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

Islam Abdelhameed - 2015-09-05 16:19:50
French AXA Insurance Company is to invest some one billion Egyptian pounds (US$127.7 million) in their first year of presence in Egypt, to be followed by another 500 million pounds over the next three years. On the sidelines of a press conference on the launch of AXA’s Egyptian arm, the French insurer said it has obtained the licence to start insurance activities in Egypt from the market regulator, the Egyptian Financial Supervisory Authority (EFSA). AXA is set to offer life, health, property, accident insurance services for individuals, Small and Medium-sized Enterprises (SMEs), and corporations. From his part, Denis Duverne - Deputy Chief Executive Officer of AXA Insurance Company – said Africa in general and Egypt in particular represents a great strategic importance for AXA Group. Duverne also said his company is committed to build up a strong infrastructure to offer its clients in Egypt outstanding insurance solutions as well as to contribute to the development of the Egyptian economy. AXA Group has named Hassan El-Shabrawishi as the CEO of AXA Egypt. According to his LinkedIn account, Shabrawishi’s previous responsibilities include the Chief of Staff and Executive Assistant to Group Deputy CEO at AXA parent Group since September 2013, Director and Business Transformation Leader for Mediterranean and Latin American Region. Shabrawishi also worked with the International Finance Corporation (IFC), a member of the World Bank Group, as well as Allianz as bancassurance specialist and Environmental Quality International Company, which was founded in 1981 specialised in microfinance, environmental and management consulting. Earlier in July this year, French AXA announced the acquisition of 100 percent of the Commercial International Life Insurance Company (CIL) for 673 million Egyptian pounds (€88 million). It has also revealed a partnership with the Commercial International Bank (CIB) by which it entered into a 10-year Life & Savings exclusive bancassurance agreement with CIB. AXA, France’s largest insurer, is a multinational, investment banking firm headquartered in the 8th arrondissement of Paris that engages in global investment banking, securities, investment management, insurance, and other financial services. AXA is one of the world leading insurance and asset management groups, serving 102 million clients, individuals and business, in 56 countries. More»
Amwal Al Ghad English - 2015-09-05 12:36:33
Italian energy giant Eni’s discovery of a large offshore natural gas field in the eastern Mediterranean off the Egyptian coast is credited positive for the company and for Egypt, rating agency Moody’s said Friday. For Eni, the discovery will add sizable undeveloped resources and proven reserves whilst also potentially adding to its production base in the medium-term. For Egypt, the discovery will help alleviate the balance of payments pressures. The potential step up in oil and gas sector investments will support GDP growth and government revenues, Moody’s said in a statement. Last Sunday, Eni announced it had discovered the “largest ever” natural gas field in the Mediterranean Sea off Egypt. The “supergiant” well lies 1,450 metres (4,700 feet) beneath the surface in the Shorouk Block, and about 190 kilometres (120 miles) off the Egyptian coast, the company said. “Low global oil prices and increased domestic gas production will help alleviate the negative pressure on Egypt’s current account balance by reducing the need for natural gas imports and eventually re-establishing the country as a net hydrocarbon exporter,” according to the report. More»
Amwal Al Ghad English - 2015-09-05 08:52:41
Egypt’s supergiant natural gas discovery has the potential to improve its energy position and will contribute more broadly to its economy, an official from the International Monetary Fund (IMF) said Friday. Eni SpA announced last Sunday it had discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. Eni further said the discovery — made in its Zohr prospect "in the deep waters of Egypt" — could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers (38.6 square miles). "Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world's largest natural gas finds," Eni said in a statement. "The discovery, after its full development, will be able to ensure satisfying Egypt's natural gas demand for decades." The discovery well is 190 kilometers (about 120 miles) from the Egyptian coast, and is at a depth of 1,450 meters (4,757 feet) in the Shorouk Block, the company said. The block is about 107 kilometers (66 miles) from Port Said. “Basically, our view is that the discovery of a major gas deposit has the potential to improve Egypt’s energy position and to contribute to its economy more broadly,” said William Murray, Deputy Head of the IMF’s Communications Department, during a weekly press briefing posted on the IMF website. Murray further stated that limited information about the find and its exploitation at this stage makes it difficult for the fund to assess the ultimate impact. Meanwhile, the upcoming Mission Chief for Egypt visit to Cairo later this month for a regular follow-up will give “us (IMF) a chance to explore this matter more actively,” Murray added. An IMF mission is scheduled to visit Cairo in the middle of September, to discuss latest economic developments with top government officials, MENA quoted IMF’s Egypt Mission Chief, Chris Jarvis Thursday. The IMF mission was scheduled to visit Egypt in June, but it was postponed to the end of the summer. The visit is a part of the fund’s periodical follow-up operation on the new data of the Egyptian economy. More»
Amwal Al Ghad English - 2015-09-05 08:20:58
The world’s lender of last resort, the International Monetary Fund (IMF), has said up-and-coming nations must do more to weather the fallout of weaker global growth and a slowdown in China’s economy. The IMF’s managing director, Christine Lagarde, on Tuesday warned the emerging countries of the world that the road ahead could be “somewhat bumpy,” and urged them to be “vigilant for spillovers” from China’s slowdown, tighter global credit conditions and the prospect of an interest rate hike in the United States. Lagarde also cautioned that global growth this year would be lower than previously anticipated. In July, the IMF forecast global economic expansion would reach 3.3 percent, slightly below last year’s 3.4 percent. “Overall, we expect global growth to remain moderate and likely weaker than we anticipated last July,” Lagard told university students at the start of a two-day visit to Indonesia’s capital, Jakarta. More»
Amwal Al Ghad English - 2015-09-02 08:17:22
Recent volatility in global financial markets shows how rapidly risks can spill over from one economy to the next, the managing director of the International Monetary Fund (IMF) said in Jakarta on Wednesday. "What has been demonstrated in the last few weeks is how much Asia is at the core of the global economy, and how much disruption in one market in Asia can actually spill over to the rest of the world," Christine Lagarde told a conference in Indonesia's capital. World stock markets and the currencies of many emerging markets have seen large swings since China's decision last month to devalue its currency. Lagarde said the world economy was facing headwinds from China's rebalancing, Japan's slow growth, falling commodity prices and uncertainties surrounding higher U.S. interest rates. Policies need to be tailored to each country, Lagarde said, but mostly they would involve strengthening defenses with prudent fiscal policy, reining in excessive credit growth, aligning exchange rates to act as shock absorbers, maintaining adequate foreign exchange reserves, and strengthening regulation. More»
Amwal Al Ghad English - 2015-09-01 09:34:12
Global economic growth is likely to be weaker than earlier expected, the head of the International Monetary Fund said Tuesday, due to a slower recovery in advanced economies and a further slowdown in emerging nations. IMF Managing Director Christine Lagarde also warned emerging economies like Indonesia to "be vigilant for spillovers" from China's slowdown, tighter global financial conditions, and the prospects of a U.S. interest rate hike. "Overall, we expect global growth to remain moderate and likely weaker than we anticipated last July," Lagarde said in a prepared speech at the start of a two-day visit to Indonesia's capital. The IMF in July forecast global growth at 3.3 percent this year, slightly below last year's 3.4 percent. Lagarde said China's economy was slowing, although not sharply or unexpectedly, as it adjusts to a new growth model. "The transition to a more market-based economy and the unwinding of risks built up in recent years is complex and could well be somewhat bumpy," she said. "That said, the authorities have the policy tools and financial buffers to manage this transition." More»
Islam Abdelhameed - 2015-08-31 12:46:48
Four Egyptian insurers are competing for an insurance policy designated for a project to build a tunnel under the new Suez Canal, senior sources told Amwal Al Ghad Monday. The project is with cost of 10 billion Egyptian pounds (US$1.3 billion). The company responsible for building the tunnel has launched a bid limited to Misr Insurance Company, Suez Canal Insurance Company, Arab Misr Insurance Group (GIG), and Mohandes Insurance Company. Egypt plans to build six tunnels, with total cost of 29 billion pounds, as the second part of the new Suez Canal project that aims to develop Sinai Peninsula region. More»
Amwal Al Ghad English - 2015-08-31 09:36:51
Goldman Sachs slashed Monday its forecasts for China's growth over the next three years amid broadening pessimism over the health of the world's second largest economy. The bank marked down its 2016, 2017 and 2018 projections to 6.4 percent, 6.1 percent and 5.8 percent, respectively from 6.7 percent, 6.5 percent and 6.2 percent, previously. The government is targeting growth of "around 7 percent" this year. The more gloomy assessment by Goldman is the latest setback for China which has had a tumultuous few weeks. The move by the country's central bank to devalue the renminbi earlier this month startled investors and roiled equity markets the world over. Having seen a feeble impact from efforts to prop up jittery stock markets, Chinese authorities are now reportedly scaling back their market intervention plans. Goldman's longer-term growth forecasts are based on three factors – labor, capital and productivity. "In China's case, each of these three components is expected to decelerate: labor due to demographics, capital deepening as the capital share of the economy comes down from exceptionally high levels, and total factor productivity growth as the economy narrows the gap with the richest economies," it said. As for 2015, the bank retrained its forecast of 6.8 percent growth. This would mark a notable deceleration from last year, when the economy expanded 7.4 percent. "The economy faces heightened economic and policy uncertainty at the present time," the bank said. "This reflects extreme equity market volatility and more recently the sudden move in the CNY fixing, which has amplified uncertainty about the path of the exchange rate going forward." "Our estimates suggest it takes a few months for the full impact of 'uncertainty shocks' to hit the economy, suggesting downside risk to August and probably September activity data," it said. The earliest economic indicator available for August – the preliminary Caixin manufacturing purchasing managers' index (PMI) – suggests persistent sluggishness in country's vast factory sector. The index fell to a near six-and-a-half-year low of 47.1 in August, below a Reuters forecast of 47.7 and down from 47.8 in the previous month. More»
Amwal Al Ghad English - 2015-08-29 14:39:41
A form of debt restructuring rather than outright forgiveness should enable Greece to handle its "unviable" debt burden, the head of the International Monetary Fund was quoted as telling a Swiss newspaper. The IMF has yet to make clear if it will participate in the third 86-billion-euro ($96 billion) international bailout that Greece signed up to in early August, having argued in favor of a partial writedown of a debt burden it considers unsustainable in its current form. Greece's euro zone creditors, notably Germany, have ruled out a writedown but are willing to consider other forms of restructuring such as a lengthening maturities. Asked about those differences, IMF Managing Director Christine Lagarde told Saturday's edition of Le Temps: "The debate on cancelling the debt has never been open I don't think it is necessary to open it if things go well... "We are talking about extending maturities, reducing rates, (making) exemptions for a certain period of time. We are not speaking about cancelling debt." More»
Islam Salah - 2015-08-29 14:32:09
The volume of net direct foreign investments in Egypt hits US$5.7 billion in the first nine months of fiscal year 2014-15, General Authority for Investment and Free Zones' (GAFI) CEO Alaa Omar said Saturday.  In fiscal year 2013-14, the volume of net direct foreign investments was estimated at US$4.1 billion. Around 14,969 firms have been established within the first half of 2015 with issued capitals estimated at 25.4 billion Egyptian pounds and set to provide 127,000 job opportunities, Omar added. On other hand, around 9,236 Egyptian companies have been founded in 2014 with issued capitals worth 15 billion Egyptian pounds and set to provide 80,000 direct job opportunities. The official stated that the total volume of investments in Egypt in the budget of FY2015-16 has increased to 417 billion Egyptian pounds. Chairman Omar clarified that the governmental investments within the current fiscal year has been jumped to 180 billion Egyptian pounds in order to upgrade main infrastructure and improve the quality of services provided for citizens. More»