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

Amwal Al Ghad English - 2014-06-01 11:44:57
Egypt will host the 36th Annual Ordinary Meeting of the General Assembly of African Reinsurance Corporation (Africa Re) from 15-20 June. The corporation used to hold its Annual General Assembly Meeting in a member country and the opening ceremonies of these meetings usually presides by the countries presidents or governors as a kind of support to this regional project and to crown her role in the growth of Africa. The African Reinsurance Corporation is an international financial institution comprising 41 member countries of the African Union and Development Finance Institutions , as well as the about 100 insurance and reinsurance companies operating in member countries and IRB- Brasil Re. On this occasion, Sherif Samy - Chairman of the Egyptian Financial Supervisory Authority (EFSA) – has extended his great appreciation to the shareholders and management of Africa Re for accepting the invitation of the Arab Republic of Egypt to host this unique event for the second after being honored to host the 28th general assembly meeting in 2006. Meanwhile, Dr. Mohammed Maait - Head of the Local Organizing Committee and Deputy Chairman of the EFSA – stated that Africa Re contributions to the growth and viability of the insurance industry in Africa are quite significant. "The Arab Republic of Egypt as a founding member of Africa Re is proud of its contributions to the economic integration of our continent." He noted "We wish to seize this opportunity to appreciate this success story of our regional cooperation, assuring our continued support through the African Re Cairo regional office." Furthermore, Maait said selecting Cairo to host this event is concrete manifestation of the support of the Egyptian insurance market to the African institutions in general, and Africa Re in particular. More»
Moustafa Adel - 2014-05-31 11:31:55
On behalf of the Egyptian Finance Ministry, the Central Bank of Egypt will be offering tomorrow 91 and 266-day treasury bills worth EGP 5.5 billion. Throughout its official website, the CBE stated that the first offering; 91-day is at value of EGP 2.5 billion, whereas the second offering; the 266-day amounts to EGP 3 billion. Egypt’s Finance Ministry is issuing treasury bills and treasury bonds to go for filling the state’s budget deficit which reached EGP 163 billion during the period from July to April of the current fiscal year. More»
Amwal Al Ghad English - 2014-05-30 10:58:22
The victory of Abdul Fattah al-Sisi in this week's Egyptian presidential election does not alter Fitch Ratings' expectation that the authorities will be cautious in addressing the large fiscal deficit. Egypt's public finances are the main weakness for its sovereign credit profile. Sisi's victory was not in doubt. Initial indications are that turnout was around 46%, lower than 52% at the election won by Mohammed Morsi in 2012 and despite three days of polling. Very high turnout might have enhanced the legitimacy of the return to military rule in domestic and international eyes, but we do not think economic policy, or Egypt's relations with GCC countries that have provided grants and loans following the removal of President Morsi, will be affected. According to a statement released by the rating agency on Friday, Sisi has not set out a detailed economic programme. But the interim government's actions, and Sisi's broad pronouncements on the need to maintain growth and make Egyptian society more equitable, suggest the authorities are mindful of the risks of popular opposition to fiscal consolidation, which would initially focus on subsidies. In the final budget draft submitted to the interim president the government planned to cut spending on petroleum subsidies, but expected the budget deficit to widen in fiscal year ending June 2015, to 12% of GDP, from 11.5% forecast for FY14. The authorities will probably continue the small steps towards subsidy reform taken by the interim government. These were aimed at controlling consumption rather than allowing prices to rise. Smart-card terminals have been installed in all petrol stations and are used for transactions between wholesalers and retailers. A project to reduce the bread subsidy has been implemented in Port Said and is set to be expanded. The improvement in budgetary performance in the first nine months of FY14, with the fiscal deficit narrowing to 7.1% of GDP from 10% in the same period last year, mostly reflects higher government revenues driven by grants. These constituted 2.5% of GDP, up from 0.2% a year earlier. This improvement therefore may not be sustainable, while the sensitivities around reducing subsidy spending mean the deficit will stay in or close to double digits over our ratings horizon. Tax revenues have risen by 8% year on year, below inflation, and have not kept pace with an 11% spending increase. Wages, subsidies and interest payments rose significantly in recent years and represented 84% of spending in the first nine months of FY14. These outturns are in line with our view that Egypt's fiscal and economic performance has stabilised, but at a low level. In January, we revised the Outlook on Egypt's long-term rating to Stable after three years on Negative, and affirmed it at 'B-' due to tentative improvements in political stability and economic conditions. These were partly driven by bilateral fund inflows that eased pressure on the budget, reserves and exchange rate. The next scheduled review of the rating is on 27 June 2014. The low rating reflects substantial risks to Egypt's credit profile, chiefly its weak public finances. Without significant fiscal reform, general government debt will remain above 90% of GDP, well above the median for Egypt's ratings peers. More»
Islam Abdelhameed - 2014-05-29 09:38:40
Royal Insurance Egypt is planning inaugurating its new subsidiary in Sharm El Sheikh within the upcoming month, Mohamed Reda, head of production and branches sector said. Reda added that Royal finalized all the necessary measures for opening its branch, stressing that it is considering launching new branch in Suez governorate by the next period which will contribute in attaining the company's strategy across republic. Royal has recently inaugurated new subsidiary in Port Said, along with new one in Aswan as result of the increase of its business volume, Reda noted. The company is still negotiating with two banks to promote its products through the banks' branches under 'Banking Insurance', expecting that the company will finalize signing the cooperation agreement with one of the banks during a few coming months. More»
Islam Abdelhameed, Alzahraa Mostafa - 2014-05-29 09:16:02
Mohandes Insurance Company (MOIN) named Reda Fathy to be its new Managing Director in place of Mohamed Baraka, Senior Sources have informed Amwal Al Ghad Arabic's Website. Mr. Fathy served as Chief Operation Officer at Arope Insurance and he was previously served as the vice president for technical dept at Arab Orient Takaful Insurance Company. It is expected that Mr. Fathy will meet the leaders of Egyptian General Supervisory Authority (EFSA) in order to review the new mechanism of its new position in addition discussing the regulations and strategy of the company by the upcoming period. More»
Islam Abdelhameed - 2014-05-28 13:19:46
Royal Insurance Egypt plans holding its extraordinary general assembly by the next month in order to approve launching its first Mutual Fund with EGP50million capital. In the last month, Royal announced launching Mutual Fund for the cash flow which aims providing ensured Pot and investment savings that provides daily cash. Royal finalized all the routine procedures regarding issuing the fund, noting that the company is waiting approving the general assembly ,Ahmed Hosny, the Deputy Managing Director Finance illustrated. It is schedule for the annual general assembly to hold within the first 9 months of this year to approve the finance center for the company, Hosny said. Insurance expertise explained that it is expected that the coming period will witness a highly demand from the insurance companies to these funds through the cooperation with Investment management firms. More»
Alzahraa Mostafa - 2014-05-28 09:34:34
Arope Insurance Egypt aims attaining EGP15million insurance premiums in individual and corporate branches within 2014,  Wael Shoukry Regional Director said. Speaking to Amwal Al Ghad Arabic's Website, Shoukry asserted that his company is planning expanding in the personal accident document during the next phase, noting that Arope eyes issuing new individual insurance document by the next month. Arope awaits the approval of the Egyptian Financial Supervisory Authority (EFSA) in order to activate banking insurance agreement with Blom bank, stressing that the bank obtained the approval of this affair from the Central Bank, Shoukry added. Furthermore, Arope is intending promoting some of the bank's products including auto, personal accident, travel insurances. More»
Islam Abdelhameed - 2014-05-27 13:46:55
Suez Canal Insurance Company succeeded in attaining EGP305million premiums in the first 9 months of the ongoing fiscal year against EGP287million in the previous year, move up by 6.2% growth rate, Ahmed Shehab, General Manager said. Speaking to Amwal Al Ghad Arabic's Website, Shehab explained that the paid up compensation of the company reached around EGP98million at the end of March, against EGP183million in the previous year, decline with 46.4%. Suez Canal achieved EGP24.8million profits , in compared to the previous fiscal year with 15.8% growth rate, Shehab added. The total value of the funds which have been invested reached around EGP573million at the end of last March, registering EGP33.1million return. Around the Company's strategic plan, Shehab noted that his company started negotiating with two banks in order to promote its various products through the branches and according to banking insurance mechanism, expecting concluding the cooperation agreements by the coming few days. More»
Nayera Eid - 2014-05-26 14:08:06
The National Postal Authority – Egypt Post is planning to launch its new product 'The Islamic Postal Savings Passbook' in a tender by the end of this week. Egypt Post aims to receive offers from various expertise houses so as to launch its new financial product. The new product will be in accordance with the Islamic Shariah, said Chairman of Egypt Post Dr. Ashraf Gamal El Din.  He expected the launch of the new Islamic Postal Savings Passbook can be within the third quarter of the current year. More»
Amwal Al Ghad English - 2014-05-26 13:10:42
International Monetary Fund (IMF) official Masoud Ahmed said that financial indicators in Egypt have greatly improved in the recent months after the progress that was made in the political road map and the process of political transition, which provides more stability, according to State Information Service (SIS). He asserted that the IMF believed for a long time that the best solutions for issues such as energy subsidy must be "gradual" not “sudden”, pointing out that the imbalance that prevailed during the last 30 years cannot be repaired in just three months, but it needs a reasonable period of time. He added that the clear stance of the IMF is that Egypt is an important country for the IMF and a major country in the Middle East, stressing that the IMF is ready to provide the required support, whether technical or financial to the Egyptian government. More»