amwalalghad :: Financial Institutions

Your English Portal To Arab Economy

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        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        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        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        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 - 2014-09-21 12:21:44
Twelve insurance companies operating in Egyptian market have bought EGP 549 million worth of investment certificates to finance the country’s new waterway project along the Suez Canal. In addition, the Insurance Federation of Egypt (IFE) has also purchased EGP 33.5 million worth of the new Suez Canal investment certificates. Therefore, the total contribution of the insurance sector in Egypt to the national Suez Canal project would reach up to EGP 582.5 million. Another contribution was made by Misr Insurance Holding Company, yet the company said the value of purchased certificates will be disclosed later through a statement from the Ministry of Investment. According to the experts, the vital role played by the insurance sector in Egypt will not only be in form of buying the investment certificates, but also in form of providing the insurance cover for both the project and the employees working on it. In the same vein, the chairman of Delta Insurance Company El-Sayed El-Gohary stated that the insurance companies’ investments in the new Suez Canal project come as part of their national duty towards boosting the country’s economy. He also referred to the high interest rates of the Suez Canal investment certificate, which amount to 12%. The Egyptian official further stated that the insurance firms’ contribution come as a part of their national role in supporting the national economy. In case of launching new investment certificates to finance the country’s electricity shortage, it is expected to witness higher turnout among the insurance companies, he added noted. The new Suez Canal project aims to attract more ships and boost the country’s income. Egypt’s Suez Canal brings in US$ 5 billion annually and is a major contributor to Egypt’s economy, which was suffered since the 2011 revolution. The table below shows the names of the 12 insurance companies invested in the second Suez Canal project: More»
Amwal Al Ghad English - 2014-09-20 11:55:29
Fitch Ratings Inc. affirmed its Triple-A rating for the U.S., citing the nation's "unparalleled financing flexibility as the issuer of the world's pre-eminent reserve currency and benchmark fixed-income asset, and as home to the world's deepest and most liquid capital markets."Fitch has a stable outlook for the U.S. The rating firm said "renewed brinkmanship over the federal debt ceiling is possible in 2015, although its suspension in February 2014 was in a timely manner and in a way that avoided casting uncertainty over the full faith and credit of the U.S." In March, Fitch affirmed its rating for the U.S. and removed it from Rating Watch Negative. On Wednesday, Moody's Investors Service reiterated its triple-A rating for the U.S. and said the country's outlook remained stable, but it warned that the rating could be pressured by higher costs for social programs like Medicare and Social Security. Attention on U.S. debt ratings has remained high since August 2011, when Standard Poor's Ratings Service, took the unprecedented step of downgrading long-term U.S. debt. In June, S&P reiterated its AA+ rating for the U.S. More»
Amwal Al Ghad English - 2014-09-20 09:04:22
Egyptian Government will borrow EGP6 billion tomorrow from the banks operating in the market in the form of short-term debt instruments. It is schedule that the Finance Ministry will offer treasury bills worth EGP2.5 billion per day through the Central Bank of Egypt (CBE). More»
Amwal Al Ghad English - 2014-09-18 07:47:24
Egypt's finance minister is predicting growth rates of up to 6 percent within three years, which would mark a major turnaround following three years of political turmoil that has crippled the economy. Hany Kadry Dimian told The Associated Press he expects growth to increase from 2.5 percent to 3.5 percent this quarter, as Egypt pursues several mega-projects — including an expansion of the Suez Canal — and seeks foreign investment and a revival of the vital tourism sector. "Having all these projects in place, having investors already knocking on the door to be placed and well-situated with the development projects we have, with the Suez Canal, the 5-6 percent in 2-3 years is very doable," said Dimian. Meanwhile, Egypt will buy 65 percent of its oil product imports for the next year from the United Arab Emirates, in the latest Gulf lifeline to an economy rocked by three years of turmoil. More»
Mohamed Hamdy - 2014-09-17 09:08:28
Social Fund for Development (SFD) obtained €67.5 million European Union (EU) grant through the World Bank towards financing the Emergency Labor-Intensive Investment project (ELIIP) under the frame agreement. SFD's Secretary General Hanaa El Hilaly has told Amwal Al Ghad that the agreement comes as a contribution from EU in implementing ELIIP which adopted by the Egyptian government and will be financed by the World Bank with US$20 million so as to face economic slowdown and rising unemployment rate to reduce the increasing rates of poverty. The agreement aims to find short-term job opportunities and to employee the small local contractors in addition to providing social services for the poor categories to improve living standards. More»
Islam Abdelhameed - 2014-09-16 13:33:31
Head of Investment Sector at Arab Misr Insurance Group GIG Mohamed Nagah Nour said the investment cost of new headquarter in New Cairo ups to EGP90 million. He told Amwal Al Ghad that it is schedule to  inaugurate new headquarter within the upcoming 3 years that will achieve widespread geographically in New Cairo. The main headquarter of the company will turn into GIG's branch besides selling part of the branch in order to contribute in providing liquidity for the company, Nour explained. Over the company's investments plans, Nour asserted that GIG bought Suez Canal investment certificates worth EGP5 million, expecting that the cash liquidity will boost, Nour noted. More»
Amwal Al Ghad English - 2014-09-16 09:16:07
Minister of Finance Hany Kadry Dimian revealed on Tuesday that the government is aiming to restore investor confidence in Egypt’s economy that was heavily battered after uprisings more than three and half years go. Kadry added in a keynote speech at Euromoney’s 19th Annual Conference Cairo on Tuesday in Cairo, that the local economic witnessed improvement in the last year, noting that the government is seeking 5-6% economic growth over the next three years. in addition to, the government eyes 3% economic growth for this fiscal year, compared with 2% in the last year, Kadry asserted. The government will complete its economic reform steps through reforming the subsidy system and expanding tax base, along with shifting to value added tax, he said. Egypt will launch mega projects like the new Suez Canal project, in addition to the reclamation of 4 million feddans, in a bid to allure investors. More»
Amwal Al Ghad English - 2014-09-16 08:42:09
Egyptian Minister of Finance Hany Kadry revealed that the government is planning to cancel 90% from the four-year targeted subsidiary of petroleum products energy through setting regulations to transport petroleum products among governorates along with entering new types of alternative energies. The Minister added in a keynote speech at Euromoney’s 19th Annual Conference Cairo on Tuesday that Cancellation of subsidiary does not mean that the prices will raise, noting that the government started activating smart cards to distribute petroleum  products. Kadry explained that the government is trying to provide social welfare for the poor through applying monetary support in coordination with Social Solidarity and Supply Ministries. Petroleum products subsidiary in the budget of the current fiscal year reached EGP100.3 billion and it reduced to EGP40 billion after the recent time. More»
Islam Abdelhameed - 2014-09-15 12:03:13
Egypt’s Pharaonic American Life Insurance Company- Alico (MetLife Alico) is aiming to obtain a regulatory approval to start bancassurance activities. According to the Mohammed Maait - Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA), MetLife Alico has submitted a request to the EFSA, seeking to practice the bancassurance activities in cooperation with AlexBank and Barclays Egypt. MetLife Alico was incorporated in Egypt in 1997, to be the first life insurance company to enter the Egyptian market with a major share holding of an international life insurance company. Moreover, the Egyptian top official further noted that EFSA gave its approval in the last few months for 3 insurance companies so as to promote its products through banks’ various network. The three insurance firms recently obtained the regulatory approvals are; 1) Arope Insurance Egypt – Life (through BLOM Bank’s branches), 2) Misr Life Insurance (through branches of Housing and Development Bank (HDB) and Egyptian Gulf Bank (EGB) and soon of Société Arabe Internationale de Banque (SAIB)), 3) The Commercial International Life Insurance Company (branches of Commercial International Bank – Egypt). The table below demonstrates the names of insurers and banks seeking to practice bancassurance activities: More»
Al Zahraa Mostafa - 2014-09-14 13:53:50
Egyptian Saudi Insurance House (ESIH) bought today EGP 20 million (US$2.8 million) worth of investment certificates to fund the second Suez Canal project, said managing director Abdel Raouf Kotb. The Egyptian official further stated that the insurance firms’ contribution come as a part of their national role in supporting the national economy. The new Suez Canal project aims to attract more ships and boost the country’s income. Egypt’s Suez Canal brings in US$ 5 billion annually and is a major contributor to Egypt’s economy, which was suffered since the 2011 revolution. On September 4th, four assigned banks, Banque Misr, the National Bank of Egypt, Banque Du Caire and the Suez Canal Bank, began last week selling five-year investment certificates, designed to finance the new Suez Canal project. More»