amwalalghad :: Financial Institutions

Your English Portal To Arab Economy

Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        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        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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

Amwal Al Ghad English - 2015-01-07 09:22:10
Suez Canal Insurance Company is targeting increasing its branches from 27 to 36 by the end of the next year, said Vice Chairman and Managing Director Mohamed Abdullah. Abdullah stated exclusively to Amwal Al Ghad that his company intends to launch 9 new branches through 2015 and 2016. Those branches will spread between Faiyum, Beni Suef, Ismailia and Sharm el-Sheikh in addition to Maadi and Fifth Settlement districts.  There will be also branches in Port of Adabiya, Ismailia Public Free Zone and Port of El-Sokhna. More»
Ahmed Fayez - 2015-01-06 13:30:31
Egyptian government has endorsed Tuesday a plan to raise international bonds at values worth $1.5 billion, aiming to allure influx of new foreign capitals. The country will be issuing its first international bond since 2010, , as investor confidence in the country gradually returns after the turmoil which followed the 2011 revolution. In October, Egypt’s Minister of Finance Hany Qadry announced that the Egyptian government would be tapping international bond markets. The Finance Ministry has not yet determined the maturity of the anticipated international bonds, he noted. Meanwhile, minister Qadry has considered Fitch Ratings’ decision to upgrade its evaluation of the Egyptian economy as an important positive step to boost investor confidence. The minister said that the move supports recent efforts by the government to save funds for its developmental plans and attract more investments in the coming period, especially since it is the first time to raise Egypt’s credit rating following a series of devaluations over the past few years. Fitch Ratings had previously upgraded Egypt’s long-term foreign and local currency Issuer Default Ratings (IDR) to ‘B’ from ‘B-‘. The outlooks are stable. Fitch has also upgraded the issue ratings on Egypt’s senior unsecured foreign and local currency bonds to ‘B’ from ‘B-‘. The Country Ceiling has been upgraded to ‘B’ from ‘B-‘ and the short-term foreign currency IDR is affirmed at ‘B’. Fitch attributed its new rating to the structural and financial reforms carried out by the government to enhance the economy. According to the minister, the upgrade came simultaneously with praise by several other international financing institutions as well as concluding measures over negotiations with the International Monetary Fund (IMF) during the past month. The minister said that the IMF delegation praised the Egyptian economy and its ability to achieve the required goals over the medium term. He added that such initiatives will bring the highest benefit to the economy during the economic summit slated for March in Sharm el-Sheikh. Fitch’s decision was based on several economic and political developments such as the  government’s adopted strategy to rationalize energy subsidies and widen the tax base. This has led to improvements in the budget’s total deficit, as Fitch expected a deficit of 10.2 percent of GDP in fiscal year 2014-2015, compared to 12.8 percent in FY2013-2014. Fitch also expects the economy to achieve a growth rate for the ongoing fiscal year of 4.2 percent which is higher than the government’s expected rate of 3.8 percent marking an average of 2 percent increase in growth rates over the past three years. Fitch also indicated political stability since President Abdel Fattah al-Sisi came to office, which reflects the people’s desire to achieve stability. More»
Amwal Al Ghad English - 2015-01-06 08:53:18
Workers in Suez Canal Insurance, a leading Egyptian composite insurer, decided to contribute to the national economy by donating a half million Egyptian pounds for Long Live Egypt Fund. Egyptian Prime Minister Ibrahim Mahlab received Monday evening a cheque worth 500.000 million Egyptian pounds (US$70 million) from Suez’s workers in favour of 'Long Live Egypt' Fund. This comes after Mahlab had met with Suez Canal Insurance’s Chairman Mohamed Adel Fathy, who gave him the cheque. Mehleb expressed gratitude for the worker’s contribution, saying the workers are the builders of Egypt’s future. The 'Long Live Egypt' Fund was originally initiated by Egypt's President Abdel Fattah al-Sisi to support and revive the cash-strapped national economy. More»
Al Zahraa Mostafa - 2015-01-05 10:00:12
Suez Canal Insurance, a leading Egyptian composite insurer, has realised a y-o-y growth of 9.7% in issued premiums in the first half of current fiscal year 2014/15. According to general manager Ahmed Shehab, Suez’s premiums reached 243.5 million Egyptian pounds (US$34 million) during H1, compared to 222 million pounds a year earlier. Shehab further told Amwal Al Ghad on Monday that Suez is targeting premiums worth 450 million pounds (around US$63 million) by end of the current fiscal year, from 408 million pounds last year. Moreover, the Egyptian official said Suez also plans to pump 11 million pounds within next March to boost its capital which currently stands at 120 million. Suez was established in 1981 and offers services in the field of insurance and reinsurance. Suez has branches in Cairo, Alexandria, Upper and Lower Egypt and in the Red Sea region. More»
Sayed Badr - 2015-01-03 14:38:24
Egypt’s Ministry of International Cooperation has issued on Thursday a report on main activities and agreements signed throughout 2014 to get grants and loans from the foreign institutions and development partners. Throughout 2014, Ziad Bahaa-Eldin- the Deputy Prime Minister for Economic Affairs- took the responsibility for the Egyptian Ministry of Planning and International Cooperation, and then Dr. Ashraf Alaraby was in charge.  Last June, the Ministry of International Cooperation was split from Ministry of Planning, naming Naglaa Al Ahwany as the new minister. According to the official records, the Ministry of International Cooperation has signed grants and loans worth US$ 2.4 billion during 2014 with global institutions and development partners. More»
Amwal Al Ghad English - 2015-01-03 10:18:35
One million and 736 thousand pensioners in Egypt had disbursed on Thursday their pensions totalling EGP 1.773 billion, the country’s social solidarity minster Ghada Waly said. The disbursement of pensions continued during the day until 7 pm throughout the country’s social insurance outlets, postal offices and ATMs. The minister assured in press statements that ahead of the Prophet’s birth and the Christian Copts’ feasts, all the branches of Nasser Social Bank, social insurance and postal offices would be opened on Saturday to serve the pensioners and disburse their dues instead of the 10th day of the month. More»
Mohamed Hamdy - 2014-12-31 11:13:44
Egypt’s Social Fund for Development (SFD) will cooperate on funding the Red Sea Sustainable Development Project, signing an agreement worth 2.2 million Egyptian pounds. SFD’s Secretary-General Soha Soliman has signed on Wednesday a funding agreement worth 2.2 million Egyptian pounds (US$ 307.718) with Ahmed Abdullah - Red Sea Governor. As pursuant to the agreement, SFD grants 1.9 million pounds in addition to contributions worth 300.000 pounds are made by the Red Sea governorate. From his part, Governor Ahmed Abdullah said the project includes four subsidiary schemes to upgrade bridges and 2 government buildings in addition to establish 50 tanks, aiming to serve areas of Safaga and Shalateen. Those schemes would be carried out under the supervision of the SFD and Red Sea governorate, he noted. More»
Al Zahraa Mostafa - 2014-12-29 13:29:25
Egypt’s Suez Canal Insurance Company (SCI) has renewed its agreement with German reinsurance company Hannover Re for the year of 2015, managing director Mohamed Abdallah announced. Hannover Re, with a gross premium of around €14.0 billion, is the third-largest reinsurance company in the world. Its headquarters are in Hannover, Germany. Speaking to Amwal Al Ghad on Monday, Abdallah said his company had managed to keep the same limits of retention while renewing the Hannover Re’s treaty backed by SCI’s high growth rates of premiums. More»
Amwal Al Ghad English - 2014-12-28 09:27:47
Speaking to Daily News Egypt, International Monetary Fund (IMF) Mission Chief for Egypt, Chris Jarvis, outlines how the IMF evaluates the Egyptian economy. Jarvis also spoke on the problems the economy is facing and the forecasted growth. What is the IMF’s view of the Egyptian economy’s future? The authorities have designed a good macroeconomic and reforms programme ahead of the March [2015] economic conference, and have started implementing some key measures: they have implemented the first phase of the energy subsidy reforms, taken measures to increase revenue mobilisation, affirmed their commitment to contain inflation by raising policy rates, and started wide-ranging structural reforms to unlock private-sector growth. However, Egypt is vulnerable to adverse global economic developments and regional security risks. For the reform effort to succeed it will need to be pursued steadfastly. The measures already taken by the authorities demonstrate their commitment to reform. However, building buffers, especially by raising international reserves and preparing contingency plans for the budget in case risks materialise, would be useful to address unforeseen shocks. What are the projected growth rates, and can they be achieved? The IMF projects that growth will reach 3.8% in [the fiscal year] FY 2014/15. These growth rates can be achieved if confidence continues to return and the authorities continue implementing the reform programme. What are the problems facing the economy, and how can they be addressed? Egypt faces many challenges. During the prolonged political transition, growth fell and unemployment and poverty increased to high levels. Budget deficits grew and external pressures led to a fall in foreign exchange reserves. However, the authorities recognise these challenges and have set appropriate economic objectives, including raising growth and steadily reducing inflation. The government is seeking to reduce the budget. The structural reforms planned by the authorities focus on improving the business climate, promoting investments and financial sector development, while addressing poverty and social gaps. The authorities are also seeking to improve Egypt’s external position, though additional external financing will still be needed through the medium term. Has the IMF been formally invited to the March economic conference to take place in Sharm El-Sheikh, and if invited, will the IMF attend? We have not received a formal invitation, but the authorities have indicated that they would like the Fund to participate and we will be attending the conference. More»
Amwal Al Ghad English - 2014-12-27 11:52:36
Egypt's Tax Authority (ETA) has ordered the heads of tax districts to form technical committees dedicated to receive tax representations and facilitate collection procedures. This comes with the framework of ETA'S preparations for new tax collection season from individuals starting from January to late March 2015. "I hope the new season will witness more responses from funders to pay their tax dues not to wait until the end of deadline so as to enlarge sources of state's treasury" ETA's chairman Moustafa Abdel Kader said. In addition, he gave his orders to all sectors and tax district offices to ease procedures for funders. He also recommended putting attractive posters about the general instructions on the tax representations. Moreover, the Egyptian official added that tax representation samples, which mark the ninth generation, would be printed and circulated throughout tax district offices by the beginning of January 2015. More»