amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        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        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        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        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        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 - 2015-02-21 14:05:47
The government on Friday notified rules to implement the decision to increase foreign direct investment limit in the insurance sector to 49 per cent, signalling its resolve to get the law passed in the Budget session of Parliament that starts on Monday. The Indian Insurance Companies (Foreign Investment) Rules, 2015 allow up to 26 per cent foreign investment through the automatic route, while foreign partners can increase their stake beyond that limit up to 49 per cent with the approval of the Foreign Investment Promotion Board (FIPB). The rules will also apply to insurance brokers, third party administrators, surveyors and loss assessors, and other insurance intermediaries appointed under the provisions of the IRDA Act, 1999. "These rules shall come into force from the date of their publication in the Official Gazette," the finance ministry said in a statement on Friday. Any increase of foreign investment of an Indian insurance company will have to be in accordance with the pricing guidelines specified by the RBI under the FEMA rules. The government is expected to bring Insurance Laws (Amendment) Bill 2015, in the upcoming Parliament session to replace The Insurance Laws (Amendment) Ordinance, 2014, as promulgated by the President of India, in December 2014. More»
Al Zahraa Mostafa - 2015-02-19 10:26:35
Egyptian Saudi Insurance House posted 90 million Egyptian pounds (US$11.8 million) worth of premiums during first half of current fiscal year 2014-2015, managing director Abdel Raouf Kotb announced Thursday. Speaking to Amwal Al Ghad, Kotb stated that ESIH targets premiums at value of 200 million pound by end of next June. ESIH is seeking to reach annual growth rates ranging between 10-15%, the official noted. Egyptian Saudi Insurance House is a non-life insurance company. The company was founded in 2002 and is based in Cairo. As of January 17, 2008, Egyptian Saudi Insurance House is a subsidiary of UAE Islamic Arab Insurance. More»
Ahmed Ali - 2015-02-18 16:26:21
Egypt’s Social Fund for Development (SFD) plans to sign its first agreement with Abu Dhabi Islamic Bank (ADIB) to finance small and medium-sized projects in Egypt, secretary-general Soha Soliman announced. SFD signed on Tuesday two French Development Agency-led financing contracts with the Industrial Development & Workers Bank of Egypt (IDWBE). Soliman also noted that the fund is also working on signing two more contracts with two banks; the Egyptian Arab Land Bank (EALB) and Arab Investment Bank. SFD is targeting increasing its cooperation with the Egyptian banks, she noted. Since inception in 1992 with a mandate to reduce poverty, the Egyptian Social Fund for Development has pumped more than EGP 25 billion to support national economy. Until 2014-end, SFD has provided EGP 14.8 million for small projects, EGP 5.5 billion for micro-sized projects, and EGP 4.8 billion in favour of infrastructure and community development projects, Soliman elaborated. More»
Al Zahraa Mostafa - 2015-02-18 12:56:24
Leading Egyptian composite insurer, Suez Canal Insurance Company records a 1.6% fall in volume of investments by end of 2014. According to Mohamed Abd El-Hafez - General Manger for Finance and Investment at SCI, the company’s investments reached 590 million Egyptian pounds (US$77.3 million) by end of December 2014, compared to 600 million pounds for the same period a year earlier. Speaking to Amwal Al Ghad on Wednesday, Abd El-Hafez said Suez Canal Insurance’s total assets hit 949.5 million pounds by 2014-end; while its net profit before tax stood at 20.846 million pounds. Furthermore, the Egyptian insurer registered premiums worth 241.5 million pounds during first half of fiscal year 2014-15 from 221.9 million pounds a year earlier, Abd el-hafez stated. Suez Canal Insurance’s board approved the launch of a new mutual fund with an initial capital of 50 million pounds, he added, saying Alpha Capital would manage the fund. The company is targeting getting the Egyptian Financial Supervisory Authority (EFSA)’s approval required to launch the fund. Suez Canal Insurance’s capital is valued at 109 million pounds. The SCI contributors are Green Valley Investment and Development (52%), the Insurance Fund for Suez Canal Authority’s Employees (45%), individual shareholders (3%). More»
Amwal Al Ghad English - 2015-02-18 12:38:38
Fitch Ratings says in a new report that the divergence between the ratings of energy exporters and importers in the Middle East and North Africa (MENA) is narrowing due to lower oil prices. Lower oil prices have changed the economic environment for the region's exporters. They will reduce fiscal and external outturns and hit corporate and consumer confidence. Fitch expects Brent crude to average USD70/b in 2015 and USD80/b in 2016. The extent of the impact on the fiscal position depends on the policy response, although in a region where growth is dependent on government spending, fiscal consolidation is likely to have negative impacts on growth. Abu Dhabi and Saudi Arabia are the only Fitch-rated oil exporters to have released 2015 budgets so far. Abu Dhabi cut budgeted spending by one-third. Saudi Arabia issued an expansionary budget, but overspending (which has averaged 25% over the past decade) is likely to be curtailed. Capacity to absorb lower oil prices varies in line with ratings. Bahrain (BBB/Negative) seems the most strained, with a 2014 fiscal breakeven oil price of USD130/b and debt/GDP already above the peer median, and was placed on a Negative Outlook in December. Oman also requires more than USD100/b to balance its budget, but has sovereign wealth fund assets and a low debt burden. 'AA' rated Abu Dhabi and Kuwait are still expected to post fiscal and external surpluses in 2015 and net sovereign foreign assets in excess of 150% of GDP provide vast buffers in the event of prolonged low oil prices. In Saudi Arabia (AA), the impact on the fiscal position has been aggravated by a spending package worth 3.9% of 2014 GDP announced by the new King. However, the Kingdom has exceptionally large buffers and virtually no debt, although it is examining debt financing options. The smooth succession and appointment of a member of the third generation of the royal family in the line of succession removes a potential source of political risk. Oil importers are benefiting from lower prices through reduced import bills and lower fuel subsidy costs. Jordan stands to gain the most, with net fuel imports of 16% of GDP and fuel subsidies (transfers to the state electricity generating company) of around 8% of GDP. Net fuel imports for Lebanon and Morocco both exceed 10% of GDP. Egypt is a small net importer, but spent around 6% of GDP on fuel subsidies in FY14 (to end June). Subsidy reform combined with lower oil prices were a contributory factor to the recent upgrade of Egypt to 'B'. Fitch views geopolitical risk as elevated compared with other regions. ISIS activity poses risks to several MENA sovereigns. The potential for worsening spill over from events in Syria is reflected in the Negative Outlook on Lebanon (B). Domestic political transitions also remain a source of uncertainty and undermine the environment for economic reform and performance. Progress has been made in Egypt (B) and Tunisia (BB-), although the risks for the latter remain captured in its Negative Outlook. The ratings of MENA energy importers range from 'BBB-' (Morocco) to 'B' (Egypt and Lebanon). Energy exporters' ratings range from 'BBB' in Bahrain to 'AA' in Abu Dhabi, Kuwait and Saudi Arabia. More»
Islam Salah & Islam Abdelhameed - 2015-02-17 15:04:55
Egypt’s market regulator, the Egyptian Financial Supervisory Authority (EFSA) has granted so far licenses for ten civil societies to practice microfinance activities, chief Sherif Samy announced on Monday. The Egyptian top official further said the ten civil societies are with funding portfolio totalling EGP 500 million (US$65.5 million), that have 70 offices spreading in a number of Greater Cairo, Nile Delta, Upper Egypt governorates. Therefore, the total number of the civil societies that obtained the microfinance licence rose to 15 in addition to one company, Samy noted. The ten civil societies that were granted the licenses include names such as; Lead Foundation, Small Enterprise Development Association - Beni-Suef (REDEC), Women's Health Improvement Association (WHIA), and the Egyptian Small Enterprise Development Foundation (ESED). Moreover, EFSA's chairman said he expected the number of societies having the licenses to increase to 30 by the end of the current February. More»
Amwal Al Ghad English - 2015-02-16 16:15:30
Egypt needs a separate regulator, legal framework and an integrated strategy for microfinance to be able to reduce poverty, said Nobel laureate Muhammad Yunus in Cairo on Sunday. The founder of Grameen Bank explained how it was necessary for Bangladesh to create a micro-credit law in 1983 to allow for micro-credit institutions to expand. “You cannot create the bank of the poor with the same architecture as the bank of the rich.” Yunus also advised for a separate regulatory authority to oversee microcredit institutions than the one regulating conventional banks. “They will not understand the philosophy or the procedures of this (Grameen) bank,” he said. "The reason why microfinance has failed to take off in Egypt is because those in charge of financial decisions are bankers who do not believe in microfinance one bit," said Ahmed El Bardai, former Banque du Caire head and founder of Reefy, the country's first private sector microfinance lender. In November 2014, Egypt passed its first law regulating microfinance by non-governmental organisations, giving the Egyptian Financial Supervisory Authority the role of regulating the underdeveloped sector. The Nobel Peace Prize winner also stressed the need for a holistic approach towards micro-finance to be able to maximize its impact on the poor. “Microcredit in Bangladesh became universal,” added Yunus, saying that it benefited 16 million families. Grameen bank had a loans portfolio of $1.5 billion and $2 billion of deposits by the end of 2014, which made it financially independent, said Yunus. Grameen went on to set up a pensions fund, create a telephone company for the poor- Grameenphone, in 1997- and a social business fund for young entrepreneurs. Egypt's new microfinance law does not allow for microfinance institutions to accept deposits, which makes them dependent on banks for capital, said El Bardai. Microfinance and its economic empowerment of women was the main topic of discussion in the “Conference of the Egyptian and Arab Woman 2030 “ hosted by Nisf El-Dunia, an affiliate publication of state-run Al-Ahram. “Our decision was right from the beginning that half of the borrowers in my program must be women,” said Yunus, as a strong rejection of the banking system, which “was against lending money to women at all income levels.” But “women were extremely reluctant” to take out micro-credit loans at first, Yunus recalled, because they had not been raised in an environment that empowered them to handle money. It took six years for women to make up 50 percent of the loans portfolio of Yunus’ programme. “I think women are better entrepreneurs than men,” said Yunus, who explained that loans given to women had been demonstrated to have a stronger effect on the family’s standard of living than loans given to male breadwinners. In Egypt, banks make it harder for women to take out loans because they perceive them as being at higher risk of defaulting than men, when in fact, the rate of non-performing loans given to women is lower than for men, said Sahar Nasr, Lead Economist in the World Bank's Finance and Private Sector Development Department of the Middle East and North Africa (MENA). Nasr added that small businesses that are run by women are more gender-inclusive, because women are for social and cultural reasons in Egypt more likely to work for another woman in a small-scale enterprise. Egypt ranked 129th out of 142 countries in the World Economic Forum’s Global Gender Gap Report of 2014. More»
Islam Abdelhameed - 2015-02-16 13:28:39
The leading insurer in MENA region, Misr Insurance Company has won an insurance policy worth 408.3 million Egyptian pounds (US$53.5 million) state-owned Petrotrade Company. This comes after a fierce competition between Misr Insurance and Arab Misr Insurance Group (GIG) to win Petrotrade’s insurance policy. The insurance policy is a five-year term, with total sum insured of 408.285 million Egyptian pounds, senior sources near with knowledge of the matter told Amwal Al Ghad on Wednesday. The state-owned refiner and distributor Petrotrade for Petroleum Services has recently launched an insurance policy bid, seeking to insure its assets and fleet of cars. The policy includes providing insurance coverage against risks of fire, burglary, dishonesty, cash transfer, and civil liabilities in addition to the employees’ personal accidents, the sources noted. Petrotrade’s policy will also include insurance coverage for the company’s fleet of cars. Out of the total sum insured, the sources revealed that Petrotrade had allocated around 340.9 million pounds to provide insurance coverage for assets, premises, and storehouses against risks of fire. Additional 11 million pounds have been allocated to provide insurance coverage for Petrotrade’s fleet of cars. To insure personal accidents may occur to Petrotrade’s employees, the company allocated 33.35 million pounds. Further 20.75 million pounds were designated to insure against risks of cash transfer alongside 2.5 million for the civil liabilities. More»
Sayed Badr - 2015-02-16 10:24:28
Egypt's Social Fund for Development (SFD) will sign tomorrow a funding contract worth EGP50 million with the Industrial Development and Workers Bank (IDWB), senior sources with knowledge of the talks said. IDWB's portfolio of financing small and medium projects had reached around EGP 600 million at the end of September 2014, compared to EGP500 million in 2013. In a previous statements, Hamdi Azzam – Executive Board Member at IDWBE - referred to his bank's ongoing negotiations with SFD, aiming to obtain finance worth EGP 200 million within 2015. More»
Islam Salah & Islam Abdelhameed - 2015-02-15 15:23:10
The European Bank for Reconstruction and Development (EBRD) initially approves to contribute to the launch of an Egyptian life takaful insurance company. According to Adel Mounir - vice chairman of Misr Insurance Holding Company for operation and insurance affairs, EBRD has given an initial approval to contribute to the inception of Misr Insurance Holding’s life takaful insurance company. Misr Insurance Holding is planning to launch its new firm for life takaful activities in the coming phase, Mounir noted. The Egyptian official further told Amwal Al Ghad that EBRD plans first to conduct a feasibility study before issuing its final approval to its contribution to Misr Holding’s newest company. EBRD’s studies will tackle the targeted returns alongside the Egyptian market’s capability to achieve growth rates in takaful activities, he added. Moreover, Mounir said the new company’s capital would range between EGP 60-100 million (US$7.8-13 million). More»