amwalalghad :: Financial Institutions

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        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        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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

Amwal Al Ghad English - 2017-10-29 12:01:56
Egypt's electronic payment provider Fawry says it is negotiating with a number of banks to provide the monthly collection of installments service for those who benefit from the county’s social housing project. Based on the agreement the company is working on, owners of the unit will pay the monthly installments through Fawry’s devices instead of having to pay at the bank, Fawry’s managing director for electronic payments Mohamed Okasha said Sunday. Okasha revealed that Fawry collects nearly one billion Egyptian pounds ($56.6 million) each year from 200,000 customers as installments from those who reserved social housing units. They pay these installments every three months. The last installment was in September. All of this is according to the agreement the company made with the Mortgage Finance Fund. Fawry expects to collect electronic payments through its network worth EGP 25bn by the end of this year. The company offers e-payment solutions in cooperation with more than 15 banks, including six whose services are available through Fawry’s network. About two million financial transactions are done on a daily basis through Fawry’s network, which covers the majority of the republic. Fawry offers its e-payment services to several sectors, including the communications sector, such as mobile companies, Telecom Egypt (TE), and internet companies; in addition to providing utility bill payments, such as payment for electricity, water, and gas. Fawry’s services enable consumers to pay quarterly installments on the social housing project. The company invests an annual amount ranging between 30 pounds and 40 pounds to develop infrastructure and widen its products and services base. More»
Amwal Al Ghad English - 2017-10-28 11:17:39
Saudi Arabia’s insurance industry needs more consolidation and foreign input to help create solid companies capable of competing in the oil-rich nation’s crowded market, the country’s central bank chief told Bloomberg TV in an interview in Riyadh. “There are some small firms I don’t believe are capable of surviving in the market in their current condition,” Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority, further said. “We need more solid firms,” the governor said. “We need more foreign participation.” Saudi Arabia’s insurance market is largely fragmented with small firms competing against each other. There are 33 insurance firms listed on the country’s stock exchange with a combined market value of $11.1 billion, according to data compiled by Bloomberg. Insurance stocks rose the most in three months at the end of September after the kingdom’s government announced it was lifting a ban on women driving in the Arab world’s biggest economy. The governor said two foreign firms would soon increase their stakes in Saudi insurance companies, “taking the majority.” He didn’t elaborate. Banque Saudi Fransi said on Thursday it sold an 18.5 percent stake in Allianz Saudi Fransi Cooperative Insurance to Allianz Europe BV. In June, Al-Ahlia Insurance started non-binding talks with Gulf Union on a proposed merger, with an agreement expected to be reached by the first half of 2018. Earlier this year, the Mediterranean & Gulf Insurance & Reinsurance Co., a Saudi Arabian insurer known as MedGulf, was weighing putting itself up for sale, according to three people familiar with the matter. More»
Amwal Al Ghad English - 2017-10-28 07:51:23
An IMF delegation started to conduct the second periodic review of Egypt’s economic reform programme in preparation for providing the country the second tranche of a $12 billion loan, which is estimated at $2 billion. The IMF meetings with Egyptian officials are set to last for two weeks, according to a statement by the Ministry of Finance. A delegation of the IMF Mission for Egypt, Middle East and Central Asia, which is conducting the review, had arrived in Cairo on Tuesday. Vice Minister of Finance for Financial Policies Ahmed Kouchouk said that funds from the IMF loan will be used to finance the state's budget deficit while the Central Bank of Egypt (CBE) will benefit from cash in foreign currency to support the foreign exchange balance reserves. The IMF mission’s visit will include a meeting on Sunday with CBE governor Tarek Amer and Finance Minister Amr El-Garhi, according to Kouchouk. Minister El-Garhi said that Egypt aims to demonstrate to the IMF mission the latest positive economic developments, including high economic growth and reduced unemployment rates. In September, the IMF praised Egypt's efforts in implementing its economic reform programme despite seeking waivers for missing some targets in June and a deeper-than-expected currency depreciation, but inflation remains the main risk for stability. The economic growth rate increased during the last quarter of 2016/17 to 4.8 percent, while the unemployment rate decreased to 11.9 percent in 2017, compared to 12.7 percent in June 2016, according to official data. Egypt's foreign reserves registered $36.535 billion at the end of September 2017, continuing the surge over the past few months. The country's initial budget deficit decreased by 50 percent during the financial year 2016/2017, falling by 1.8 percent of GDP compared to 3.6 percent in the financial year 2015/2016. In July, the CBE received the final instalment of the first $4 billion tranche of the IMF loan. In mid-August 2016, Egypt signed an agreement with the IMF over the three-year $12 billion loan to endorse the country’s fiscal reform programme, which the government embarked on in 2014 in an attempt to curb the growing state budget deficit. In November 2016, Egypt received the first instalment – an initial disbursal of $2.75 billion – of the first tranche following the floating of the Egyptian pound. More»
Ahmed Ali - 2017-10-26 14:50:53
Foreign investments in Egypt’s domestic debt instruments jumped to 285.02 billion Egyptian pounds ($16.15 billion) at the end of August, the central bank said on Wednesday. Appetite for Egypt's domestic debt and equities has increased since authorities removed most currency restrictions and raised interest rates in November to end a dollar-shortage and secure a $12 billion International Monetary Fund loan. Foreign investments, especially hot money invested in treasury bills, fled from Egypt when the revolution began. These investments continued shrinking gradually until they faded away completely a year after the uprising. More»
Amwal Al Ghad English - 2017-10-25 12:51:02
Visa Inc, the world’s largest payments network operator, reported Wednesday an 11 percent increase in its fourth-quarter profit, driven by its purchase of Visa Europe and as more people made payments using its network. Net income rose to $2.14 billion during the forth quarter of 2017 from $1.93 billion during the same period in 2016. Earnings per Class A share rose to 90 cents from 79 cents a year earlier. “Visa ended our fiscal year as we began, with strong growth across payments volume, cross-border volume and processed transactions, which was bolstered by the addition of Visa Europe,” Chief Executive Alfred Kelly Jr. said. Visa’s shares were up 1.4 percent in premarket trading. The company's total operating revenue jumped 14 percent to $4.86 billion, reflecting growth in payments volume and processed transactions. Payments volume rose 9.8 percent to $1.93 trillion on a constant dollar basis, with the United States accounting for about 43 percent of the total. Cross-border volumes, the value of transactions made outside of the United States, increased by ten percent, on constant dollar basis. Total operating expenses rose marginally to $1.64 billion. Visa’s rival, MasterCard reports financial results next week. More»
Amwal Al Ghad English - 2017-10-25 11:51:55
Global payments technology company Visa has launched the newly-incorporated Visa Foundation, which has been established as part of Visa’s larger social impact strategy that will prioritise the growth of micro and small enterprises around the world, enabling individuals, businesses, and economies to thrive.  To mark its inception, the Visa Foundation is making its first financial commitment of up to $20 million to Women’s World Banking. At the heart of the Visa Foundation is the belief that micro and small enterprises are the backbone of the global economy. In fact, small and medium enterprises account for more than 90 percent of enterprises worldwide, and contribute 50-60 percent of global employment. However, these segments struggle to access the financial tools, capital and training programs required to enable them to fully thrive. The Visa Foundation’s core mission is to support efforts to rectify this imbalance. “As a brand and a business, Visa has always stood for making a positive and transformational impact on the world,” said Al Kelly, chief executive officer for Visa and Visa Foundation board member. “The Visa Foundation has been established to build on a long history of corporate giving and will accelerate the delivery of our social impact goals. Our intention is to establish a legacy of meaningful contributions by helping millions of microenterprises thrive.” More»
Amwal Al Ghad English - 2017-10-25 10:37:22
You've seen all the headlines about bitcoin and other cryptocurrencies rising in value. Maybe you want to get in on the game. But how do you even start? We'll show you. Before you do this, though, you should note that bitcoin isn't universally accepted like regular currency. My colleague Seema Mody published a great video recently where she tried to live a week on the currency, and it wasn't easy. You can use bitcoin online and at some retailers, but for the most part you're still better off just paying with cash or a credit/debit card. You should also be aware that bitcoin is more like a speculative investment than a regular currency, and can fluctuate wildly in value. Although the overall trend has been up in recent months, but crashes of 20 percent or more in a few days are historically not uncommon. Still interested? Here's how to get started: It's available for Android and iPhone. You'll need to agree to terms and enter the state you live in. Again, the price of a single bitcoin tends to be pretty volatile, skyrocketing one day and collapsing another. It is a speculative investment. Tap the "buy" button at the bottom of the screen to add a payment account. Credit and debit cards allow instant buys but only let you purchase $150 in Bitcoin per week. Linking a bank account can take 4 to 5 days to trade, but you have higher buying limits. This time you'll see a screen showing your account information. Since I'm using a credit card, I can only buy $150 worth per week. If I buy $100 right now at the current $2708.51 price, I'll get $0.03692073 Bitcoin. There's a $3.99 fee. Now I just tap the Buy button again. You can use the same app to buy Ethereum, another cryptocurrency. At the time of writing, Ether, the currency associated with Ethereum, is available from $327 a pop. Like with Bitcoin, you're limited to how much you can buy per week. My bank called me within 5 minutes to verify my attempt to buy Bitcoin. You may face the same situation, just approve the purchases and you should be good to go. More»
Amwal Al Ghad English - 2017-10-25 09:10:53
Egypt's Mohandes Insurance Company’s first-quarter standalone net profit fell to 21 million Egyptian pounds ($1.2 million), the company said Wednesday in a bourse filling. Earlier, profit stood at 25.9 million during the first quarter of 2016. More»
Amwal Al Ghad English - 2017-10-24 10:10:36
S&P Global Ratings would revisit Mexico’s sovereign credit rating if the North American Free Trade Agreement (NAFTA) is “materially dismantled”, the ratings agency announced Tuesday, whilst stressing this was not its base case. S&P currently rates Mexico BBB+ with a stable outlook, based on the assumption that NAFTA will be renegotiated and the new deal will broadly preserve the existing trade and investment flows between Mexico and the United States. “That is, it will not have a material impact on the variables that we monitor. If we are wrong about that and NAFTA is materially dismantled, obviously we’ll have to revisit the situation,” sovereign analyst Joydeep Mukherji said in a statement. On Brazil, which S&P currently rates BB with a negative outlook, Mukherji said the ratings agency hoped to resolve the negative outlook well before Brazil’s elections next year, with pension reform being key. “Passage of the reform would give the next government some breathing space, which will be required to enact further reforms to bring the fiscal accounts back on an even keel,” Mukherji said. “If that happens, the rating can stabilize. If it doesn’t we could lower the ratings.” The ratings agency also said that if it were to downgrade Colombia, which it currently rates BBB with a negative outlook, it would be due to a deterioration in the country’s financial profile. More»
Amwal Al Ghad English - 2017-10-23 14:31:28
Amwal Al Ghad Magazine, the founder of Top 50 Women Forum, signed Sunday an agreement with the National Council for Women (NCW) and Egypt’s Central Bank to launch Women Leadership Development Mentorship programme. This is the first deal of its kind signed between public and private institutions, that aimed at developing women holistically for the future professionally, individually, and spiritually to excel in all political, economic, and social fields. The three parties stood in silence for a minute before signing the agreement to remember the 16 Egyptian security forces killed by militants on Friday. The forum includes the top fifty of the most influential women in Egypt that were ranked in The Top 50 Annual Ceremony organised by Amwal Al Ghad Magazine last January 27th under the patronage of the Egyptian Prime Ministry. Amwal Al Ghad Magazine founded Top 50 Forum in 2016 as the first think tank in Egypt. More»