amwalalghad :: Financial Institutions

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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        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        Universal For Paper and Packag   4.94        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        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        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        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        


Business - Financial Institutions

Amwal Al Ghad English - 2014-04-16 09:53:21
Annual consultations between Egypt and the International Monetary Fund (IMF) will take place after the coming presidential elections, said Egypt's Finance Minister Hany Qadry Demian. Demian’s announcement came after Christine Lagarde, IMF managing director, met the Egyptian delegation on the sidelines of the IMF-World Bank's spring meetings. In a statement released on Tuesday, Demian said the expected consultations are "an implementation of Article IV of the IMF's Articles of Agreement aiming to activate the supervisory role of the IMF with all member states." Lagarde said the IMF was ready to help and respond to the demands that Egypt's government believes would be useful for cooperation during the current phase. Egypt's relations with the IMF declined when Egypt's government suspended negotiations over a $4.8 billion loan after the ouster of Islamist president Mohamed Morsi in July 2013. Egypt's post-Morsi government has increasingly turned to friendly Arab states for economic assistance, receiving pledges of $12 billion in loans, grants and fuel shipments from Saudi Arabia, the United Arab Emirates and Kuwait. Two years of negotiations over the IMF loan have passed without an agreement due to the reluctance of successive governments to impose economic reforms that would squeeze Egyptians' living standards, such as lifting fuel subsidies and implementing a value added tax (VAT). Demian and Lagarde have not made any statements regarding the status of the loan. More»
Islam Adelhameed - 2014-04-14 09:51:52
General Arab Insurance Federation (GAIF) approved its financial statements for the previous year during its last meeting. Mr. Alaa El-Zohairy GAIF’s Representative in the Egyptian market said. El-Zohairy has quoted Amwal Al Ghad Arabic’s Website that GAIF’s financial statements revealed that it attained around US$1.432 million revenues in the last year. GAIF agreed to include 4 insurance firms to become 380 Arab firms, noting to the Arab firms in UAE, Yemen, Iraqi and Saudi Arabia, El-Zohairy added. The Federation is considering arranging GAIF conference which schedule to hold in next September in Sharm El Sheikh. Furthermore, GAIF has reviewed a set of seminars and conferences which have been held in the last year along with discussing the various technical committees. More»
Amwal Al Ghad English - 2014-04-13 09:00:13
Reforms to the International Monetary Fund have hit a deadlock despite a declaration from global financial chiefs that they would move forward without the United States if it fails to ratify the changes by year-end, a G20 official said on Sunday. The inability to proceed with giving emerging markets a more powerful voice at the IMF and shoring up the lender's resources appeared the most contentious issue for officials from the Group of 20 leading economies and the representatives for all IMF member nations who met over the weekend. In a final communique, G20 finance ministers and central bankers said they were "deeply disappointed" with the U.S. delay. "Some said that we need to give the U.S. more space," the official, who participated in the G20 talks and spoke on conditions of anonymity, said. "I say we are at a dead end." Any attempt to break the package of reforms, proposed by the G20 in 2010, would be disastrous not only for the United States, but for the whole group, he said, because most countries have already gone through the ratification procedures. "If you pull the 2010 package apart, you will have to start anew," the official said. "And this factor cannot be overcome. How to overcome it? Nobody wants to go again through this process for the second time." Other officials were not immediately available for comment. MISSION IMPOSSIBLE? Emerging markets, most handicapped by the lack of reforms, expressed exasperation over the weekend that a four-year wait for the reforms is asking too much of them. But it is unclear what moves could be taken to overcome the impasse. There could be some ad hoc measures taken to achieve at least some of the governance overhaul for the global lender without formal U.S. approval. Russian Finance Minister Anton Siluanov said developing nations may demand changes to the IMF's emergency borrowing mechanism if the United States does not approve the overhaul. Most of the solutions, however, giving the structure of decision making at the IMF, could not be implemented without the U.S. approval. U.S. Treasury Secretary Jack Lew said President Barack Obama's administration would do its best to push IMF quota reforms through the U.S. Congress this year. Christine Lagarde, managing director of the IMF, said it is too early to talk about alternatives. "Plan A is going to be explored to the end, and in depth, but if that plan A doesn't work, then we will worry about plan B." For now, the G20 official said, there is no plan B. "There is nowhere to go," he said. "Initially, you have a discussion, but then when you move to details, there is nothing." The impasse in the reforms has already had some side effects, including the increase in regional funds that act on a smaller scale, but which altogether could potentially undermine the role of the IMF in the future. At the G20 meeting over the weekend, officials tried to stay optimistic that the U.S., despite complaints from some Republicans have that the changes would cost too much at a time Washington was running big budget deficits, will come forward. But the prospects are not promising, the G20 official said. "It is impossible to defend national interests, and we are all forced to do so, and not offer a breakthrough solution that would respond to current needs," he said. "At a time when the world has become multi-polar, why should one country should have the veto power?" More»
Islam Adelhameed - 2014-04-12 13:40:58
The total investment portfolio of Arab Misr Insurance Group GIG reached EGP460.5 million within 9 months of the current fiscal year 2013/2014, Mohamed Nagah Nour, Head of Investment Sector asserted. The net profits of GIG’s investments reach up EGP46 million at the same period, adding that the total income investment value is EGP52 million at the end of last March, Nour explained. The second investment fund will be launched under GIG underwriting by the end of the current month with EGP50 million initial capitals, noting that Prime Investment Company will take over the fund’s board of directors. Furthermore, the insurance sector awaits the presidential elections as it will contribute in attaining the political and economic stability in Egypt that will support alluring fresh investments for the country. More»
Amwal Al Ghad English - 2014-04-12 10:13:13
Egypt will need further international assistance to put its economy back on track despite receiving huge loans from Gulf Arab states, the IMF said Friday. "Egypt will need financial support which could come from its partners in the Gulf or, if the government wants that, from the IMF and from other international financial institutions," Christopher Jarvis, the International Monetary Fund's Egypt mission chief, told reporters. The IMF had been in talks on a $4.8 billion bailout package for Egypt, which has been coping with violence and economic woes since the 2011 overthrow of president Hosni Mubarak. But the discussions broke off last year due to political instability after the ouster of elected president Mohamed Morsi from power. Saudi Arabia recently announced a $5 billion support package for Egypt before the country holds May 26-27 elections in which retired army chief Abdel Fattah al-Sisi is seeking to be president. Two fellow oil-exporting Gulf monarchies, Kuwait and the United Arab Emirates, have together promised $7 billion. Despite the influx of cash, Egypt still faces "big challenges" including low growth, high unemployment and an aggravated budget deficit, Jarvis said. Jarvis renewed calls on Egypt to take the politically sensitive step of reducing fuel subsidies, saying that they were painful for the budget. "The sooner the reform is started the better. But we see it as a process that will take several years," Jarvis said, adding that the IMF stood ready to assist. More»
Amwal Al Ghad English - 2014-04-12 08:25:24
Egypt’s finance minister, Hany Qadry Dimian, has called for Africa to be represented in the Group of 20 in Washington DC, the Ministry of Finance said in a press statement on Thursday. Established in 1999, the G20 has assumed an increasingly active role on global economic issues since the global economic crisis of 2008. South Africa is its only African member. Speaking at a meeting of the Committee of Ten countries on the sidelines of the IMF-World Bank spring meetings on Thursday, the minister also called for an additional seat for Africa on the IMF’s Board of Governors. The Committee of Ten African Ministers of Finance and Central Bank Governors (the C10) was created in 2008 and includes Algeria, Botswana, Cameroon, Egypt, Kenya, Nigeria, South Africa, Tanzania, the Central Bank of West African States (CBWAS), and the Central Bank of Central African States (CBCAS). Its founding objectives include advocating enhanced African participation in the governance of international financial institutions and developing a clear strategy for Africa’s engagement with the G20. C10 discussions revealed that global financial issues and weakening emerging market demand led the average growth rate for African economies to shrink from 6.8 percent in 2012 to 3.7 percent in 2013. The African Development Bank Group estimates that growth rates will rise to 4.8 percent during the current year and reach 5.8 percent in 2015 due to the expected growth in demand and increased foreign investment on the continent. Governments present agreed on the importance of adopting cautious policies to stimulate economic and financial growth in Africa. The minister is also expected to meet with the Group of 24, currently chaired by Egypt, as well as high-ranking official from the World Bank during his trip. This year’s spring meetings, which began last Monday, are due to conclude on Sunday. More»
Moustafa Adel - 2014-04-10 08:30:14
On behalf of the Egyptian Finance Ministry, the Central Bank of Egypt will be offering today 182 and 364-day treasury bills worth EGP 6 billion. Throughout its official website, the CBE stated that the first offering; 182-day is at value of EGP 2.5 billion, whereas the second offering; the 364-day amounts to EGP 3.5 billion. Within this month, Egyptian government is targeting the issuance of treasury bills and treasury bonds totalling EGP 79 billion, up from EGP 69 billion auctioned throughout last March. More»
Islam Adelhameed - 2014-04-09 15:01:58
Al-Sharq Insurance Brokerage Company assigned to renew the insurance policy of Horus Pharmaceutical plant which affiliated to of EVA Pharma firm in favor of Misr General Insurance and Property company, Al Husseini Abdel Aziz, Managing Director of Al Sharq said. The total insurance costs of Horas’s policy reaches up EGP250 million, noting that the policy’s period for one year, able to renewal , Al Husseini explained. Moreover, he added that the insurance coverage of the policy includes all the risks such as fires, burglary and lost cash, dishonesty, along with an extension riot, civil unrest, strikes, civil, in addition to coverage of political violence. More»
Amwal Al Ghad English - 2014-04-09 12:26:55
The International Monetary Fund (IMF) expected Egypt’s economy to grow by 2.3% and 4.1% in 2014 and 2015 respectively, according to the official website of the Egyptian Ministry of Planning and International Cooperation. This comes after the global lender recently said in its World Economic Outlook, growth in Egypt's economy to remain sluggish this year as political uncertainty keeps tourists and foreign investors away. "Growth in 2014 is expected to be broadly the same as in 2013, as political uncertainty will continue to weigh on tourism and foreign direct investment," it said. The economy of the Arab world's most populated country was forecast to grow by 2.7% this year after expanding by 2.1% in 2013 However, growth in 2014 is now expected to be broadly the same as in 2013, as political uncertainty will continue to weigh on tourism and foreign direct investment. The slow performance was likely despite the "fiscal stimulus" coming from Gulf countries, which promised billions of dollars in aid to Egypt. More»
Amwal Al Ghad English - 2014-04-09 09:45:47
Growth in Egypt's economy is expected to remain sluggish this year as political uncertainty keeps tourists and foreign investors away, the International Monetary Fund said Tuesday. The economy of the Arab world's most populated country was forecast to grow by 2.7 percent this year after expanding by 2.1 percent in 2013, the IMF said in its World Economic Outlook. "Growth in 2014 is expected to be broadly the same as in 2013, as political uncertainty will continue to weigh on tourism and foreign direct investment," it said. The slow performance was likely despite the "fiscal stimulus" of support from Gulf countries, which promised billions of dollars in aid to Egypt after the army ousted Islamist president Mohamed Morsi in July. Saudi Arabia pledged $5 billion in aid to the military-installed government in Cairo, with Kuwait and the United Arab Emirates offering a combined $7 billion. "Large imbalances will persist unless structural reforms and fiscal consolidation are initiated," said the IMF, which was until last year negotiating a $4.8 billion loan to Cairo to help finance the government while it undertakes reforms. Political changes in the country have set the talks back. Egypt's economy grew at 5.1 percent in 2010, prior to the January 2011 uprising that forced president Hosni Mubarak to step down after ruling for nearly 30 years. More»