amwalalghad :: Financial Institutions

Your English Portal To Arab Economy

Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        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        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        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        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        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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

Amwal Al Ghad - 2012-03-11 10:24:26
Freedom and Justice Party approves foreign borrowing but only when necessary, Ashraf Badr El-Din, Party’s Member of Parliament and the vice head of budget committee, stated. He added that the Egypt’s agreement with International Monetary Fund on the $3.2 loan will not come into effect unless the Parliament approves it. The parliament has not discussed yet the loan or the reform program set by the government, Badr added. However, Momtaz El-Saeed, Minister of Finance, said earlier that the reform program was submitted to the parliament’s speaker and some of committees’ heads. Badr demanded to know all details and information related to IMF loan; such as the real economic and fiscal status of Egypt, loan penalties, and the loan disbursement’s plan (used in current expenditure or investment expenditure). There are many alternatives for IMF loan but the Egyptian government did not take any decision about it such as, raising the prices of natural gas exports and adding specialized funds to the general budget, Badr added. More»
Amwal Al Ghad - 2012-03-11 07:30:45
Total non-life premiums generated in the Lebanese insurance market reached $869.6 million in 2011, constituting an increase of 7.6 percent from $808.1 million in 2011. This compares to growth rates of 12.3 percent in 2010, 22 percent in 2009 and 22.4 percent in 2008. Non-life premiums totaled $720 million in 2009, $590.5 million in 2008 and $482.7 million in 2007. Non-life insurance penetration was equivalent to 2.1 percent of GDP while insurance density was at about $104.75 per capita in 2011. MEDGULF maintained its first place with $100.8 million in non-life premiums, followed by Bankers with $79.7 million, AXA Middle East with $71.6 million, Libano-Suisse with $56.8 million and AROPE with $54.9 million, as the top five non-life insurers. The figures are compiled by Al-Bayan magazine in its annual survey of the insurance sector in Lebanon. Victoire, SAICO and Al-Bahria registered the highest jump in the rankings from last year among the 46 insurers operating in Lebanon, moving from 25th to 20th place, 36th to 31st place and 37th to 32nd place, respectively. Liberty posted the highest growth in premiums among all insurers in the survey at 95.5 percent year-on-year. More»
Islam Abd ElHameed - 2012-03-10 14:39:07
General Committee of accident insurance unit at Insurance Federation of Egypt (IFE) will approve the new political violence insurance policy in its meeting tomorrow, so as to be submitted afterwards to the executive council of IFE. Adel Mousa, head of the accident insurance committee, said that political violence insurance policy covers the risks of revolution, war, rebel and coup without covering the risks of riots and civil unrest, therefore the committee made some adjustments so as to be compliant with reinsurance agreements. The committee also modified coerced theft insurance policy, the most important of which is goods delivery condition, especially that accident insurance lost a lot as a result of the increasing robbery rate in the last period. Noteworthy that coordinative committee was held between accident and fire insurance committees last month to lay down the final form of the political violence insurance policy. More»
Amwal Al Ghad - 2012-03-10 14:42:29
Faiza Abul Naga, minister of planning and international cooperation, will sign next week the mutual agreements of the Japanese loan, to finance phase one of underground’s line four. Egypt intends to construct this line with $1.2 billion investments, jointly with Ogata, president of Jica (Japanese international cooperation agency). The loan’s interest rate reaches 0.2%. The period of withdrawing the loan is 13 years after implementing the mutual agreement. The commission on the deposit sums reaches 0.1%, and the payment period reaches 30 years after 10 years allowance period. More»
Islam Abd ElHameed - 2012-03-10 13:24:56
Insurance experts welcomed the idea of establishing a micro-insurance company, noting that this will benefit insurance sector and economic status as a whole, as it will secure financing for SMEs. Abdel Raouf Kotb, head of Insurance Federation of Egypt (IFE), said that Egyptian Financial Supervisory Authority shall first approve certain legislations for micro insurance and financing. Insurance Federation of Egypt will implement a marketing plan for micro-insurance services, without waiting till there will be a licensed company. Parliament is the one who will legislate the needed micro-insurance Act, but it has currently many other priorities, therefore it is preferable to promote this kind of insurance through specialized administrations at insurance companies. Ali Bashendy, head of technical unit at Arab Misr Insurance Group and vice president of the general committee of accident insurance at IFE, said that Egypt has limited experience in micro insurance, therefore there shall be an experienced specialized micro-insurance company. More»
Amwal Al Ghad - 2012-03-10 10:26:43
The International Monetary Fund plans to offer a new loan for Greece worth €28 billion (EGP 221.2 billion) as part of the country's second bailout package, IMF chief Christine Lagarde said on Friday. "Today I have consulted with the IMF's Executive Board and on that basis, as discussed with the Greek government, I intend to recommend a 28 billion euro arrangement under the Fund's Extended Fund Facility (EFF) to support Greece's ambitious economic program over the next four years," she said in a statement. The figure, much higher than expected, came after Greece garnered strong support from private creditors for a massive 107 billion euro writedown of its debt -- a key part of the 237 billion euro bailout package designed by the European Union last month. "I welcome the cooperation of the private sector in participating in the debt exchange offer by the Greek authorities," Lagarde said. "This is an important step that will dramatically reduce Greece's medium-term financing needs and contribute to debt sustainability. More»
Eslam Abdel Hameed - 2012-03-08 10:20:26
Prime Minister Kamal El-Ganzouri approved Delta Insurance’s buyout of 99.9% of Delta Life Insurance and sent a notice by that to Egyptian Financial Supervisory Authority (EFSA). El-Sayed El-Gohary, chairman of Delta Insurance, said that the remaining percentage (0.01%) is divided among individual shareholders of Delta Insurance, noting that the Company is waiting EFSA’s license to begin offering life insurance services. El-Gohary added that there are currently negotiations with a certain bank over offering a new investment fund. Delta Insurance (General and Porperty)’s ownership structure is divided among  Gulf Arab Overseas LTD with 11%, Egyptian Kuwaiti Holding Co. with 21%, Huda Abbas with 10%, Nasser Bank with 7%,  Ekuity Holding International Ltd. with 6% and individual shareholders with 46%. More»
Amwal Al Ghad - 2012-03-08 07:46:18
President Barack Obama and his advisers, casting a wide net for potential candidates to lead the World Bank, considered in initial discussions Microsoft Corp. Chairman Bill Gates, PepsiCo Inc. Chairman and Chief Executive Officer Indra Nooyi, and Brown University President Ruth Simmons, according to a person familiar with the White House search.Obama sought to look beyond the ranks of banking and government in seeking a replacement for Robert Zoellick, who plans to step down at the end of his term in June, said the person, who asked not to be named because the search process is confidential.The White House now is narrowing its list of potential candidates. Among the smaller pool of people whose names have been circulated are former Treasury Secretary Lawrence Summers, who was Obama’s first director of the National Economic Council, Massachusetts Democratic Senator John Kerry and United Nations Ambassador Susan Rice, the person said.“Senator Kerry hasn’t been contacted by the administration about the World Bank vacancy,” said Jodi Seth, communications director for Kerry. “While he has great respect for the institution and its role in the world, he’s not interested in the position.”Mark Kornblau, communications director for Rice, and Kelly Friendly, a spokeswoman for Summers, declined to comment. John Pinette, a spokesman for Gates, and Peter Land, a spokesman for PepsiCo, also declined to comment. Marisa Quinn, a spokeswoman for Simmons, didn’t respond to a request for comment. More»
Sherine Taha - 2012-03-07 16:04:53
The capital volume of insurance companies’, working in Egypt, reached EGP 4.4 billion in the last fiscal year 2011/2012, according to Egyptian Financial Supervisory Authority’s report.Public sector acquired 60.3%, EGP 2.650 billion, of the total paid-up capital, as Misr Insurance’s capital reached EGP 1.650 billion and that of Misr Life Insurance reached EGP one billion.Egyptian private sector acquired 17.4%, EGP 766 billion, of the total paid-up capital, as Export Credit Guarantee Co. acquired EGP 250 million, Delta Insurance Company got EGP 90 million, Suez Canal Insurance got EGP 85 million, Mohandes Insurance had EGP 75 million, Iskan Insurance acquired EGP 75 million, Egyptian Takaful Life Insurance got EGP 63 million, Egyptian Takaful Property Insurance had EGP 58 million, Royal Insurance acquired EGP 40 million and Co-operative Insurance Society Egypt acquired EGP 30 million.Private foreign insurance companies, aside from Ace Life Insurance, acquired 22.3% with a total capital of EGP 980 million, as Allianz Life Insurance Egypt’s paid-up capital reached EGP 100 million, Arab Misr Insurance Group ‘s was EGP 90 million and Commercial International Life Insurance Company’s reached EGP 80 million, while the paid-up capital of Chartis Egypt Insurance, Pharaonic American Life Insurance Company (ALICO ), Ace Life Insurance, Allianz Insurance, Egyptian Saudi Insurance House, NSGB Life Insurance and Bupa Egypt Insurance reached EGP 60 million. More»
Amwal Al Ghad - 2012-03-07 09:32:11
Swiss Re Corporate Solutions today announced the expansion of its Marine insurance footprint in Continental Europe through the formation of two dedicated underwriting teams in Zurich and Genoa, which will be led by Patrizia Kern-Ferretti and Andrea Cupido, respectively. Swiss Re Corporate Solutions will establish a dedicated Cargo underwriting team in Zurich with focus on Continental Europe. In addition, a new office will be established in Genoa, which will offer a full spectrum of Marine insurance products to the Italian market and have the mandate to develop Swiss Re Corporate Solutions’ portfolio in the Hull segment throughout Continental Europe.The Zurich-based underwriting team will be headed up by Patrizia Kern-Ferretti in her new role as Head Marine Continental Europe. Patrizia will oversee the Genoa operation, which will be led by Andrea Cupido, who joins Swiss Re Corporate Solutions from Cambiaso Risso Marine and has served the Marine insurance industry for over 25 years. The Genoa office is scheduled to start its operations on 1 May 2012."We have thoroughly analyzed the global Marine market and believe that it offers substantial room for expansion and growth for a player such as Swiss Re Corporate Solutions, with our long-term vision, expertise and financial security," said Nikolaj Beck, Head of Specialties for Swiss Re Corporate Solutions. "With this expansion, we are aiming at capturing growth in key markets. The move also leverages our existing Marine wholesale business in London and underwriting team in São Paulo." More»