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        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        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        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        Canal Shipping Agencies   7.39        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        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

Amwal Al Ghad English - 2016-02-20 09:14:17
The Executive Board of the International Monetary Fund (IMF) approved Friday to appoint Christine Lagarde for a second five-year term as Managing Director for a second. Lagarde, who was the only candidate, was backed by the UK, Germany, China, and her home country, France, to stay on for another five years. In line with the selection process it had established on January 20, the Board held several discussions, including with Lagarde, the sole candidate nominated for the position, before making its decision today. “In taking this decision, the Board praised Ms. Lagarde’s strong and wise leadership during her first term. During turbulent times in the global economy, Ms. Lagarde strengthened the Fund's ability to support its members with policy advice, capacity building, and financing. She has also played a critical role in revitalizing the Fund’s relations with its global membership, including its emerging market and developing members.”  Aleksei Mozhin, Dean of the IMF Executive Board said. “Looking ahead, the Board also welcomed Ms. Lagarde’s emphasis on ensuring that the Fund remains agile in all its operations; well positioned to provide integrated advice across the full spectrum of issues that impact macroeconomic stability; and focused on meeting the needs of its entire membership. The Board looks forward to continuing to work closely with the Managing Director in carrying out the institution’s goal of helping to ensure global economic and financial stability.” Ms. Lagarde was first appointed Managing Director on July 5, 2011.  The selection process was initiated by the Board on January 20, 2016 when it adopted a merit-based and transparent process. The Managing Director is the chief of the IMF’s operating staff and Chairman of the 24-member Executive Board. The Managing Director is assisted in carrying out her responsibilities by four Deputy Managing Directors and about 2,700 staff from 147 countries. More»
Amwal Al Ghad English - 2016-02-20 08:33:40
A substantial settlement has been reached in a landmark A$200 million ($143 million) class action brought against ratings agency Standard & Poor's, according to the law firm for the local governments, churches and charities bringing the suit. London-based law firm Squire Patton Boggs said on Saturday that the settlement, which is subject to court approval, is likely to have widespread international ramifications for similar actions against Standard & Poor's (S&P) due to the number of products it rates throughout the world. Financial terms of the settlement were confidential, Squire Patton Boggs said. Litigation funder IMF Bentham (IMF.AX) said it would generate revenue of about A$52 million and a pretax profit after capitalized overheads of around A$47 million as a result of the settlement. The Federal Court lawsuit was brought by 92 Australian groups who had bought synthetic collateralized debt obligations issued by Lehman Brothers Australia between 2005 and 2007. The applicants alleged Standard & Poor's engaged in misleading and deceptive conduct by assigning AA and AAA credit ratings to the Lehman Brothers products. S&P denied the allegations. It could not immediately be reached for comment on the settlement. "The outcome of this case has highlighted that organizations such as Standard & Poor's require transparency and accountability in the formulation of the credit ratings that they assign to financial products such as SCDOs," said Amanda Banton, a partner at Squire Patton Boggs. Mick Wainwright, the leader of one of the local councils who took part in the class action, said the confidential settlement was "a welcome end to the monumental David and Goliath style action." Wainwright said the agreement vindicated the lengthy international pursuit to recover funds. The Federal Court found three years ago that Lehman Brothers Australia had engaged in misleading and deceptive conduct, breached fiduciary duties, breached contracts and acted in negligence toward plaintiffs. The finalization of that matter enabled the launch of the class action against Standard & Poor's in 2013. More»
Amwal Al Ghad English - 2016-02-16 13:35:35
The Saudi Fund for Development grants 250 million Egyptian pounds ($31 million) to Egypt’s Social Development Fund (SFD) to be provided as financing and non-financing services for youth as part of the President Abdelfatah Al Sisi’s initiative. The financing services will be with a simple and diminishing balance interest rate of 5 percent. More»
Al Zahraa Mostafa - 2016-02-14 17:49:00
Jordan-based APEX Insurance is seeking to obtain regulatory approval to practice reinsurance brokerage activities in Egypt, its chief executive Zuhair Al Atout announced Sunday. APEX was established early 2010 and it is a module in providing reinsurance brokerage consultancy services in Jordan. The company is locally owned, and operates as a consultation and brokerage house. Al Atout further said his firm had held talks with Egypt’s market regulator, the Egyptian Financial Supervisory Authority, expecting to win the licence soon. APEX plans to inaugurate its newest branch in the Dubai Financial Centre next April, he added. The Jordanian firm has offices in Nairobi, Riyadh, and Erbil. More»
Islam AbdelHameed - 2016-02-10 13:59:52
The investment portfolio of Wethaq Takaful Insurance -Egypt has increased to 273.55 million Egyptian pounds (US$34.9 million) at the end of December 2015, marking 3 percent growth. In comparison, the portfolio recorded 264.4 million pounds at the end of June 2015. Speaking to Amwal Al Ghad Wednesday, Abd El Aziz Labib -general manager of financial and admin affairs- stated that company's net income of the investments recorded 14.7 million pounds at the end of December 2015 opposed 12.5 million pounds in fiscal year 2014-15, registering 18 percent increase. Firm's financial indices showed that its total assets have been boosted by 10 percent to hit 329.3 million pounds at the first half of fiscal year 2015-16 compared to 300.5 million pounds in financial year 2014-15. More»
Amwal Al Ghad English - 2016-02-10 08:15:41
Beltone Financial is preparing the initial public offerings (IPO) of several companies in the retail and food sectors on the Egyptian Exchange (EGX), with estimated total capital exceeding 10 billion Egyptian pounds (US$1.27 billion). Chairman of Beltone Financial Sameh Torgoman told Daily Egypt News that additional IPOs will increase the liquidity in the market. He praised the government’s recent decision to offer to increase the capital holdings of a number of companies and government banks. Torgoman has chaired Beltone since the acquisition of the company at the end of 2015 by Orascom Telecom, which is owned by Naguib Sawiris. The board of directors are currently developing a new company strategy while also considering to change the company’s name. Belton’s acquisition of CI Capital has yet to be finalised. Orascom Telecom, owned by Beltone, is approaching the acquisition of CI Capital following the withdrawal of Al-Ahly Capital, the investment arm of the National Bank of Egypt, on Monday, after objections from the CIB regarding due diligence studies. Belton’s board of directors includes Naguib Sawiris, former finance minister Ahmed Galal, and former minister of trade and industry Mounir Fakhry Abdel Nour. More»
Mohamed Hamdy - 2016-02-08 13:00:17
Tahya Masr (Long Live Egypt) Fund, originally initiated by President Abdel Fattah al-Sisi to support national economy, is planning to launch a leasing firm, its executive chairman said Monday. Mohamed Ashmawy told Amwal Al Ghad that the anticipated firm would be with a capital up to 100 million Egyptian pounds (US$13 million). The firm will help provide job opportunities for the youth. Tahya Masr fund was created upon the initiative of President Sisi in 2014 to help funding projects to support and to revive the cash-strapped national economy. Individuals and businessmen have contributed billions of Egyptian pounds to the fund. The fund’s executive committee encompasses leading businessmen like Naguib Sawiris, former Grand Mufti Ali Gomaa and a representative from the Supreme Council of the Armed Forces. More»
Al Zahraa Mostafa - 2016-02-08 10:29:55
Egypt's leading composite insurer, Suez Canal Insurance has inaugurated a new branch and representative office in Fayoum city, 100 kilometres (62 miles) southwest of Cairo, its general manager announced Monday. Hence, Suez Canal Insurance’s branches have surged to 38 in addition to a representation office, Ahmed Shehab added. Meanwhile, insurer has revealed a 33.6 percent rise in premiums for the first half of the financial year 2015-2016, to reach 322 million Egyptian pounds (US$41 million), from 241 million in the same period a year earlier. More»
Amwal Al Ghad English - 2016-02-04 11:53:44
The International Finance Corporation (IFC), a member of the World Bank Group, announced Thursday it is providing a financing package of $144 million to Egypt’s Sonker Bunkering Company. The package aims to help develop vital new energy infrastructure and boost the performance and competiveness of Egypt’s ports. IFC’s financing - including a loan of up to $70 million, $52 million mobilized from partners, and $22 million in mezzanine financing - will go toward the development of Egypt’s first private Liquid Bulk Terminal at Sokhna Port on the Red Sea. The financing is alongside a $72 million senior loan and $22 million mezzanine loan from the European Bank for Reconstruction and Development (EBRD), and a $72 million equivalent loan from the Commercial International Bank (CIB). The new facility will handle the import of three essential energy products, liquid petroleum gas, gasoil, and liquefied natural gas. Demand for all three is expected to continue to rise over the next few years as the need for power increases amid continued population growth, according to IFC. "The Egyptian government is taking a quantum leap toward achieving a more resilient and sustainable economy,” said Ossama Al Sharif, Sonker Managing Director. “They have helped us develop this pioneering terminal as a public-private partnership to meet the growing demand for energy, and help transform the area into a regional hub for trading petroleum products.” The project is expected to boost Egypt’s port sector by delivering key energy handling infrastructure at a time of declining capacity in existing ports and strong energy demand. It will also create a number of jobs around the operation of the terminal. "IFC’s financing will help create vital energy infrastructure for Egypt at a time when the demand for power is growing,” said Nada Shousha, IFC Country Manager for Egypt. “Our aim is to spur job creation and minimize infrastructure gaps by increasing private sector participation in the economy. We also hope to send a positive market signal to international and domestic private sector investors." Philip ter Woort, EBRD Director for Egypt said: “Through this investment, EBRD aims at increasing energy security in Egypt by increasing capacity and introducing the highest quality and environmental standards.” “Installing the necessary infrastructure is crucial for energy security in Egypt as it will increase storage and handling capacity for gasoil, liquefied petroleum gas and natural gas imports.” IFC will also help Sonker develop a corporate governance plan and provide guidance on environmental and social issues in order to comply with IFC’s Performance Standards. The investment is part of World Bank Group strategy in Egypt to encourage private investment and support job creation in a key infrastructure sector, while providing much-needed long-term foreign currency financing and helping to address the country’s energy security issue. From FY2011 through FY2015, IFC’s investments in Egypt totaled close to $1.2 billion, including mobilization funds. These investments covered 18 projects across a host of sectors, including financial markets, infrastructure, oil and gas, agribusiness, manufacturing, and health care. More»
Amwal Al Ghad English - 2016-02-03 19:09:49
Fitch Ratings said Tuesday the Islamic finance is a mature and developed industry in Saudi Arabia, representing about two-thirds of total bank financing. About 38 percent comes from Islamic banks and 28% from the Islamic windows of conventional banks. There are 12 licensed commercial banks in Saudi Arabia. Four are fully sharia compliant with the remainder providing a mix of sharia-compliant and conventional banking products and services. Due to the largely Islamic finance nature of the lending market in Saudi Arabia, the performance and credit matrices of both Islamic and conventional banks are to a large extent similar (for more information on Saudi banks see Saudi Banks: Peer Review at Al Rajhi Bank is the largest Islamic bank in Saudi Arabia, and also the largest Islamic bank internationally with assets of SAR325.2bn (USD87bn) at end-3Q15. National Commercial Bank ( NCB ) is aiming to convert to a fully sharia-compliant bank following its IPO in 2014. NCB 's loan book is already majority sharia compliant and once the bank is fully compliant it could replace Al Rajhi Bank as the world's largest Islamic bank. NCB has a large investment portfolio that will be more challenging to convert into sharia-compliant securities, in terms of availability and variety of appropriate alternatives and maintaining the current yield on the portfolio. Saudi Arabia has the largest Islamic bank asset base of any country that allows commercial banks to operate alongside Islamic banks. All banks are subject to a single supervisory authority and the same disclosure requirements. The Saudi Arabian Monetary Agency ( SAMA ) regulates sharia-compliant banks in the same way as it regulates conventional banks. No special treatment is applied to Islamic products and no additional support is given to Islamic banks. However, as a predominantly Muslim market, and now that similar retail products exist in both conventional and sharia-compliant form, Islamic banking is seeing the fastest growth. In Saudi Arabia, banks benefit from large volumes of local currency liquid assets, including government securities and deposits with SAMA . However, one of the key differences between conventional and Islamic banks is the structure of their liquidity/investment portfolios. This is because Islamic banks have far fewer sharia-compliant investment options. These are mainly cash and central bank deposits, such as "mutajara" or "murabaha", which are therefore relatively low risk and low return. Investments also include sukuk issued by other Islamic banks. High spending, particularly in the form of large government projects, has started to reduce due to stricter screening, delays and cancellations, as the government reduces spending to match lower oil revenues. We expect the tougher economic environment to continue for at least two years. The challenging operating conditions are likely to affect earnings, with profitability metrics growing less quickly and possibly declining. Fitch also expects asset quality metrics to deteriorate over the next two years. More»