 million, through commitments provided by the Egyptian billionaire Sawiris family, three international financial institutions, including the European Bank for Reconstruction and Development (EBRD), and some other Egyptian businessmen, Barsoum said. The Ezdehar Egypt Mid-Cap Fund’s strategy aims at investing in medium-sized enterprises with average sales ranging between 100 million Egyptian pounds and one billion pounds, he added. More»
Amwal Al Ghad English - 2017-03-29 14:12:59
While Egypt's international Monetary Fund programme will support gradual improvements to the country's fiscal and external position, its social and economic costs risk slowing the pace of fiscal reform momentum, according to Moody's Investors Service. Moody's released earlier Wednesday its report entitled; "Government of Egypt - IMF Programme Supports Gradual Fiscal, External Improvements”. "The implementation of the IMF programme’s targets, including reductions in fiscal deficits and government debt levels, as well as improvements in Egypt's external liquidity position, will help address Egypt's key credit challenges," said Steffen Dyck, a Moody's Senior Credit Officer and co-author of the report. "However, ambitious fiscal consolidation targets will be challenging to achieve and could face implementation risks in a scenario of mounting public discontent." Moody's projects that Egypt's fiscal deficit will decrease to 11.0 percent of GDP in fiscal year 2017 and 8.5 percent in 2019, from 12.6 percent in 2016. Moody's forecasts are more conservative than the IMF programme projections of 10.0 percent of GDP in fiscal 2017, reducing to 6.1 percent in fiscal 2019, driven by Moody's somewhat lower growth assumptions and potential fiscal slippage, both in the near- and medium-term. Although Moody's expects Egypt's fiscal challenges to remain high, the country's monetary, fiscal and structural reforms will likely lead to slow but steady improvements for the sovereign credit profile beyond the timeframe of the IMF programme. The liberalisation of Egypt's foreign exchange regime and the depreciation of the Egyptian pound will initially keep the current account deficit high due to the pent-up demand for imports and the lower sensitivity of exports to the exchange rate. Moody's anticipates that the current account deficit as a percentage of GDP will increase in the 2017 fiscal year and fall only from 2018 onwards due to the weaker exchange rate. Nonetheless, higher incoming portfolio and foreign direct investment flows, along with additional external funding from the IMF, multilateral and bilateral partners, will support Egypt's balance of payments and international reserves position. More»
Amwal Al Ghad English - 2017-03-28 13:33:42
The International Finance Corporation (IFC), a member of the World Bank Group, has provided a $100 million loan to Egypt’s Arab African International Bank (AAIB). The loan aims to help the Egyptian bank scale up its lending operations to small and medium-sized enterprises and build its sustainable energy finance portfolio in response to increased energy bills for many companies and SMEs. About $50 million will be earmarked for SMEs to support the bank's strategy to significantly increase its lending to smaller businesses. The remaining $50 million will be earmarked for introducing credit lines that support energy efficiency, helping businesses that need to make capital investments to refurbish or renovate existing operations to reduce energy costs, IFC said in a statement on Monday. "Small and medium enterprises are at the heart of driving economic growth so we are delighted to be able to continue to expand our lending to these businesses." Hassan Abdalla, chief executive of AAIB said. The SME sector accounts for approximately 25 percent of Egypt's GDP and about 75 percent of total private sector employment. Despite this, a significant number of SMEs remain outside formal channels, with SMEs loans representing only around 5-10 percent of total lending. “This loan will help a strong bank increase its reach to smaller businesses and encourage other financial institutions to follow suit, while also helping to boost energy efficiency in Egypt,” said Mouayed Makhlouf, IFC regional director for the Middle East and North Africa. He added that micro, small, and medium enterprises (MSMEs) continue to play a dominant and continuously increasing role in creating jobs in Egypt; however, access to finance remains a significant challenge for many. More»
Islam Salah - 2017-03-27 18:52:07
Egypt and the French Development Agency (AFD) have signed Monday four financing agreements totalling €259 million ($281.5 million) in energy, waste water, and health sectors. Egyptian Minister of Investment and International Cooperation Sahar Nasr and Laurence Breton-Moyet, Executive Director in charge of Operations of the AFD, have signed the agreements. The first agreement includes €175 million financing in favour of the Egyptian Ministry of Finance, designated to support the government’s energy sector reform programme. As for the second agreement, AFD provides €3 million grant to finance the Egyptian Ministry of Electricity’s technical support programme. The third agreement comprises €50 million to finance the treatment plan for a waste water plant in Alexandria. According to the fourth agreement, AFD offers €31 million to finance the country’s primary health care support project. More»
Islam Salah - 2017-03-27 14:12:17
The French Development Agency (AFD) has invested €941.4 million ($1.02 billion) in Egypt through several major projects since the start of its activities in the country, an official in the AFD said Monday. This comes in addition to €941.4 million worth of grants from the European Union, Laurence Breton-Moyet, Executive Director in charge of Operations of the AFD, further said in a press conference in Cairo. The AFD has started its activities in Egypt in February 2007 with the opening of the Cairo Office, which has accelerated project identification and appraisal and enhanced the dialogue with the Egyptian administration and the French agency’s potential partners in the public and private sectors. More»