amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        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        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        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        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

Amwal Al Ghad English - 2014-06-28 08:22:27
Fitch Ratings has affirmed Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B-'. The Outlooks are Stable. The issue ratings on Egypt's senior unsecured foreign and local currency bonds have also been affirmed at 'B-'. The Country Ceiling has been affirmed at 'B-' and the Short-term foreign currency IDR at 'B'. KEY RATING DRIVERS Egypt's IDRs reflect the following key rating drivers: The new president, Abdelfattah Al-Sisi, was overwhelmingly elected on a turnout of 47.5% in June 2014 in polls that passed peacefully. President Sisi is backed by the powerful military, which has restored and is expected to maintain relative political stability. Nonetheless, significant sections of the population are disaffected, some parts of the country are affected by sporadic violence and sequencing adequate economic reforms while preserving social stability will be challenging. Financial assistance from some GCC governments has eased external and fiscal strains and boosted business confidence. Fitch assumes further support will be forthcoming following the election of President Sisi. GCC inflows have pushed up external debt, but it remains low, and the new funds are on a concessional basis, so external debt stock and service indicators are still stronger than peers. GCC grants are forecast to narrow the general government deficit in FY14 (to end-June 2014) to around 12% of GDP, among the highest of all Fitch-rated sovereigns. Consolidation measures, including subsidy reform and a broadening of the revenue base, are likely to be pursued gradually and new spending commitments and a greater emphasis on social justice will limit the pace of deficit reduction. Fitch forecasts a deficit of 8.5% of GDP for FY16. General government debt will therefore remain high at around 90% of GDP. Fitch considers that domestic banks have the capacity and willingness to finance the deficit. Reserves have stabilised at around three months of import cover due to foreign exchange rationing and GCC inflows. Arrears to foreign equity investors have been cleared and payment delays of profits to energy companies are being reduced. The outlook for the balance of payments is weak, with the modest improvements in tourism revenues and foreign investment forecast likely to be insufficient to end rationing given high demand. Fitch assumes import cover will stay low over the forecast period, although GCC support will provide an important backstop. Political uncertainty pulled real GDP growth down to 1.2% in 2H13. Indicators for 2014 are weak, with the PMI pointing to a contraction in four of the first five months. Shortages of foreign exchange and power, fiscal consolidation and crowding out will hamper a revival. Fitch forecasts growth rising to 4% by 2016, which is well below the level that would absorb new labour force entrants. Exchange rate depreciation and subsidy reforms are expected to push inflation into double digits, from the current level of 8.2%, despite significant spare capacity. Investment and World Bank Doing Business and governance indicators have all deteriorated in recent years and are below peers. RATING SENSITIVITIES The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced. The main factors that could lead to positive rating action, individually or collectively, are: - Material progress on fiscal consolidation. - Improved political stability, potentially supported by efforts to accommodate currently marginalised groups. The main factors that could lead to negative rating action, individually or collectively, are: - Disruption to GCC inflows that strains the balance of payments and fiscal position. - A failure to reduce the fiscal deficit significantly or a weakening of the willingness or ability of local banks to finance the deficit. - A serious breakdown of public order or a severe and sustained period of political violence that further damages the economy. KEY ASSUMPTIONS Egypt is assumed to continue to receive GCC financial support, in a variety of forms, over the forecast period. It is expected that the GCC will encourage Egypt to step up reform to gradually diversify sources of donor funding. Fitch assumes that the authorities will draw up a home-grown economic programme that will facilitate funding from bilateral and multilateral donors. The political environment is assumed to be more stable than recent years, although ongoing tensions and sporadic violent incidents are likely to prevent a sustained recovery in tourism. Fitch forecasts that oil prices will decline modestly, to an average of USD95/b (Brent) in 2016, easing some upward pressure on the subsidy bill. More»
Alzahraa Mostafa - 2014-06-26 14:09:34
Allied Arab Assurance Brokerage (AAA) succeeded in signing cooperation agreement with Arthur J. Gallagher insurance brokerage company to become its local agent in the Egyptian market, Managing Director Hazem Dawood revealed. The total value of insurance premiums which attained by AAA hit  around EGP21 million within 2013, move up by 60% growth rate, targeting to boost it to EGP100 million by 2016-end. This agreement will help AAA to expand in the market through the international companies which open branches in Egypt. Arthur J. Gallagher is considered to be the first brokerage globally in energy and petroleum fields as well as it is one of the major 10 companies across republic. More»
Islam Abdelhameed - 2014-06-26 10:32:05
Deputy Chairman of Egyptian Financial Supervisory Authority (EFSA) Mohamed Maait said the size of premiums which may be attained in insurance sector by June-end reached up EGP15 billion, move up by 17.2% growth rate. EFSA announced in the previous fiscal year that the size of the attained premiums  boosted with 16% growth rate, to eventually record EGP12.791 billion at June-end in compared to EGP11.022 billion in the previous period. Speaking to Amwal Al Ghad Arabic's Website, Maait said it is expected that the investments of insurance sector will rise to EGP45 billion in compared to EGP42.339 billion, move up by 6.3% growth rate. The insurance sector witnessed many challenges during the ongoing year representing in the economic deterioration that experienced by the Egyptian market, Maait added. Furthermore, insurance companies started facing the previous challenges through developing the insurance products along with following new marketing methods that contribute in alluring new categories including banking insurance.
Amwal Al Ghad English - 2014-06-26 08:32:18
The International Monetary Fund (IMF) is ready to help Egypt if requested to, representative of Egypt and the Arab countries in the IMF Abdel Shakour Shalan said. Till now, Egypt did not ask for any help from the fund or announce plans for seeking to get a loan or a certificate of the safety of the Egyptian economy, Shalan told a number of reporters accompanying the Door-Knock mission of the American Chamber of Commerce in Egypt (AmCham Egypt) to Washington. Egypt can manage without the IMF if it prepared an economic reform program and made the best use of the current Gulf support in convincing investors to return to the Egyptian market, he said. Despite being hit hard over the past few years, the Egyptian economy is still capable of regaining its power, he added. More»
Mohamed Hamdy - 2014-06-25 12:28:50
Social Fund for Development (SFD) is aiming pumping EGP680million for financing micro projects within the current year against EGP600million at 2013-end. Head of micro-enterprises financing sector at SFD Amany Youssef said the total NOGs which the fund is dealing with are 700 NOGs. SFD will ink a new contract with Sharkeya Business Association (SBA) worth EGP2.5 million to finance micro projects. The National bank of Egypt (NBE) signs today a contract with SFD  in order to finance micro enterprises worth EGP75 million. More»
Alzahraa Mostafa - 2014-06-25 11:11:52
Regional Director at Arup Insurance Egypt Company Wael Shoukry  said the total expected value of premiums in properties and responsibilities activity estimated at EGP50 million against EGP34 million in the previous year. In a statements to Amwal Al Ghad, Shoukry  expected that the value of premiums in life insurance activity will be EGP14million by the end of the current year, compared to EGP10 million at 2012/2013. Arup awaits Egyptian Financial Supervisory Authority (EFSA)'s approval to activate banking insurance agreement. More»
Eslam Salah, Islam Abdelhameed, Alzahraa Mostafa - 2014-06-23 13:05:15
Egyptian Takaful Insurance Company eyes attaining EGP340 million premiums within the upcoming fiscal year of 2014/2015, Ahmed Arfeen, Managing Director revealed. In a statements to Amwal Al Ghad, Arfeen added that the total value of premiums that may be attained by the end of the ongoing year estimated at EGP310 million. The total attained premiums value of Takaful insurance 'Properties'  valued at EGP265.9 million within the first 9 months of the fiscal year that ended in last March, Arfeen noted. Takaful will seek in the upcoming period to boost its branches numbers in accordance with the investment visions that will be witnessed by the Egyptian market, he emphasized. In the recent period, the company restored to creative marketing methods that enables it to make the best use of the key points representing in 7 banks besides promoting products through providing integrated products. Moreover, Takaful plans expanding in issuing insurance policies over small and medium sized projects by the next phase. More»
Mohamed Hamdy - 2014-06-22 14:56:56
Egypt's Social Fund for Development (SFD) has signed on Sunday a memorandum of understanding (MOU) with the state-owned department store Omar Effendi. As pursuant to the MOU, the products offered by small-sized enterprises would be sold throughout Omar Effendi's nationwide branches. In this respect, SFD's Director General Hanaa El Hilaly stated that the fund is always keen to cooperate with key partners of development, which would help to provide the fund to offer economic and social support for the small-sized enterprises. "Omar Effendi is characterized by its various branches across the country, that's why SFD has chosen such a prominent name so as to support and activate the small enterprises' projects."  El Hilaly noted More»
Mohamed Hamdy, Sayed Badr - 2014-06-22 10:49:54
Tanmeyah Micro Enterprise Services has obtained EGP420 million total funds from Egyptian Gulf Bank (EGB) and it is currently relending for the clients of micro projects, Amr Abouesh, Executive Chairman revealed. In a statements to Amwal Al Ghad, Abouesh explained that Tanmeyah is negotiating with one of the banks in order to get a loan worth EGP200 million, rejecting to unveil the bank's name until the negotiations will be finalised. The current total value of credits of Tanmeyah's funds  estimated at EGP325 million, targeting to boost it to EGP400 million by the end of the ongoing year through pumping new funds worth EGP600 million within 2014,  Abouesh said. The maximum micro-finance clients in accordance with the company's rules valued at EGP30.000, Tanmeyah considers increasing it during the upcoming phase to record EGP100.000 in order to allure major number of clients, EGB owns 17% from Tanmeyah. In the last period, Tanmeyah studied launching mortgage finance program so as to attract new categories from  clients along with making the best use of Central Bank of Egypt's initiative that has recently launched. More»
Eslam Salah, Islam Abdelhameed, Alzahraa Mostafa - 2014-06-21 13:57:42
Managing Director of the Egyptian Takaful Insurance Company (Property) Ahmed Arfeen revealed that his company eyes boosting its targeted investment size to become EGP410 million within the upcoming fiscal year of 2014/2015. In a statements to Amwal Al Ghad , Arfeen explained that the total expected investments by the end of the current fiscal year 2013/2014 reach up to EGP375 million, against EGP365 million the company's investments at the end of March 2014. More»