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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        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        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        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        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 - Banks

Amwal Al Ghad English - 2015-03-30 09:39:54
The pieces are falling into place for Egypt’s first Islamic bond sale, as Abdel Fattah al-Sisi’s government grapples with foreign currency reserves near the lowest in 20 months and debt to overseas oil companies. The Arab nation’s sukuk law is likely to be ready by the start of the new fiscal year in July, according to Finance Minister Hany Kadry Dimian, who told reporters in Cairo on Thursday the government will sell dollar-denominated Shariah-compliant notes once the rules are in place. Egypt also said last week it’s preparing to issue its first conventional international bond since 2010. Dimian’s comments are the strongest signal yet the government of al-Sisi, the former army chief elected in May after the ouster of Islamist President Mohamed Morsi, endorses Islamic finance. Egypt’s currency savings have dwindled by more than half since the 2011 uprising against Hosni Mubarak, leaving the Arab World’s most populous nation largely dependent on handouts from oil-producing Gulf Arab neighbors to keep its economy afloat. “Given improvements in the economy, they feel there might be appetite for their paper,” Ahmed Shehada, the head of advisory and institutions in Abu Dhabi at NBAD Securities LLC, the brokerage of the biggest bank in the United Arab Emirates, said by phone on Sunday. “I’m sure they will find enough interest regionally to make it worthwhile.” Reserves Slump Saudi Arabia, the U.A.E., Kuwait and Oman pledged more than $12 billion at a conference this month to help Egypt’s reconstruction projects, half of them as deposits in the central bank. The $300 billion economy has been growing at near the slowest rate in two decades, according to data compiled by Bloomberg. Egypt’s foreign reserves dropped to $15.5 billion at the end of February, compared to about $33 billion four years earlier. “The country has stabilized, they want to start implementing the projects, that’s why they’re trying to accelerate the sukuk law,” Montasser Khelifi, a Dubai-based senior manager at Quantum Investment Bank Ltd., said by phone yesterday. “Receiving aid is a good thing, but increasing the self-financing of the country would be a great step for them.” Egypt had been moving toward a sale of sukuk two years ago under Morsi, whose Muslim Brotherhood administration planned to boost the Shariah-compliant industry with an initial issue of $1 billion of notes. A sukuk law approved by the government in 2013 was never implemented. “Nobody wants to touch it,” Sherif Samy, the chairman of the Egyptian Financial Supervisory Authority, said as recently as August last year. Oil Companies Egypt has hired banks including Morgan Stanley, BNP Paribas SA and Natixis SA for a $1.5 billion non-Shariah compliant bond sale, Dimian said last week. The cash raised will be partly used to pay dues to foreign oil companies, according to Investment Minister Ashraf Salman. The sukuk sale will probably also be used to finance “mega-projects that have been approved by the government during the investment conference” in Sharm El-Sheikh this month, Walid Hegazy, secretary general of the Egyptian Islamic Finance Association and managing partner at Hegazy Law & Associates, said by phone from Cairo on March 29. Egypt signed agreements for a total of $60 billion in investments during the summit, including $18.6 billion worth of engineering, procurement and construction system projects. The yield on Egypt’s $1 billion of conventional notes due April 2020 dropped 21 basis points this year through Friday to 4.58 percent, according to data compiled by Bloomberg. That compares with a 19 basis-point decline in the yield of Middle East bonds on average, according to JPMorgan Chase & Co. indexes. “You want to start building a yield curve that’s independent of the aid and support,” Shehada said. “It’s a step in the right direction.” More»
Amwal Al Ghad English - 2015-03-30 08:05:13
Japanese Prime Minister Shinzo Abe said on Monday that the government and the Bank of Japan are not conducting policy to target the currency market but are pursuing quantitative easing to achieve price stability.BOJ Governor Haruhiko Kuroda echoed Abe's comments, adding that as long as currencies move in line with fundamentals there would be no negative impact on the economy. Abe and Kuroda spoke in the upper house budget committee. More»
Amwal Al Ghad English - 2015-03-30 07:49:33
Greece has not given up on its aim to renegotiate its debt to render it viable, the country's deputy finance minister said on Monday as talks between Athens and its lenders on reforms to unlock aid continue. "The government has not abandoned any claim regarding its aim to make the country's debt viable," Deputy Finance Minister Dimitris Mardas told financial daily Naftemporiki. More»
Al Zahraa Moustafa - 2015-03-29 12:50:55
Takaful insurance industry is expected premium growth to US$20 billion globally by end of 2017, head of the Egyptian Insurance Federation Abd El-Raouf Kotb said on Sunday during a high-profile insurance event being held today in Egypt. By end of 2013, takaful insurance has posted premiums worth US$18 billion at end of 2013, the Egyptian official said. On the sidelines of the 3rd GTG/ICMIF/IFTI Takaful Network Seminar started on Sunday in Egypt, Kotb added that the participants of the seminar would discuss the massive capabilities that Takaful market enjoys. The 3rd GTG/ICMIF/IFTI Takaful Network Seminar will take place on 29th - 30th March, 2015 in Cairo, Egypt. From his part, Omar Gouda- Regional Director of the African Reinsurance Corporation (Africa Re)'s for North East Africa and the Middle East- said the seminar is an important step, in the framework of coordination between the International Federation of Takaful & Islamic Insurance Companies (IFTI), International Cooperative and Mutual Insurance Federation (ICMIF) and Global Takaful Group (GTG). The event aims to focus on Takaful industry nowadays in the light of the fact that its growth rates are remarkable and expected to make higher growth currently. More»
Amwal Al Ghad English - 2015-03-29 07:24:19
China's central bank governor Zhou Xiaochuan warned on Sunday that the country needs to be vigilant for signs of deflation and said policymakers were closely watching slowing global economic growth and declining commodity prices. Zhou's comments are likely to add to concerns that China is in danger of slipping into deflation and underline increasing nervousness among policymakers as the economy continues to lose momentum despite a raft of stimulus measures. "Inflation in China is also declining. We need to have vigilance if this can go further to reach some sort of deflation or not," Zhou said at a high-level forum in Boao, on the southern Chinese island of Hainan. More»