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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 - 2015-05-18 11:49:34
The number of banks in the running to buy Citigroup's consumer business in Egypt has fallen as the bidding process enters its final stages, banking sources told Reuters on Monday. Bids from at least three banks are believed to still be under consideration,the sources said. Two are from the UAE-Abu Dhabi Islamic Bank(ADIB)and Emirates NBD(ENBD). The third,Egypt's Commercial International Bank, said last month it had decided to submit a binding offer. It was not clear whether other bidders were still in contention, but the number has shrunk greatly since the start of the year, when as many as ten banks had been in the running, the sources said. Citi's net investment in Egypt was around $250 million as of mid-2013,according to a US Securities and Exchange Commission filing. The business has eight branches and about 800 staff,serving about 100,000 customers,according to a bank spokesman. A final decision on a successful bidder is expected in coming weeks,one of the sources said. Bidders should have an existing presence in the Egyptian market. Citigroup and ENBD declined to comment. An ADIB spokeswoman told Reuters there was no update on its bid. The US bank said last October that it was pulling out of consumer banking in 11 markets,including Egypt and Japan,to trim costs. Citigroup wants to complete sales in those markets by the end of 2015,it said at the time. Mashreq, another UAE bank, and Bank Audi , a Lebanese lender, have withdrawn from the bidding, the sources said. Spokesmen for both banks were unavailable to comment. Citigroup is one of the few banks in Egypt with authorisation to distribute offshore mutual funds in the country. Any buyer without such a licence would need central bank approval for that activity, one of the sources said, though a second source said the issue was "not a deal breaker". ENBD has already made a recent acquisition in Egypt, purchasing BNP Paribas' business for $500 million, a deal concluded in 2013. More»
Amwal Al Ghad English - 2015-05-18 10:44:57
Global ratings agency Standard & Poor’s upgraded the long-term credit ratings on three major Egyptian banks; the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB) to "B-" from "CCC+", according to OKAZ Saudi newspaper. At the same time, S&P affirmed the short-term credit ratings on NBE, Banque Misr and CIB at "C" with the outlooks on the three banks being stable. The rating agency added that the rating actions follow the update of its outlook on Egypt from "stable" to "positive" on Friday, pointing out that the Egyptian authorities have secured sufficient foreign currency funding to manage the country's short-term fiscal and external financing needs. On 15 May, S&P revised its outlook on Egypt to positive from stable, citing "gradual economic recovery." “The rating action reflects our view of Egypt's gradual economic recovery, supported by improving, albeit still fragile, political stability, alongside policymakers' commitments since 2014 to embark on economic reforms," said S&P. "These include subsidy and income tax reforms, a new law on investment, and the announced value-added tax (VAT) system on goods and services. In addition, we expect some Gulf states will continue to provide the Egyptian Government with sufficient foreign currency funds to manage the country's short-term fiscal and external financing needs.” More»
Islam Salah & Hesham Ibrahim - 2015-05-17 12:47:18
The African Development Bank Group may alter its 2015 finance strategy with Egypt for 2015 to allocate US$650 million, up from US$500 million, an official from the bank told Amwal Al Ghad Sunday. According to AfDB’s Resident Representative in Egypt Leila Mokaddem, the bank studies the raise in finances so as to take part in more new projects in Egypt. Speaking to Amwal Al Ghad, Mokaddem said AfDB’s 2015 strategy for Egypt is based on supporting a number of sectors, notably the renewable energy, transport, and irrigation. AfDB intends to pump US$100 million in finance to participate in carrying out a new Egyptian project in renewable energy, the banking official elaborated. Since 1974, AfDB has financed around 100 operations in Egypt worth US$6.9 billion. In March, AfDB reached an agreement with the Egyptian government over a US$2.5-3 billion in aid, marking a three-year strategy of cooperation with Egypt for 2015-2019. More»
Amwal Al Ghad English - 2015-05-17 09:12:48
World Bank Group’s President Jim Yong Kim will embark on an official visit to Egypt next June 9 to meet Egyptian President Abdel Fattah al-Sisi and Prime Minister Ibrahim Mahlab. Kim would lead an official delegation during his visit to meet a group of top officials and ministers too, said World Bank Vice President for the Middle East and North Africa region Hafez Ghanem. Ghanem's remarks came at his meeting with the Egyptian media men, accompanying the "Knock Doors" mission, currently visiting Washington, state-news agency MENA reported. The delegation is expected to review with the Egyptian side the possible assistance needed by Cairo for economic and social reform, Ghanem said. More»
Amwal Al Ghad English - 2015-05-17 08:05:37
The European Central Bank is satisfied with the effects of its bond buying program on the economy and inflation and has no intention of ending it prematurely, ECB Executive Board Member Yves Mersch said on Saturday. In March, the ECB started buying 60 billion euros worth of euro zone government bonds a month to inject more cash into the economy and reverse a trend of falling prices. "We are seeing that ... we have stopped the negative bank lending rates and are starting to get new credit into the economy through the banking system," Mersch told Luxembourg radio. More»