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 - 2015-03-24 12:10:01
Insurers in Egypt are competing to win an insurance policy tender for Assiut University’s assets and affiliated premises. The policy includes the policy is set to provide insurance coverage to Assiut University’s assets and premises against risks of fire, burglary, dishonesty, and cash transfer, sources with knowledge of the matter told Amwal Al Ghad on Tuesday. The sources further told Amwal Al Ghad that the insurance policy at total value of 3 billion Egyptian pounds (around US$393.4 million). The list of insurers seeking to win the policy includes notably, Misr Insurance Company and Suez Canal Insurance Company, the sources revealed. This is the first insurance policy of its kind made for a public university in Egypt, the sources said, recommending the rest of the country’s state-owned university to take a similar step to ensure protection insurance for their facilities. Assiut University was established in October 1957 as the first university in Upper Egypt. More»
Al Zahraa Mostafa - 2015-03-23 12:50:33
Egypt's Misr Life Insurance posted a 15.4 percent direct premium growth to reach 1.536 billion Egyptian pounds (US$201.2 million) during the first 8 months of current fiscal year 2014-15. The life insurer achieved direct premiums worth 1.331 billion pounds during the same comparable period a year earlier. In addition, Misr Life Insurance also revealed on Monday that the total sums assured for the individual policies have recorded 3.946 billion pounds approximately by end of February, 18.1 percent up from 3.342 billion pounds a year earlier. Meanwhile, the sums assured for Misr Life’s group policies also grew by 11.2 percent to 55.7 billion pounds in 8 months, versus 50.1 billion pounds a year earlier. More»
Islam Abdelhameed - 2015-03-21 13:01:56
Egypt’s Suez Canal Life Insurance Company is considering reinsurance cooperation with Germany’s Munich Re in the coming period, managing director Ahmed Shoukry announced Saturday. Shoukry referred that Suez Canal Life is currently dealing with a group of global reinsurers, namely France-based Scor and AXA Re in addition to RGA Reinsurance Company, a subsidiary of Reinsurance Group of America. More»
Islam Abdelhameed - 2015-03-18 19:21:54
Egypt’s Suez Canal Life Insurance Company is planning to expand its network of branches to reach 25-30 offices in three years, managing director Ahmed Shoukry announced on Wednesday. The company is currently providing its life insurance activities through 13 branches. “By end of current fiscal year 2014-2015, the company (Suez Canal Life Insurance) intends to increase its network of branches to 18.” Amwal Al Ghad has quoted Shoukry as saying. The official further stated that Suez Canal Life Insurance had decided within the current month to inaugurate two new branches in cities of Damanhour and Zaqaziq. The company is targeting geographical expansions into Benha and Tanta cities within this fiscal year as well, he added. Bank Insurance Activity Shoukry also referred that Suez Canal Life intends in the coming phase to sign its first bancassurance agreements with one of the banks operating in the Egyptian market. Suez Canal aims to offer its life insurance products through banking branches, with the purpose of attracting new clients. More»
Amwal Al Ghad English - 2015-03-17 11:29:27
Allianz, one of the largest financial services providers in the world continues its investment activities in Egypt. Allianz Egypt, a subsidiary of Allianz S.E, has recently moved to its new, spacious premises in the prestigious San Stefano district in Alexandria. The new offices were officially inaugurated with a reception held at the Four Seasons Hotel. In a built up area of 1,000 square meters customers will be greeted by the familiar Allianz design concept. Savings and protection plans for the whole family, risk management solutions for medium to large corporations, as well as insurance solutions for various property and casualty risks are offered to interested clients.  An extensive customer services area provides a variety of services on the spot; from immediate document processing, various payment options, to claims management.  A qualified team of financial services advisors is on standby to provide further advice, if required. “Egypt is a very important market for Allianz, and Alexandria is a key market for Allianz Egypt. We are convinced that for companies like Allianz, the growth opportunities in Egypt are very promising, showing growth rates that are difficult to achieve in more mature markets,” said Udo Krueger, CEO and Chairman at Allianz Egypt. “We look forward to further contribute to the development of the Egyptian insurance industry, not only by raising the awareness for the importance of insurance products, but also by significant investments in the development and training of competent employees. In all of these initiatives the interests of our customers are always our main focus.” Allianz Egypt will, following the recent inauguration of its head office in New Cairo, continue to invest in the expansion of its infrastructure.  During the opening event in San Stefano it was also announced that two more offices in Alexandria have been officially re-opened, a Sales & Service Center in Hurreya, and an office in the Alexandria Free Zone in Amreya. During the following weeks further office re-launches will follow, among them offices in Cairo, Mansoura, Assiut, Port Said and Nasr City. More»
Mohamed Hamdy - 2015-03-14 14:45:05
A loan agreement worth US$200 million between UAE’s Khalifa Fund for Enterprise and Egyptian government has become operational, the fund’s chairman announced Saturday during Egypt Economic Development Conference. Hussain Jassim Al Nowais, Chairman of Khalifa Fund for Enterprise Development has announced the activation of the Loan Agreement signed by his Fund and the Egyptian Ministry of International Cooperation and the Egyptian Social Fund for Development (SFD) last November for a value of US$200 million. The loan is to be invested in the development of the microfinance sector in the Arab Republic of Egypt, after meeting all requirements pertaining to legal procedures in the two Countries. Al Nowais’ remarks made on the sidelines of the Egypt Economic Development Conference (Egypt The Future), organized by the Egyptian Government in Sharm El Sheikh on Friday. The Emirati official stated that: “This Agreement clearly indicates the extent of keenness of the leadership in the United Arab Emirates to enhance and deepen the channels of cooperation and mutual relationships with Egypt, confirming that the leadership attaches great importance to development projects that realize economic and social benefit to the Egyptian citizens”. “Khalifa Fund will soon disburse loan payments in favor of the Egyptian Social Fund for Development, with the expectation that this organization will contribute to creating more than 200 thousand enterprises around the coming six years, and providing more than 200 thousand job opportunities for the Egyptian citizens” “The Loan aims at supporting the efforts of the Egyptian Government in combating poverty and unemployment, and promoting the role of women in development and their empowerment through availing opportunities to those having entrepreneurial attributes and skills to realize their ambition and to establish their own business that will contribute in enhancing their contribution to the national economy in the Arab Republic of Egypt”, explained Al Nowais. From his part, Sultan Ahmed Al Jaber, UAE Minister of State, who heads the UAE Egypt Task Force said: “I would like to congratulate Khalifa Fund for Enterprise Development and the Egyptian Ministry of International Cooperation for the activation of the Agreement. We have full confidence that this collaboration will contribute to enhancing the efforts that aim at creating job opportunities especially for women and youth. We look forward to heeding the tangible results from this agreement in the near future.” Al Jaber emphasized the importance of leveraging the platform offered by the Egypt Economic Development Conference and the opportunities presented.” Al Nowais said that “The financing initiative aimed at providing support to the Microenterprises Sector in Egypt, through targeting the remote areas and the disadvantaged groups and the need to intensify efforts to promote comprehensive developmental efforts towards upgrading them economically and socially, and providing a safety net of continuum towards achieving the developmental benefits. Accordingly, this Agreement concentrates mainly on directing funding  towards the rural areas to finance up to 70 percent of the total funding directed to all the regions of the Republic”. “The execution of the project will be based on directing the financing towards woman in a way to bring the enterprises directed towards females up to 25 percent out of the total enterprises expected to be financed through this agreement, while the remaining financing will be directed diversely between men and women”, said Al Nowais. “This Loan will contribute to enhancing the social and economic stability of large segment groups of the Egyptian society, and it will also contribute to supporting the governmental efforts to reduce poverty and to enhance social welfare and to support the Egyptian citizen. The Loan is distinguished for its soft terms, where the tenure of the loan reaches 15 years, with six-year grace period”, added Al Nowais. On the sidelines of the conference, Al Nowais met with Soha Soliman - Secretary-General of the Egyptian Social Fund Development, where they discussed how to implement the project in the most efficient and effective ways to achieve the desired results. They also discussed aspects of cooperation through holding exhibitions to display Egyptian products supported by Social Fund for Development, and to enhance the export activities for entrepreneurs in both countries. More»
Amwal Al Ghad English - 2015-03-14 11:21:01
Good afternoon—masa’a el-kheir, I would like to thank President Al-Sisi for inviting me here today. Clearly this is an important time for Egypt—a moment of opportunity—and I am very pleased to take part in this conference that was first initiated by the late King Abdullah of Saudi Arabia (bless his soul). Umm Kulthūm, Egypt’s iconic singer and “Star of the East” [Kawkab Al-Sharq] once said: “wa ma nay’lu al mata’alibi bettamanni” – aspirations cannot be attained through wishful thinking, but through toil and perseverance. This is true of Egypt today. The country needs to deliver on the aspirations of its people for stronger growth, better health and education systems, and higher standards of living. Over the coming five years, there will be more than 600,000 new entrants to the labor market per year. Creating good jobs for Egypt’s youth is an economic, a social, and a human priority. This will go hand-in-hand with restoring economic stability by shrinking the fiscal deficit and reducing external vulnerabilities. Is it possible to meet these goals at the same time? Yes, it is—with the right policies. And some of them are already in the Government’s plans. The key now is to implement these policies—to design them right, and to make them hold. With this in mind, let me share a few thoughts on three topics: (i) The reform process that is already underway; (ii) Policies to restore confidence and attract investment; (iii) Inclusiveness as a factor of sustainable growth. 1. The reform process already underway Let me start with the good news. The journey to higher growth has already begun. Over the past few months, there have been promising strides on the reform front. First and foremost was the energy subsidy reform which began in mid-2014—a longstanding item on the reform agenda. Both the government and you, President Al-Sisi, personally did a lot to prepare the country for this measure. Popular buy-in was achieved through an appropriate dialogue on the need for this reform. At the same time, part of the savings were used to finance a targeted cash transfer for poor families. Beginning this process was a major achievement. Continuing it will be equally important, and completing it for good, the ultimate goal. There have also been important measures in the area of taxation, including increases in excises on tobacco and alcohol and now plans for VAT. This is important because non-oil tax revenue is only at about 10 percent of GDP—very low for a modern economy like Egypt’s. Following through on the VAT will be instrumental. Nobody likes higher taxes—we all understand that. Yet, as U.S. Justice Oliver Wendell Holmes said: “Taxes are the price we pay for a civilized society”—and we might add: for a state that can provide the services the Egyptian people aspire to and deserve! Finally, there are the planned increases in investment, some already being put into effect, through the Suez Canal project. The fact that this was financed mainly by ordinary members of the Egyptian society is a testimony to people’s confidence and desire to turn things around in the economy. Large projects like Suez, when conducted efficiently, can support growth and job creation, and that is good. But they are not the only way to go. Other, smaller sized projects are equally—if not more—important. The funding of these projects cannot always rely on the public purse. This is where private investment, domestic and foreign, can play a role. Yet investment only goes where there is confidence and policy certainty. 2. Policies to restore confidence—staying the course of reforms This takes me to my second topic—what will restore confidence in Egypt’s economic prospects? Clearly, staying the course on the reform agenda is a first order priority. But there are other policies which can improve confidence, create jobs, and support Egypt’s financial independence. Let me give a few examples. The first area is the business environment. Egypt ranks quite low on several competitiveness indicators—it has a rank of 119 out of 142 in the World Economic Forum’s Competitiveness Index. Egypt can do better. With the right policies, and the right level of ambition, Egypt could crack the top 50 in global competitiveness. The new investment law is an important step in the right direction. But Egypt can go further in dismantling inefficient regulations. For example, according to the World Bank, it takes on average over 60 days to register property and over 1000 days to enforce a contract. It will be essential to build an environment where investment can succeed, and where good, productive jobs are created. A second area is openness to trade. Egypt’s non-oil exports were only 5 percent of GDP last year. This represents a huge missed opportunity to create jobs in export industries, and Egypt surely has the potential. Exchange rate flexibility can also play a role—an exchange rate which balances demand and supply of foreign currency, and can support both growth and Egypt’s financial position. A third area is the financial sector. At present, only 10 percent of Egyptians have a bank account. Making financial services more available and extending more credit to small job-creating businesses could significantly help the economy. There has already been some progress with the recent adoption of a micro-finance law which could help develop the financial sector. Business environment, trade liberalization, a strong financial sector—these are areas where action can generate tangible results in terms of increased investment and higher growth. Yet, as international experience has demonstrated, the occasional episode of high growth cannot be an objective per se. Growth should be sustainable. And to be sustainable, it needs to be inclusive. 3. Inclusive growth for sustainable growth Which brings be to my last point—can Egyptian growth be inclusive in order to be sustainable? What do I mean by inclusive growth? It means growth that offers opportunity to all—women, youth, unemployed, disabled. It means that the benefits of growth are widely shared and felt by the people. To achieve it, Egypt must nurture its social infrastructure, not just the physical infrastructure. How? Let’s look at youth and women—two groups that need to be better integrated in the economy. Today one in three young Egyptians below 25 years of age is unemployed—almost three times the overall unemployment rate! And at just 22 percent, women’s labor force participation rate is only a third that of men (73 percent). This large difference can be explained by large wage gaps between women and men, high costs of commuting, and inflexible work schedules. There are many examples of countries that do well because women contribute a large share of economic growth. This is inclusive, and it also makes good economic sense. There is also a role for social spending—both increasing it and improving its quality. Education is of paramount importance. Jobs cannot be created if graduates are not equipped with the skills needed in the modern labor market. If implemented efficiently, more spending on health and education could support higher and more inclusive growth, while preserving fiscal sustainability. Better education could also help narrow wage gaps that discourage women from working in the private sector. And of course, there is also a link to physical infrastructure. Better public transport would make it possible for women to travel safely to jobs further away from where they live. These and other efforts will be essential for Egypt to unleash the enormous potential from its biggest asset—its people. Conclusion Let me conclude. This is a moment of opportunity. With the right policies, Egypt’s government can deliver on the hopes and aspirations of the Egyptian people. Steadfast implementation of reforms can help restore economic stability, instill confidence, and spur jobs and growth. For its part, the IMF remains committed to helping Egypt achieve better living standards. I started my remarks with a quote from an Egyptian musical icon. Let me end with another quote from an Egyptian literary icon—Naguib Mahfouz. He said, “You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.” Today we all here in Sharm el Sheik are asking a wise question: how to help in delivering on Egypt’s aspirations? Let’s make sure to find a wise answer. Shukran—thank you. More»
Marwa Hemdan - 2015-03-14 10:28:45
During Sharm El-Sheikh conference, Egypt’s Social Fund for Development (SFD) will launch in partnership with the World Bank a new funding programme to support the country’s entrepreneurship sector, the fund’s secretary-general Soha Soliman announced. In an interview with media figure Dina Abdel Fattah at Al Nahar TV channel live on the sidelines of Sharm El Sheikh investment conference on Friday - Soliman stated that SFD currently focuses on supporting the Egyptian youth, small and medium-sized enterprises (SMEs) as well as entrepreneurship sectors. Those sectors represent key factor to provide more job opportunities, Soliman noted. Moreover, she affirmed that the youth sector enjoys a notable support from the Egyptian government and the president himself, adding that there is a determined will to support the empowerment of youth as the backbone for leaping to the future. More»
Amwal Al Ghad English - 2015-03-14 09:40:46
The French Development Agency will provide a 40 million euros sovereign loan to finance a power plant in Kom Ombo in Upper Egypt, France's Minister of Finance Michel Sapin told Ahram Online at Egypt's conference in Sharm El-Sheikh on Friday. "The French firms I talked to are now ready to invest in Egypt," Sapin told Ahram Online's reporter at the event, adding that 30 large French companies were present at the conference. "This conference marks the return of Egypt on the economic and financial world map," he said. Concerns about Egypt's security situation did not rank high in French investors' considerations, the minister implied. "They are not afraid of security issues; there is no such thing as absolute security but the situation in Egypt is definitely improving," said Sapin. "Corruption is of course an issue as in many places and needs tougher legislation to fight it," said Sapin. Egypt climbed 20 spots in Transparency International's corruption index for 2014 from the previous year, but still ranks 94th out of 175 countries. The government has recently passed a series of legislative reforms to tackle bureaucratic ineficiency and lay clearer rules for the allocation of state-owned land. More»
Amwal Al Ghad English - 2015-03-13 19:06:14
From Sharm El-Sheikh resort, Christine Lagarde, the Managing Director of International Monetary Fund (IMF), praised Egypt's economic reforms measures undertaken during the last year, namely subsidy cuts and sales tax hikes on cigarettes and alcohol. Speaking to the delegates, she emphasised the importance of keeping reforms on track, inclusive growth to foster people’s trust in the government, as well as the need for a more competitive economy, according to Ahram Online. More»