amwalalghad :: Financial Institutions

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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        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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 - Financial Institutions

Moustafa Adel - 2014-07-19 14:07:03
Egyptian Ministry of Finance will launch Sunday new short term Treasury bills (T-bills) worth 5.5 billion Egyptian pounds (around US$769.2 million). Bids will be held in two tranches, in collaboration with the Central Bank of Egypt (CBE). The government will be offering T-Bills totalling EGP 5.5 billion on Sunday, of which EGP 2.5 billion will mature in 91 days and EGP 3 billion will mature in 266 days. As pursuant to the state's new budget for fiscal year 2014/2015, the deficit registers 240 billion Egyptian pounds ($33.57 billion) or 10 percent of gross domestic product (GDP). More»
Mohamed Hamdy - 2014-07-17 12:36:58
As pursuant to its partnership with UN Women, Egypt's Social Fund for Development will provide EGP 2.65 million finance to micro-sized projects dedicated to empower women in Egyptian governorate of El-Sharkeya economically. In this respect, Egyptian SFD signed EGP 2.5 million loan contract and EGP 150.000 grant with Sharkeya Businessmen Association for Community Development (SBACD), to go for micro-sized projects for around 500 women in the governorate. Such projects aim to create new job opportunities or maintain current available jobs for them. A partnership was recently made between SFD and the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women). The agreement aims for empowering Egyptian women economically, notably those living in remote or rural areas as well as those working in micro-sized enterprises. More»
Islam Abdelhameed - 2014-07-17 10:59:42
Deputy Managing Director of the Egyptian Takaful Insurance Company (Property) Mr. Ahmed Morsy said his company succeeded in attaining EGP318.5 million premiums in the last fiscal year of 2013/2014. Takaful Insurance is still negotiating with the banks in order to complete the cooperation protocols and to start promoting its products via branches and in accordance to banking insurance mechanism, Morsy explained. The company attained high growth rates, as takaful growth rates up to 16% within the previous fiscal year 2013/2014, expecting to become 20% within the upcoming fiscal year, Mosry added. Furthermore, The political and security situations are the key challenges, and by achieving the stability and entering fresh investments, insurance's business volume will grow. More»
Sayed Badr - 2014-07-16 13:14:07
The total funds of Egypt's Metropolitan Consulting (S.A.E) reached more than EGP580 million till last June. CEO & Managing Director at Metropolitan Mr. Khaled Nagaty said the Assessments numbers which achieved by the company are great in compared to the political and economic situations which experienced by Egypt over three years. Metropolitan eyes boosting its finance volume to more than EGP1.5 billion by the end of the ongoing year, Nagaty added. The company obtained an initial approval from the Commercial International Bank (CIB) and the United bank to finance one of real estate's investment firm with EGP260 million. Furthermore, Metropolitan will hold a conference in order to review the key challenges of the sector and the available opportunities in cooperation with the International Federation of Small and Medium Enterprises (IFOSME) and the Egyptian financial institutions. More»
Islam Abdelhameed - 2014-07-16 12:02:20
Egyptian Financial Supervisory Authority (EFSA) Vice President Mohamed Meit said the expected investments volume of the private insurance funds estimated at EGP45 billion at the end of the last fiscal year of 2013/2014. EFSA will seek by the next period to maximize the return on these funds stressing that there are a repaid amendments that schedule to conduct in the executive regulation of the private insurance funds, Meit explained. It is schedule to discuss these amendments by EFSA to approve it after it will look into by the Supreme Committee. More»
Sayed Badr - 2014-07-16 11:36:11
Metropolitan Consulting (S.A.E) obtained an initial approval from the Commercial International Bank (CIB) and the United bank to finance one of real estate's investment firm with EGP260 million. CEO & Managing Director at Metropolitan Mr. Khaled Nagaty said the two banks initially approved to finance the firm expecting that the final approval will be taken by the upcoming period. Metropolitan focuses on providing finance for small and medium enterprises SMEs, Nagaty noted. Furthermore, Metropolitan will hold a conference in order to review the key challenges of the sector and the available opportunities in cooperation with the International Federation of Small and Medium Enterprises (IFOSME) and the Egyptian financial institutions. More»
Alzahraa Mostafa - 2014-07-16 09:27:47
 Managing Director of Cooperative Insurance Society (CIS) Refky Lotfy Rashed revealed that CIS's initial indications attained EGP53 million premiums within the fiscal year of 2013/2014 against EGP36 million in the previous year. The total investments portfolios of CIS reached EGP75 million at the end of June 2014, registering returns ranging between 10% to 11% ,stressing that the board of directors postponed launching mutual fund until the stability of political and economic situations, Rashed spoke to Amwal Al Ghad. CIS requested from Egyptian Financial Supervisory Authority (EFSA) to issue auto and medical insurance branches, expecting that EFSA will replay it during the upcoming months, Rashed noted. The total value of CIS's debts valued at EGP130 million, explaining that most of it have paid to the clients , the total current debts are not exceeded EGP7 million for auto branch and EGP6 million of medical branch. More»
Amwal Al Ghad English - 2014-07-15 09:08:10
More than a week after President Abdel Fattah al-Sisi slashed fuel subsidies by up to 80 per cent there have been virtually no street protests, violence, or massive strikes although there has been much grumbling. Al-Sisi's predecessors usually did little to cut the subsidies or if they did act often they backed down due to popular protests. No doubt many Egyptians are just weary of protests or worry about what happens when one protests these days in Egypt. With the fuel price increases taxi drivers raised their fares causing many arguments with passengers. The government set new fares it claims took account of the increased fuel prices but the drivers insisted on higher fees. Dozens were arrested. There was opposition from some political parties as well. The liberal El Dustor party claimed that the decisions hurt the poor and were passed too hastily and claimed in a statement: “It would have been more useful to look for ways to push economic activities, encourage investment, and adopt real austerity measures in terms of government spending,” According to Prime Minister Ibrahim Mahlab, the cuts make available up to 50 billion Egyptian pounds to spend on education, health, and raising pensions. The hike in gas prices comes just after electricity prices were raised and then were followed by price jumps in the price of cigarettes and alcoholic drinks. Al-Sisi says the moves were necessary to revive the Egyptian economy claiming he is putting the interests of the nation ahead of any popularity he might lose do to the hikes. He should have said that he had to do this to please the IMF in order to obtain a future loan to help keep Egypt afloat. However, he did not mention the International Monetary Fund (IMF) or the requirements for getting loans: “Was there another choice? By God, no. Could we have delayed it? It was already years late...But I have God first, and then all of you Egyptians,” The increase in fuel, electricity and other costs is being reflected in the costs of other items. Taxi fares have increased but also the costs of vegetables and fruits since transportation costs increased. A former employee of the IMF said: The government is unlikely to succeed in controlling anticipated price jumps in markets, goods, and services vulnerable to such abnormalities in the wake of petroleum subsidy cuts in the new budget, unless it takes measure to protect the poor". Egypt is already suffering from the breakdown of services during an exceptionally hot summer. Taxi driver Mohammed Khalaf said: “To be completely honest, we have been hard done by. Passengers are screaming and every day there is an inspection by the police of our documents. I go home and there is no water and no electricity,” The rise in costs in some cases negatively impact those who saw al-Sisi as on their side. Farmer, Araby Mahmoud who lives in the south of Egypt said: “I thought El Sisi was on the side of farmers, especially someone like me who has no income but what he gets from the land. I am like any other farmer, I have to repay loans I took from the bank and send my kids to university. The owners of machines that pump water to my land have raised their fee from 50 to 70 pounds for each acre. I don’t know what I will do.” The owners of the machines had to raise prices to pay for the increased cost of fuel. El Sisi has taken some steps to ease the pain of higher prices by introducing a minimum wage for public sector workers, increasing pensions, and even making more foods available at state-run stores for discounted prices. However, the negative effects of the price increases may wipe out any benefits from these moves. One source claims that al-Sisi is clearly on the side of the people: Making good on his pledge that the military will always be on the people’s side, he ordered the deployment of army buses in cities for the public to use in a bid to force taxi drivers to respect the state-imposed fares or risk losing business. Rather what al-Sisi is doing is trying to enforce the power of the state to implement economic policies dictated by the IMF: Previous Egyptian governments faced the dilemma of fuel subsidies but were unable to take action, leading to steady deterioration in government finances and frequent disagreements with the International Monetary Fund (IMF). The IMF made financial reform, including fuel subsidies, a priority for Egypt, and a prerequisite for IMF loans and an IMF clean bill of financial health for Egypt. I include a video with an anti-IMF song by Seun Kuti. The lyrics contain "adult" content. Kuti was active in protests against the removal of a fuel subsidy in his native Nigeria in 2012. While there is a great deal of corruption involved in the entire subsidy system in Egypt which includes a huge subsidy on bread, the reforms that are actually being carried out are designed to follow the dictates of the IMF rather than to improve the conditions of Egyptians especially less well off Egyptians. More»
Islam Abdelhameed - 2014-07-14 13:07:50
Managing Director of Arab Orient Takaful Insurance Mr. Mohamed Abdel Gawad said his company has pumped EGP22 million as an increase of its paid up capital to reach up EGP100 million. Speaking to Amwal Al Ghad Abdel Gawad explained that shareholders have injected this increase entirely, noting that EGP35 million pumped during the last year through 3 phases. Arab Orient finanlised inaugurating 2 new branches in Heliopolis and Port Said. The company postpones the cooperation with the banks to promote its insurance products as this marketing field has a highly cost for the company in the light of the current economic conditions Abdel Gawad added. It is expected that the insurance sector will witness prosperity due to the political and economic stability that led to the improvement of economic conditions , the entry of fresh investments in addition the contribution in increasing the size of insurance premiums. More»
Mohamed Hamdy - 2014-07-14 11:37:23
The Egyptian Social Fund for Development (SFD) has spent about EGP 850 million supporting small enterprises in the country over the past six years. In Q1/2014, SFD's total finances for the small enterprises in Egypt reached EGP 350 million. In this respect, Nevine Gamea - Head of SFD’s Central Sector for Small Enterprise Finance – told Amwal Al Ghad – that the fund targets pumping financing totalling EGP 1.630 billion in small enterprises in the country by the end of 2014. The Egyptian fund has recently signed with the country's biggest state-owned bank the National Bank of Egypt (NBE) an EGP 135 million contract to finance small enterprises. Therefore, NBE's total deals with SFD surged to EGP 7.5 billion. Over the last three years, SFD spent EGP 4 billion to support around 48.6 thousand small projects and EGP 1.970 billion to support 449 thousand micro-sized projects. Since inception in 1992 with a mandate to reduce poverty, the Egyptian Social Fund for Development has pumped more than EGP 20 billion to support national economy. Until 2013-end, SFD has provided 1.92 million small and micro-sized enterprises with over EGP 17 billion finances in addition to EGP 3.5 billion in favour of infrastructure and community development projects. . More»