amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        Universal For Paper and Packag   4.94        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        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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

Islam Abdelhameed & Al Zahraa Mostafa - 2015-05-18 10:52:26
The First Regional Insurance Brokerage Congress (RIBC) has launched today in Cairo. The congress is hosted and organised by the Egyptian Insurance Brokers Association (EIBA), under the auspices of Egypt’s market regulator, the Egyptian Financial Supervisory Authority (EFSA) in collaboration with the Insurance Federation of Egypt, the Arab Insurance Brokers’ League, General Arab Insurance Federation (GAIF), and the Mediterranean Federation of Insurance Brokers (FMBA). RIBC is a newly established gathering of insurance brokers that will be held on regular basis every two years. The media sponsorship of the two-day event will be provided by Amwal Al Ghad economic magazine. This congress will cover most of the technical, logistics and regulations issues, which are common between the insurance brokers and their stakeholders’ insurers, reinsurers, risk managers. It will highlight the opportunities to engage a new generation of businesses through the new products and access the digital era. The ultimate aim of this congress RIBC is to initiate a global network connecting brokers & stakeholders to exchange experiences, ideas and the latest developments in the industry. One of the most recent developments that would like to share is EIBA initiative to draft a unified standard contract between brokers and insurance companies which entailed a long process of discussions and negotiation with all relevant partners Insurance Federation of Egypt (IFE) and The Egyptian financial supervisory authority (EFSA). Moreover, the congress is set to discuss five major topics; the need for a standard contract between Brokers and insurers in developing markets, E-Broking - Leverage the opportunities in Technology and E-trading for insurance brokerage growth, the role of insurance brokers in the Microinsurance: Opportunities and Challenges, the renewable energy insurance (solar energy as an example): The risks the brokers should know, and the role of insurance brokers in developing health insurance marketplace. More»
Al Zahraa Mostafa - 2015-05-17 15:27:40
Egypt’s Misr Insurance Company – Non-life has won health insurance policy of Alexandria Carbon Black Company (ACBC), head of health insurance sector Sameh Philip informed Amwal Al Ghad Sunday. The policy is set to provide health insurance coverage for the ACBC’s employees, with a volume of premiums up to 2 million Egyptian pounds (US$262.274). Philip further stated that the policy would serve 1416 employees for one renewable year against all risks and costs of medical insurance including operations, endoscopes, dental treatment, medicines, chronic diseases, and outpatient clinics. More»
Amwal Al Ghad English - 2015-05-16 08:56:44
An International Monetary Fund (IMF) mission is scheduled to visit Egypt next June, IMF’s Communications Department Director Gerry Rice said, urging the government to continue important progress made on subsidy and tax reform. In April, the IMF upgraded Egypt’s economic growth forecast in 2015 to 4 percent, from 3.8 percent in its previous assessment. Elaborating the reason behind the IMF’s upcoming visit, Rice said the next mission is a “staff visit and part of the regular process of surveillance, and that happens in all countries. That is going to be in June, I believe.” Earlier this month, Masood Ahmed, Director of the IMF’s Middle East and Central Asia Department, said Egypt’s economic policy reforms are starting to pay off and growth is strengthening although the country still faces a difficult situation. “We hope that the budget for 2015-16 will continue the important progress made on subsidy and tax reform begun last year,” Rice said. He added: “Egypt needs a strong tax base and savings from subsidy cuts to contain public debt and to free up money to spend on health, education, and infrastructure.” The Fund had held “good discussions” with Egyptian officials in Washington last month and would send a technical assistance team to Cairo in early June, Reuters quoted Ahmed. On the sidelines of the World Bank Group and IMF 2015 annual spring meetings in Washington, D.C, Ahmed said that Egypt’s economic conference held March 13-15 in Sharm el-Sheikh, was a “success.” More»
Amwal Al Ghad English - 2015-05-16 08:47:31
Ratings provider, Standard and Poor's updated its outlook on Egypt from "stable" to "positive" on Friday, 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. "Our ratings on Egypt remain constrained by wide fiscal deficits, high domestic debt, low income levels, and institutional and social fragility. The ratings are supported by positive growth prospects and financial support from the Gulf states. "According to preliminary government estimates, Egypt's real GDP growth rose to 5.6 per cent year-on-year during the second half of 2014, supported by improved political conditions compared with the same period a year earlier. The services, tourism, and manufacturing sectors have mainly fueled the country's recent economic performance. In addition, we expect growth will be bolstered by inward foreign investment that we estimate could exceed an annual average of $10 billion over the next three years, particularly in the energy, real estate, and transport and logistics sectors. We think growth will average about 4.3 per cent per year in 2015-2018, compared with just 2.1 per cent in the previous four years. "In early 2015, Saudi Arabia, the United Arab Emirates (UAE), and Kuwait pledged a further $12.5 billion in economic and financial assistance to Egypt. They have already demonstrated support to Egypt by providing substantial financing--totaling close to $25 billion--in grants, aid, and concessionary loans, over the past three years. We understand that the Central Bank of Egypt (CBE) received, at the end of April 2015, $6 billion in deposits from the Gulf states, which has helped increase Egypt's foreign currency reserves to $20.5 billion from $15.3 billion. "Mr. Abdel-Fattah El-Sisi, formerly Field Marshal and Chief of Army Staff, was sworn in as president in June 2014. Since then, the Egyptian political landscape has seen a broad return to stability, albeit with underlying unresolved issues surrounding social inclusion. Egypt has indicated it will hold parliamentary elections between June and September of this year, and these will be the third and final milestone in the country’s current political roadmap. This socio-political improvement remains fragile, however, with sporadic incidents of hostility occurring between the government and supporters of the now-outlawed Muslim Brotherhood, and tensions in Northern Sinai. "In addition to the stabilizing security situation and stimulating growth, the Government has launched a number of fiscal reforms, including raising administered fuel and electricity prices. It plans to gradually phase out fuel subsidies over the next five years. The government also raised taxes on higher income earners, corporations, and property, and introduced taxes on capital gains and dividends. It has announced plans to impose a value-added tax to replace the existing goods and services tax and generate higher revenues. These measures target a deficit reduction over the next few years, but are partially counterbalanced by spending on health, education, and scientific research that is now mandatory under the new constitution. "We expect Egypt's fiscal deficits and domestic debt ratios to remain high. The Government is targeting a fiscal deficit of 10.5 per cent of GDP in 2014-2015 (July-June), below the estimated 12.8 per cent recorded in 2013-2014. We project Egypt's fiscal deficit will stabilize at a still-high 10 per cent on average between 2015 and 2018. We consider the government's ability to significantly cut spending as limited, particularly given Egypt's shortfall in basic services and owing to constitutionally mandated expenditures. "We estimate the annual change in general government debt will average about 10 per cent of GDP in 2015-2018. We expect net general government debt will average about 82 per cent of GDP in 2015-2018, having risen sharply from an average of 73 per cent in the past four years. We project general government interest expenditure will average about 34 per cent of general government revenues in 2015-2018, exceeding the 27 per cent average in 2010-2014. We understand the government plans to raise $1.5 billion during the first half of 2015 through a Eurobond offering, and aims to issue Sukuk in fiscal 2015-2016 to diversify its funding sources. "The Egyptian banking system is heavily exposed to the sovereign, with net claims on the government amounting to 75 per cent of net domestic assets in 2014, compared with 51 per cent in 2010, on the back of high fiscal deficits. Egyptian banks have so far remained keen buyers of government debt, and have chosen to invest their excess domestic currency liquidity in government debt offerings in recent years. Their customer deposit bases have continued to grow strongly, while private-sector credit remained relatively flat. This situation could however change if banks want to consider more diversified loan portfolios by expanding their private sector lending to new projects, alongside those announced during the conference. "We forecast current account deficits to average 4.4 per cent of GDP in 2015-2018. Over the same period, we estimate external debt net of liquid assets will average a relatively modest 25 per cent of current account receipts (CARs). However, we expect Egypt's overall net external liability position to exceed 125 per cent of CARs in 2015 and then 150 per cent in 2018. We take the view that support from Gulf donors and foreign direct investments will continue to provide the Egyptian Government with sufficient foreign currency resources to mitigate external vulnerabilities. Notably, Saudi Arabia, the UAE, and Kuwait disbursed to Egypt $16.4 billion in 2013-2014 (equivalent to 5.7 per cent of GDP), and an additional $8.4 billion in 2014-2015 (about 2.7 per cent of GDP). About 65 per cent of the funds received between 2013 and 2015 was in the form of grants and deposits at the CBE, while the remaining 35 per cent was delivered in the form of energy products. "We assess Egypt's monetary policy flexibility as low, reflecting our view of the CBE's intermittent interventions in the foreign exchange market and its exposure (along with that of the banking system) to the government, and an annual inflation rate exceeding 10 per cent. Notwithstanding the CBE's interventions, the Egyptian pound has depreciated by about 27 per cent against the U.S. dollar since January 2012, including a slide of about 7 per cent since the beginning of the year. "The positive outlook reflects the possibility that we could raise our long-term ratings on Egypt over the next 12 months if the economic recovery outperforms our current expectations, or if narrower-than-expected current account deficits lead to a stronger external position. "We could revise the outlook to stable if we come to believe donor support is likely to be much lower than we currently expect, which would exacerbate Egypt's external vulnerabilities. We could also revise the outlook to stable if we think recently improved political stability is threatened by political strife that could hamper the economic recovery." More»
Islam Abdelhameed - 2015-05-14 17:50:38
Egypt’s market regulator has given a preliminary approval to set up an Egyptian arm for the France-based leading insurer Axa, senior insurance sources near from the talks told Amwal Al Ghad Thursday. Last November, Henri de Castries, Chairman and Chief Executive Officer of the second biggest insurance firm in Europe, AXA, announced his company’s keenness to enter the Egyptian market, after meeting with Egyptian President Abdel Fattah al-Sisi, who was visiting the country in that time. Furthermore, the sources stated to Amwal Al Ghad that Axa’s Egyptian arm is set to be with 600 million Egyptian pounds (US$78.7 million) of authorised capital and 60 million pounds (around US$8 million) as issued capital. Axa is one of the world leading insurance and asset management groups, serving 102 million clients; individuals and business, in 56 countries. The group, headquartered in the 8th arrondissement of Paris, operates primarily in Western Europe, North America, the Asia Pacific region, and the Middle East. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. More»
Amwal Al Ghad English - 2015-05-13 12:57:45
Morgan Stanley, one of the largest financial institutions in the world, announced Wednesday it will remove Telecom Egypt from its basket of emerging market indices as of May 29, 2015. This comes in spite of the positive results revealed this morning by Telecom Egypt, the biggest fixed-line telephone company in the country, for the first quarter business results. The Egyptian company revealed a 10 percent raise in its first-quarter consolidated profits to 605.5 million Egyptian pounds (US$79 million), from 550 million pounds for the same period a year earlier. More»
Amwal Al Ghad English - 2015-05-12 14:55:35
Greece completed on Tuesday a 750-million-euro ($836.7 million) loan repayment to the International Monetary Fund, according to officials from the finance ministry and the Bank of Greece. The Bank of Greece official said the money was paid from an emergency account held by the central bank after two meetings last week between Governor Yannis Stournaras, Deputy Prime Minister Giannis Dragasakis and Deputy Foreign Minister Euclid Tsakalotos, who manages Greece’s talks with international creditors over its bailout. More»
Amwal Al Ghad English - 2015-05-11 16:32:15
The Greek government has "executed" the order to make a scheduled loan repayment of 750 million euros ($837 million) to the International Monetary Fund on Tuesday, Reuters reported on Monday, citing a Greek finance ministry official. Greece is close to running out of money, so there had been fears the country would struggle to find enough cash to meet that IMF debt obligation. The government has been negotiating with its international lenders for months on a reform program, but so far the two sides have not been able to hammer out a deal. An agreement on economic overhauls is necessary for Athens to unlock the next tranche of much-needed bailout cash. The Eurogroup of eurozone finance ministers is meeting in Brussels on Monday in an attempt to move closer to a reform deal. However, expectations were low ahead of the meeting that an agreement will be reached this time. More»
Amwal Al Ghad English - 2015-05-11 14:09:56
Egypt's central bank sold $1.302 billion in one-year, dollar-denominated treasury bills at an average yield of 2.643 percent at its auction on Monday. The minimum yield was 2.6 percent and the maximum yield was 2.65 percent, the bank said. Egypt last sold $1.12 billion in one-year treasury bills at an auction in February at an average yield of 2.23 percent. More»
Al Zahraa Mostafa - 2015-05-11 12:39:00
Egypt’s Misr Insurance Holding Company posted 309 million Egyptian pounds (US$ 40.5 million) in health insurance premiums in the first nine months in fiscal year 2014-15, head of health insurance sector Sameh Philip said Monday. This represents a 22 percent growth in its health insurance premiums, from 253 million pounds during the same period last year. Philip added, in exclusive statements to Amwal Al Ghad, that the total compensations paid to health insurance clients had reached 240 million pounds at the end of March 2015, compared to 140 million pounds a year earlier, with 71.4% growth rate. Morover, he noted that the number of health insurance clients at Misr Insurance has witnessed an increase reaching 288.000, affirming that the company targets larger number of 350.000 before the end of June 2015, with targeted premiums not less than 400 million pounds. More»