amwalalghad :: Business

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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        

Banks

AAIB-Egypt to Provide its Services in Local Currency by Q1/2015


Published 2014-10-30 12:49:29| Ahmed Ali

Vice Chairman and Managing Director of Arab African International Bank (AAIB) Mohamed Barakat said the bank's board of directors is aiming to start providing the banking services with local currency within the first quarter of the next year after obtaining approvals for full control on the Central Bank of Egypt (CBE). In statements to Amwal Al Ghad on the sidelines of Union of Arab Banks' Conference 2014 -Sharm El Sheikh under the name of Prudential Regulatory Procedures and Sound Practices in Risk Management’, Barakat added that the board is targeting to expand in launching banking branches in order to achieve geographical expansions to meet with the bank's plans so as to allure deposits with Egyptian pound and to launch new banking products along with expanding in granting loans with local currency. Moreover, he explained that the enhance of AAIB's revenues by the upcoming period comes at the top priorities of board to face the expenses of branches' expansion, stressing that the bank has strong solvency to keep up with the required expansions in the coming period.
Financial Institutions
Egypt’s Wethaq Takaful Insurance registered 15% growth in premiums during first quarter of current fiscal year, said the technical general manager Mohamed Abdel Mawla. During Q1, the company posted a volume of premiums worth EGP 25.4 million versus EGP 22 million for the same comparable period a year earlier. Furthermore, Abdel Mawla also told Amwal Al Ghad that the volume of paid compensations for Wethaq’s clients reached around 12.8 million in Q1, 16.3% up from EGP 11 million by end of September 2013. Wethaq is targeting a 14% growth in its volume of written premiums to be EGP 120 million by end of June 2015, opposed to EGP 105.2 million during last fiscal year 2013/2014. Following recent inauguration of its new office in Mohandessin, Wethaq currently has a network of branches amounting to 4 located in Alexandria, Mansoura, and Nasr City district in addition to its main headquarters in Dokki.
Real Estate
UAE leading retail developer Majid Al-Futtaim (MAF) is seeking a new financing from Egypt’s largest state-owned bank, the National Bank of Egypt (NBE). The targeted financing is designated for MAF’s new expansions in Maadi and New Cairo districts. This comes after a meeting had been held by end of last week between officials from the MAF and NBE. The National Bank of Egypt has expressed its initial approval to finance the new expansions by MAF, a source from the bank with knowledge of the talks told Amwal Al Ghad on Sunday. The bank had already arranged an earlier loan worth 3 billion Egyptian pounds in favour of MAF, to finance the establishment of Mall of Egypt. “Majid Al Futtaim is committed to maintaining and expanding its business in Egypt, especially that we believe that the market is ready for more investment. We are optimistically looking forward to further growth – growth we believe will yield beneficial results not only to our business, but to the economy at large,” Abdallah El Nockrashy, Majid Al Futtaim Properties Country Head for Egypt said in an earlier statement on Sunday. “Egypt is undergoing a great transformation that promises a new age of prosperity. As such we’re keen to actively take part in this process through establishing a project that will create thousands of direct and indirect job opportunities, as well as, encourage current players in the retail industry to expand their businesses and open new opportunities.”