amwalalghad :: Financial Institutions

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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        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

Al Zahraa Mostafa - 2014-10-29 15:01:18
Egypt’s Arab Orient Takaful Insurance company has won an insurance policy for one of the biggest foreign banks working in the Egyptian market, CEO Mohamed Moustafa Abdel Rasoul said. Speaking to Amwal Al Ghad on Wednesday, Abdel Rasoul said the insurance policy would be with total premiums worth 4 million Egyptian pounds. As pursuant to the insurance policy, Arab Orient will provide insurance coverage to the bank against all risks of fire, burglary, and other dangers related to the bank’s affiliated premise, he elaborated. Elsewhere, the official referred that Arab Orient is studying to activate the bancassurance mechanisms within the coming phase. More»
Mohamed Hamdy - 2014-10-29 14:24:45
Social Fund for Development (SFD) pumped EGP1.3 billion finance for small projects in the first 9 months of this year in the form of direct and indirect finance through associations and banks. On her part, Nevine Gamea Head of SFD's Small Central enterprise Finance said the fund is aiming to register EGP1.630 billion finance by the end of the current year. SFD is seeking to sign two contracts with Housing and Development Bank (HDB) worth EGP60 million and it divided into one contract with EGP40 million and the other with EGP20 million, along with Société Arabe Internationale de Banque (SAIB)'s contract with EGP60 million. SFD has recently signed a contract with National Bank of Egypt (NBE) estimated at EGP300 million by finance from World Bank in order to finance the current account debtor. More»
Islam Abdelhameed - 2014-10-29 10:18:01
Managing Director of Egyptian Takaful Life Insurance Company Hisham Abdel Shakour said his company is seeking marketing two new products through Bank Audi branches by the upcoming period. The new partnership with Bank Audi will contribute in developing the products to meet with the clients' needs, noting that the bancassurance protocol will be officially activated by the next month, Abdel Shakour added. Egyptian Financial Supervisory Authority (EFSA) and Insurance Federation of Egypt played an important role in restoring banking insurance activity in the Egyptian market, Alaa El Zohairy Managing Director of Arab Misr Insurance Group (GIG) said. More»
Islam Abdelhameed - 2014-10-28 14:21:52
Chairman of the Board of Directors of Mohandes Insurance Company Mohamed Ahmed Lotfy said his company succeeded in attaining EGP60 million size of premiums within the first quarter of the current year 2014/2015, move up by 25% growth rates in compared to the same period of the previous year. On the sidelines of Launch Conference of Mohandes Insurance Life, Lotfy explained that the company is aiming to increase its portfolio from premiums to EGP200 million by the end of the current year. More»
Mohamed Hamdy - 2014-10-28 13:17:59
Egypt’s Social Fund for Development (SFD) has entered talks with the International Fund for Agricultural Development (IFAD) over a financing package worth US$91 million. A senior source from SFD told Amwal Al Ghad on Tuesday that his fund seeks to finance agricultural projects in cooperation with the Egyptian Ministry of Agriculture. The International Fund for Agricultural Development (IFAD) is a specialized agency of the United Nations dedicated to eradicating rural poverty in developing countries. It was established as an international financial institution in 1977 as one of the major outcomes of the 1974 World Food Conference. Seventy-five percent of the world's poor live in rural areas in developing countries, yet only 4% of official development assistance goes to agriculture. Meanwhile, the source referred that SFD would receive soon a financing package amounting to €80 million from the French Development Agency (Agence Française de Développement AFD). SFD is also in ongoing talks with UAE and Kuwaiti funds over financing worth US$200 million and US$50 million, respectively. More»
Islam Abdelhameed - 2014-10-28 11:40:58
Egypt’s market regulator approved Mohandes Insurance Company’s request to launch its new subsidiary for Life Insurance, with a capital worth 60 million Egyptian pounds. In this respect, Mohammed Maait – Vice Chairman of the Egyptian Financial Supervisory Authority (EFSA) – told Amwal Al Ghad that Mohandes Insurance will hold a ruling stake in the new company, which will start offering life insurance products within the coming few days. The Egyptian financial official has also assured that the authority gives its full support to all the new insurance entities, looking forward to witnessing a competitive insurance market in the country within the coming phase. EFSA had informed in the last few months Mohandes Insurance to halt its life insurance activities in accordance with Law No. 118/2008. Law No.118/2008 enforced Insurance Companies that merge between both insurance activities , life and non-life insurance; to detach them within 2 years from the date of issuing the law and this period can be extended but according to the EFSA`s approval. More»
Islam Abdelhameed - 2014-10-28 11:28:23
Egypt’s Arab Misr Insurance Group (GIG) plans early November to start talks to renew reinsurance agreements for one year, an official from the Egyptian insurance firm said. Speaking Amwal Al Ghad on Tuesday, Amr Medhat – Head of Reinsurance Sector at GIG – referred that his company is dealing with multiple foreign reinsurers, mainly Hannover Re. Medhat said he would not expect facing any obstacles against the renewal of GIG’s reinsurance agreements with the foreign firms, backed by the Egyptian company’s good results during last fiscal year 2013-2014. GIG posted gains worth 69 million Egyptian pounds (US$9.6 million) by end of June 2014. Moreover, Medhat stated that GIG started preparing its financial statements for the first nine months of 2014, in order for the foreign reinsurers’ review so as to eventually determine the terms and conditions as well as the prices of each agreement. More»
Amwal Al Ghad English - 2014-10-28 08:51:13
The International Monetary Fund cut its growth forecast for the Egyptian economy on the back of security concerns affecting vital tourism revenues. The economy is expected to grow 3.5 percent in the fiscal year starting July 2014, the IMF said today in its October 2014 Middle East and Central Asia Economic Outlook report, down from 4.1 percent predicted last April. Growth for the fiscal year ending 30 June 2014 was 2.2 percent,. The IMF partially attributed its forecast cuts to security issues "keeping tourism a way from Egypt and hampering Egyptian gas exports" that offset the recovery sensed in the country's manufacturing activity and foreign direct investment (FDI) flow. Structural issues, such as electricity supply disruptions, further weakening of private investment confidence in the Egyptian economy, are also to blame the international lender said. The past two consecutive governments in Egypt have been trying to revive an economy battered by political instability and violence since a popular uprising forced president Hosni Mubarak to step down in 2011. The IMF expects the budget deficit to reach 12.2 percent in 2013/14, down from the 14.1 percent high recorded in 2012/13. IMF expectations remain, however, higher than governmental forecast of nearly 11 percent deficit. The organisation expects an additional cut to the budget deficit to 11.5 percent in 2014/15. The country’s socioeconomic indicators do not look promising with the inflation rate set to rise significantly to 10.9 percent in 2014 before jumping to 13.4 percent the coming year. President Abdel Fattah al-Sisi, who took office in June, undertook economic measures including new taxes and cuts to energy subsidies. Designed to reduce a ballooning budget deficit, the cuts also raised prices in the economy, taking a toll on the poorest segments of society. While poverty rates have on average decreased in the MENA (Middle East and North Africa) region over the past decade, the IMF has noted that it has increased in Egypt from "16.7 percent in 2000 to 21.6 percent in 2009 and 26.3 percent in 2013." High unemployment rates continue to be a big challenge for Egypt with unemployment among youth surpassing 30 percent. The IMF however does not paint a dark picture of the Egyptian economy. The international institution points to what it sees as positive fiscal and economic reform including subsidies cuts and increased public investments in infrastructure and other areas that could enhance job creation. Downwards revision of Egyptian economic growth comes amidst sliding growth forecasts for the region in general from 3.2 percent to 2.7 percent in 2014 and from 4.5 to 3.9 percent in 2015. More»
Alzahraa Mostafa - 2014-10-27 14:14:31
Suez Canal Insurance Company attained EGP4.05 million insurance premiums of marine sector within the first quarter of 2014/2015. General Manager of Marine Insurance sector Tarek Kadry explained that the company achieved EGP3 million premiums in marine goods sector in the first quarter compared to EGP2.25 million during the same period of the last year. In statements to Amwal Al Ghad, kadry noted that the total collected premiums of the internal insurance branch reached EGP1.05 million during the first 3 months of 2014/2015 against the same amount in the same period of the previous year. More»
Moustafa Adel - 2014-10-27 11:49:59
Egypt intends to raise international bonds at values ranging between $1-1.5 billion within the first quarter of next year, finance minister Hany Qadry said on Monday. During a joint meeting with US Secretary of the Treasury Jack Lew, Qadry said Egyptian government will be tapping international bond markets. The Finance Ministry has not yet determined the maturity of the anticipated international bonds, he noted. More»