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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        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        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        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        

Banks

Central Bank of Egypt keeps key interest rates ‘unchanged’


Published 2016-04-28 18:01:35| Amwal Al Ghad English

Egypt's central bank has decided Thursday to keep its key interest rates unchanged in its first decision since it raised rates by 150 basis points last month. The bank's Monetary Policy Committee (MPC) kept the overnight deposit rate at 10.75 percent and the overnight lending rate at 11.75 percent, it said in a statement. Egypt has been struggling to restore economic growth since a mass uprising in 2011 against veteran leader Hosni Mubarak ushered in a period of political uncertainty that has scared away tourists and foreign investors, the major sources of hard currency. Reserves have more than halved since 2011 to stand at $16.56 billion in March. The central bank had been taking measures to support the pound but on March 14 it devalued the currency to 8.85 per dollar from 7.73. Two days later it strengthened it slightly to 8.78 per dollar as it adopted a more flexible exchange rate policy. In an attempt to curb inflationary pressures after the devaluation, the central bank exceeded expectations and raised its overnight deposit rate to 10.75 percent from 9.25 percent and the overnight lending rate to 11.75 percent from 10.25 percent at its last meeting on March 17. Eight out of 10 contributors to a Reuters poll had said they expected the committee to keep rates unchanged on Thursday, while two contributors expected a hike. Annual urban consumer inflation eased for the third consecutive month in March to 9 percent from 9.1 percent in February.
Financial Institutions
United Nations Development Programme (UNDP) signed Thursday an agreement to extend its partnership with Egypt’s Social Fund for Development (SFD) for three additional years. The partnership aims to strengthen the capacities for SFD in order to: (i) enhance institutional and operational efficiency, (ii) improve planning, monitoring and evaluation for development results, (iii) increase access to improved financial and non-financial services for SMEs, and (iv) improve methodologies and business processes targeting human and community development interventions to become more sustainable and aligned with the local environment. The partnership will continue its support to the Public Works Programme to provide jobs to the most marginalised people throughout the country as a form of social protection since 2012, with the generous financial support from the Government of Japan.
Real Estate
Egypt-based property developer, Tatweer Misr has promoted the first phase of its Fouka Bay project in the North Coast, the Managing Director, Ahmed Shalaby said Saturday. The project’s first phase includes 170 units while the whole project is implemented upon four phases over five years with investments amounting to 2 billion Egyptian pounds. Rolling out on 1 million sqm of land, Fouka Bay conveniently situated in Ras Al Hekmah 210 km west of Alexandria and 70 km from Marsa Matrouh. On the other hand, Tatweer Misr submitted a proposal to the Ministry of Housing to develop an entire project at the New Administrative Capital. The proposal included development of 500 to 1,000 acres. The company is now awaiting the ministry’s approval and the implementation scheme. The new capital integrates the company’s project in Ain Sokhna, especially after completing the national roads networks.