amwalalghad :: Banks

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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        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        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        National Development Bank   6.72        Six of October Development & I   15.03        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

Sayed Badr - 2014-12-10 16:59:03
Egyptian Gulf Bank (EGB) plans to expand in granting loans to deliver natural gas to homes across Egypt. According to Sharif Farouq – EGB’s General Manger and Head of Retail Banking – said his bank’s portfolio of gas loans currently stands at EGP 300 million (around US$42 million). EGB’s home gas delivery loans are short-term and are valued at EGP 3000 per loan, he added. Speaking to Amwal Al Ghad on Wednesday, the banking official said EGB would pump around EGP 200 million within the coming year to expand its network of places to deliver natural gas across Egypt, to be eventually added to Dar El-Salam area and other areas in Alexandria governorate. EGB’s personal loans have reached around EGP 750 million, targeting a next year increase to EGP 1 billion. More»
Amwal Al Ghad English - 2014-12-10 12:21:51
As part of Mashreq Egypt's commitment to the Egyptian market and the bank's keenness to provide all that's new and exciting, the Bank will be offering for the first time in Egypt the option of not only allowing its customers to finance their car, but also pay for the first year of their car insurance through monthly installments. Mashreq Bank not only offers the best auto loans and the fastest approvals , it is first and pioneer the only bank that is offering customers to pay for the first year of their car insurance in installments along with their car installments. Mashreq Egypt's auto lending success is largely due to the value and convenience it offers, showcasing the bank's promise to provide products and services that are convenient and beneficial to their customers. Tailored to meet the needs of individual customers, the bank's main focus is to be the best bank when it comes to processing time of the loans to facilitate customer's requirements, while making the repayment process as simple and as convenient as possible. Mashreq Egypt offers a number of auto loans schemes whereby the Bank finances up to 100% of the value of the vehicle with tenure up to 60 months at very competitive rates. Pankaj Kundra, Head of Retail, Mashreq Egypt said, "We continue to offer truly unique financial solutions to our customers and this demonstrates our retail banking strategy. Our Auto Loan offers are designed to cater to customer needs with a variety of programs based on specific preferences. For example, our car insurance installments will be the first of its kind and set new standards in Egypt." Over the past 40 years, Mashreq has been consistently ahead of the competition in the development of new products and services, whether in foreign trade services, direct banking or comprehensive mortgage products. Through this convenient and innovative package, Mashreq aims to provide financial support and peace of mind to its customers in Egypt. More»
Mohamed Hamdy - 2014-12-10 12:01:33
The Industrial Development & Workers Bank of Egypt is in ongoing talks with the Egyptian Social Fund for Development (SFD) over new loans worth EGP 200 million. The new loans are designated to finance small and medium-sized projects in Egypt. In this respect, Hamdi Azzam – Executive Board Member at IDWBE – told Amwal Al Ghad that his bank’s strategy for the coming years would focus on the SME sector, as for being a significant element of the Egyptian economic growth. To Finance micro-sized projects, the banking official further referred that IDWBE had granted Alexandria Business Association and Assiut Businessmen Association loans worth EGP 40 million and EGP 55 million, respectively. Moreover, Azzam said IDWBE’s SME financing portfolio has surged to EGP 600 million by end of September 2014, from EGP 500 million a year earlier. More»
Amwal Al Ghad English - 2014-12-10 09:15:53
Many cheered Egypt’s convulsive revolution in 2011 and its aftermath. EFG Hermes, the country’s dominant investment bank, was not among them. Foreign investors and tourists fled. The economy collapsed, and the bank’s top two executives faced corruption charges because of their ties to the family of Egypt’s ousted president, Hosni Mubarak. Now, with the Egyptian economy experiencing a remarkable revival under its autocratic president, Abdel Fattah el-Sisi, EFG Hermes has re-emerged as the go-to investment bank in Egypt — bringing companies public and funneling foreign investor money into the country’s booming stock market. In what has been a generally lackluster year for emerging markets, Egypt’s stock market has stood out, soaring more than 30 percent in 2014 (as of Dec. 1), a return that trails only the Indian stock market among large developing economies. As with India under its reforming prime minister, Narendra Modi, the bullish case for Egypt presumes that Mr. Sisi can fulfill his radical promises to overhaul the country’s economy by cutting energy subsidies, increasing private sector investment and reducing the budget deficit. The Egyptian economy grew 6.8 percent in the first quarter of 2014, a six-year high, and economists expect growth to hit 4 percent this year — a level that would outpace former growth stars Brazil and Turkey. And while questions remain about Mr. Sisi’s hard-line approach to the main opposition group, the Muslim Brotherhood, a growing number of investors argue that his bet that a broadly improving economy will weaken his political opponents is worth supporting. “You don’t see anything close to large-scale demonstrations of recent years,” said Charles Robertson, an emerging market analyst at Renaissance Capital in London. “The majority of Egyptians want stability, and Sisi is offering that.” In just about every developing economy, the fortunes of the local investment bank are intertwined with a head of state’s ability to deliver long term and sustainable economic growth. This is especially so in volatile areas of the world like Russia, Turkey and Egypt. So, after EFG’s near-death experience after the Tahrir Square uprising — in 2013, the firm lost 335 million Egyptian pounds (about $46 million), one of the largest losses in its 30-year history — Mr. Sisi’s consolidation of power has been a godsend for EFG. “The country was in pretty bad shape — but now there is strong leadership and a president who is very dynamic,” said Karim Awad, co-chief executive of the firm. “He wants to improve the investment environment and he understands that there are major structural issues in the economy that must be dealt with.” Mr. Awad, a longtime investment banker who has been at EFG for 16 years, assumed the leadership slot in late 2013. He has experienced the company’s highs and lows and says that EFG was able to survive its “darkest days” by aggressively cutting costs and increasing its focus on its core Egyptian market. Now the hard work is paying off. After a three-year drought in initial public offerings, the deal-making environment in Egypt is heating up, led by the wildly popular initial public offering of the Arabian Cement company, one of Egypt’s larger cement companies. The deal raised $110 million — with global investors requesting billions of dollars in stock — and Mr. Awad said that the offering’s success had led to a full pipeline of six companies looking to test the market next year. Given the long dry spell and the upturn in the economy, Mr. Awad said that Egyptian companies were now “lining up to raise capital.” And he said he expected foreign investors to play a leading role in these offerings. Zoran Milojevic, who covers the Middle East for Auerbach Grayson, a New York-based investment boutique that focuses on emerging and frontier markets, said that in recent months he had been receiving many queries from United States investors about visiting Cairo and how to participate in some of these new I.P.O.s. Auerbach Grayson has a partnership with EFG and distributes its research to its investor base in Europe and the United States. Mr. Milojevic pointed out that even when the situation in Egypt seemed to be at its worst in early 2012, EFG insisted that Egypt was too big an economy to be ignored — no matter how bad the politics became. “They were under a lot of pressure at the time,” he said, referring to their suspected links to the Mubarak government. “But they remained cautiously optimistic.” Since then the stock market is up more than 100 percent in dollar terms, and EFG, with its dominant market share as a trader and deal maker, has reaped the benefits. Mr. Milojevic said that the Egyptian market now traded about $90 million a day, making Cairo one of the most liquid stock exchanges in Africa. Local investors make up about 60 percent of the daily trading volume. While that may be a lot for Africa, it is a tiny number compared with other large markets in the region like Turkey and South Africa — far below, as well, the volumes Cairo generated before the 2011 revolution. Mr. Awad accepts that the challenges for Egypt and his firm are considerable and that the country still needs to prove that it can grow at a rate that can absorb the hundreds of thousands of people who enter the work force each year. He points out, too, that the 6.8 percent growth rate of the first quarter was a bit of an anomaly given the low base of comparison. It is also true that for all its accomplishments, the Sisi government will be presiding over a budget deficit of about 11 percent of gross domestic product this year and that the country remains dependent on billions of dollars in financial largess from countries like Saudi Arabia, Kuwait and the United Arab Emirates. As oil prices plunge, these handouts could well diminish over time, regardless of Mr. Sisi’s reform accomplishments. Moreover, Mr. Sisi, who was elected president this year, has effectively disenfranchised the Muslim Brotherhood, which just two years earlier had its own duly elected president in Mohamed Morsi, who is in prison. How such a large segment of Egypt’s population responds to Mr. Sisi’s continuing crackdown remains to be seen. As one might expect, Mr. Awad says he thinks that Mr. Sisi’s strategy to focus on lifting the economy as a way to win the affection of disgruntled Egyptians will succeed. “The economy is the key driver,” Mr. Awad said. “What is important is to create sustainable jobs and to make sure that Egyptians have a decent livelihood.” More»
Amwal Al Ghad English - 2014-12-10 09:08:03
Egypt has “a long way to go” with an overhaul of its economy before it can regain the confidence of foreign investors, the World Bank’s chief economist for the region said. Steps by the government in July to reduce energy subsidies were “tremendous,” Shantayanan Devarajan said in an interview in Cairo yesterday. “But keep in mind that the gasoline price in Cairo today is one quarter of the world price.” President Abdel-Fattah El-Sisi, a former army chief who was elected to the post a year after toppling his Islamist predecessor, has been struggling to revive an economy that has stagnated as the 2011 uprising was followed by years of often violent unrest. El-Sisi has already gone further with subsidy cuts than past Egyptian governments, which often debated such measures then shied away from taking them amid concern they would create public anger. Egypt posted a budget deficit of 12.6 percent of economic output last fiscal year. About a quarter of spending typically goes on subsidies, much of it for energy. The recent drop in oil prices doesn’t lessen the need for change, according to Devarajan. “If I’m an investor and I see the government spending a large percentage of GDP on fuel subsidies and I know that there’s a good chance that the fuel prices can go up, then all of a sudden this economy -- even if there’s political stability -- could be in deep trouble,” he said. ‘Political Connections’ Subsidy cuts should be accompanied by an expansion of the safety net for the poor, to ensure social justice and avoid instability, Devarajan said. Investors and tourists have steered clear of Egypt amid unrest that worsened after the overthrow of Islamist President Mohamed Morsi last year, leaving the economy dependent on the largess of Gulf Arab benefactors. Saudi Arabia, the United Arab Emirates and Kuwait have provided billions of dollars in aid, helping plug the gap in the country’s foreign exchange reserves. Egypt will hold an economic conference in March in an attempt to attract more funds. Investors who attend will be looking for signs of the government’s commitment to restoring economic stability, such as lower subsidies, Devarajan said. Egypt must also increase competition in the private sector, where the dominance of a few large, politically connected firms is strangling opportunity for others, he said. “You have people in political power, who have political connections, who were getting favorable treatment,” he said. “Let’s make sure that this doesn’t happen again.‘‘ More»