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        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        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        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        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        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        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 - 2018-01-02 06:34:15
Trading of the world's leading cryptocurrency Bitcoin is unlawful in accordance with Islamic Sharia, Egypt’s Grand Mufti Shawki Allam said on Monday. In an official fatwa, Allam said that trading such a "virtual currency" was not permissible as it is not considered by legitimate bodies an "acceptable interface of exchange." Digital currencies are decentralized and not tangible, and do not represent an amount of gold or silver. Bitcoin is believed to be the first of hundreds of digital currencies introduced to the internet sphere, as well as being the most valuable and most widespread globally. On Monday, one Bitcoin was valued at over $13,000 (approximately EGP 230,000). Highlighting that Bitcoin is not subject to the state's supervising and financial authorities, Allam said his fatwa was issued following consultations with several economy experts. He stressed that both the "currency’s risk as well as its high profit potential undermines Egypt's ability to maintain and stabilise its own currency." Allam added that Bitcoin can have a "negative effect on its dealers' legal safety, possibly due to failure to publicly disclose such operations," which he said would lead to an "ease in money laundering and contrabands trade." He affirmed that the use of such currencies "impinges on the state's authority in preserving currency exchange, as well as its necessary supervising measures on domestic and foreign financial activities." Allam said the cryptocurrency trade exchange is similar to "gambling," which is forbidden in Islam, "due to its direct responsibility in financial ruin for individuals." In 2017, trading of Bitcoin and digital currencies boomed worldwide. Egypt has not followed in the footsteps of countries that, even amid a lack of regulations, are considered to be digital-currency friendly, including Japan and Sweden. Nor has Egypt followed countries like Bolivia and Bangladesh in banning the cryptocurrency. Last month, however, Egypt’s Financial Regulatory Authority (FRA) said that enticing investors into dealing with cryptocurrencies is considered a "form of deception that falls under legal liability." The Central Bank of Egypt has repeatedly announced the banking sector does not accredit cryptocurrencies. More»
Mohamed Hamdy - 2018-01-01 09:55:46
Egypt's  Micro, Small and Medium Enterprises Development Agency (MSMEDA) signed a  20 million ($11 million) Egyptian pounds loan  with Plus Leasing for developing new  and current SMEs in the Governorates,, Nevine Gamea,  MSMEDA Director  said.Gamea added that The contract aims to re-lend SMEs on a leasing basis and to finance  leasing business equipment, devices and vehicles. Under the deal, Plus Leasing will sign 44 contracts with SMEs, expecting to create 220 new job opportunities, Gamea said. More»
Amwal Al Ghad English - 2017-12-31 09:43:08
Egyptian composite insurer Suez Canal Insurance seeks to increase its investments portfolio by the end of June  2018 to reach 754 million Egyptian pounds ($42.4 million) compared to 704 million pounds in June 2017 with a growth rate of 7 percent. Mohamed Abdel-Hafez, Financial and Administrative Affairs Head Sector, said that his company aims to achieve returns on investments of 52 million Egyptian pounds  during the financial year 2017/2018. More»
Amwal Al Ghad English - 2017-12-26 08:39:48
Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 percent to be up more than a third from last week’s lows of below $12,000.Bitcoin, the world’s biggest and best-known cryptocurrency, fell nearly 30 percent at one stage on Friday to $11,159.93 and, despite a late recovery, had its worst week since 2013. At 0445 GMT on Tuesday, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange. The digital currency had risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on Dec. 17 on Bitstamp and to over $20,000 on other exchanges. But it has posted heavy declines since. More»
Amwal Al Ghad English - 2017-12-25 12:07:53
Egyptian investment bank EFG Hermes is seeking to manage renewable energy projects totaling 400-500 megawatts in the north African country in the coming three years, said the bank’s energy head Bakr Abdel Wahab on Monday. EFG Hermes, one of the largest investment banks in the Middle East, is currently active in the renewable energy sector in Europe through a green company called Vortex. “We are thinking of establishing a holding company to manage energy projects, like Vortex, but in Egypt,” said Abdel Wahab. He said the projects that the bank was targeting were worth at least $250 million in investments and that the bank was looking to reach 2000 megawatts by 2020 with a capital of $500 million. “The stations that we’re going to invest in will be built in the first quarter of 2018 and we expect them to start operating in 2019,” said Abdel Wahab. He expected renewable energy to attract investors from the Gulf and Asia in 2018.Egypt hopes renewable energy will cover 20 percent of its annual electricity demand by 2020. More»
Amwal Al Ghad English - 2017-12-24 12:03:53
Egyptian investment bank EFG-Hermes expects to commence offering factoring services in the first quarter of 2018 as part of a push into non-banking services, the group’s chief executive Karim Awad told reporters Sunday. Factoring is a financial transaction in which a company sells its debt to a third party at a discount for immediate financing so that it can begin operations. EFG-Hermes, one of the largest investment banks in the Middle East, said it expected non-financial services to account for more than 10 percent of the group’s profits in 2017 and that it aimed to raise that to 50 percent by 2020-2021. Its non-banking financial services include insurance, real estate funding, leasing and factoring. “We see that the Egyptian market is the biggest one that investors can make profit in throughout the coming period,” Awad said. EFG-Hermes, which operates in East Africa out of Kenya, is also looking to break into the Nigerian market in 2018 by offering brokerage services, said Mohamed Ebeid, Co-CEO of the Investment Bank Platform, another division within the same group. The bank held six initial and four secondary public offerings in 2017 across the Arab region worth $2.9 billion dollars, said Mostafa Gad, who is in charge of IPOs and listings at EFG-Hermes. It expects to hold three IPOs in Egypt and one or two IPOs in the United Arab Emirates in 2018, Gad added. More»
Amwal Al Ghad English - 2017-12-23 09:24:57
Egypt is set to receive $2 billion in the fourth disbursal from a $12 billion International Monetary Fund loan in June or July, Deputy Finance Minister Ahmed Kouchouk said on Saturday. He also said an IMF mission would visit Egypt in May for a new review. The disbursement will bring the total Egypt has received so far from the facility to $8 billion. Last week, the IMF agreed to the third disbursal, which was also worth $2 billion. More»
Amwal Al Ghad English - 2017-12-23 09:13:21
The International Monetary Fund (IMF) has hailed on Wednesday Egypt’s economic reforms, which it said have curbed inflation levels, while calling for further reforms, including to energy subsidies. The fund's remarks came as it approved the second review of Egypt’s reform programme, disbursing the first part of the second tranche of a $12 billion loan facility, and bringing the total disbursement released to date to just over $6 billion. The $2 billion tranche is part of a deal signed in November 2016 after the Egyptian government floated the Egyptian pound as part of sweeping economic reforms, including subsidy cuts and tax hikes, aimed at narrowing a gaping budget deficit. The fund said that Egypt's economy was showing "welcome signs of stabilization,” including a recovery in economic growth rates, easing in inflation rates and foreign currency reserves reaching the highest levels since 2011. "The outlook is favorable, but will require sustained efforts to maintain prudent policies and advance structural reforms to support the authorities' medium-term objective of inclusive growth and job creation," said David Lipton, IMF first deputy managing director, in a statement released on Wednesday. “By tightening monetary policy early in the year, the Central Bank of Egypt has managed to reverse high inflation, which was the main risk to macroeconomic stability,” the fund official added. “The continuation of this disinflationary trend could open the door to a gradual easing of interest rates, but the CBE should remain vigilant and be prepared to tighten the monetary stance if demand pressures reemerge." “The primary surplus targets for 2017/18 and 2018/19 are achievable, but are subject to risks, including from higher oil prices. Therefore, continued reform of energy subsidies is critical for achieving the program’s fiscal objectives,” Lipton said. "Over the medium term, the authorities need to implement tax policy reforms and modernize tax and customs administration to create fiscal space for much-needed investment in human capital and infrastructure.” The fund board also lauded the central bank’s decision to introduce a fee on foreign investors to use a mechanism of profit repatriation, saying it could improve pound flexibility. “Making further progress on moving away from product subsidies to better-targeted cash transfers would strengthen the social safety net,” the fund said. The pound’s value has halved since the flotation, pushing inflation to above 30 percent and sending prices soaring. However, Egypt's annual urban consumer price inflation fell to 26 percent in November from 30.8 percent in October. The country’s GDP grew by 4.2 percent in the fiscal year 2016/2017, well above preliminary estimates. More»
Amwal Al Ghad English - 2017-12-23 06:14:44
The International Monetary Fund (IMF) will raise its forecast for Egypt’s economic growth to 5.5 percent within the financial year 2018/2019, up from 5.3 percent in the first review. In a report released by the IMF Thursday morning, the fund said the executive board approved the third $2 billion tranche of Egypt’s $12 billion Extended Fund Facility. With receiving the latest tranche, the IMF would have paid a total value of $6.08 billion to Egypt under the agreement that was reached in November 2016. The First Deputy Managing Director David Lipton said in the statement that the results of Egypt’s economic reform program are “encouraging”. “The economy is showing welcome signs of stabilization, with GDP growth recovering, inflation moderating, financial consolidation remaining on track, and international reserves reaching their highest level since 2011,” Lipton said, adding that the banking system was strong enough to buffer market shocks. The Central Bank of Egypt’s (CBE) actions to control inflation could allow the gradual easing of interest rates, “but the CBE should remain vigilant and be prepared to tighten the monetary stance if demand pressures re-emerge,” he added. More»
Amwal Al Ghad English - 2017-12-21 09:52:34
The premium investors demand for holding Spanish bonds over top-rated German peers held close to its narrowest levels in three months on Thursday, as Catalonia holds an election that Spain's government hopes will end the wealthy region's independence bid.Spain's government hopes that the Catalonia election will strip pro-independence parties of their control of the Catalan parliament and end their campaign to force a split with Spain. More»