amwalalghad :: Financial Institutions

Your English Portal To Arab Economy

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

Islam Abdelhameed - 2015-08-13 14:04:07
Kuwait-based Wethaq Takaful Insurance Company announced Thursday it intends to sell its stake in the Egyptian unit, Wethaq Takaful Egypt for KWD1.3 million (US$4.3 million). The board of the Kuwaiti insurer had given Wednesday the go-ahead to sell its stake in the Egyptian unit in favour of a buyer whose name was not mentioned in the company’s Thursday statement to the Kuwaiti Stock Exchange. The Shareholders' structure in Wethaq Egypt includes; Wethaq Takaful Insurance Company of Kuwait (60%), Kuwait-based Adeem Investment and Wealth Management Company (39.9%), and Kuwaiti investor Najeeb Al-Humaidhi (0.1%). More»
Amwal Al Ghad English - 2015-08-13 12:22:27
Credit ratings provider Moody's expects "only limited credit-positive effects" for Egypt in the current fiscal year, in light of the expansion of the Suez Canal, it said in a statement Thursday. Moody's stressed in a statement that the expansion's support to Egypt's credit quality will be through increased current account receipts and government revenues. "The degree of support [for Egypt's credit quality] will depend on an acceleration in global trade growth, which seems unlikely to materialise quickly," the statement added. Egypt inaugurated a project dubbed by the government as the "New Suez Canal" last Thursday, August 6, 2015. It involves digging a 35 –kilometres-long canal parallel to the current Suez Canal, to minimise the amount of time ships spend crossing the canal. Additionally, the Suez Canal was made deeper and wider to admit larger ships. The Suez Canal Authority says the deepening of the canal and drilling a parallel junction to it would double the Suez Canal revenues from $5.3 billion to $13.3 billion in 2023. The authority expects around 97 ships to daily cross the canal after the expansion by 2023, while the number of ships daily crossing the canal before the project was launched was nearly 49 ships. A graph in Moody's statement expects that with the historical average growth, Suez Canal revenues will register at just below $5.6 billion in 2023. For revenues to reach the projected $13.3 billion, Moody's said Egypt would need a 10 percent increase in world trade growth. Moody's said it expects Egypt's external current account balance to post a deficit of nearly 3 percent of the gross domestic product in the current fiscal year. It nevertheless referred to the domestic financing of the "New Suez Canal" project, saying it will "shield" net international reserves. The Egyptian government collected from citizens $8.17 billion (64 billion Egyptian pounds) within 8 working days last September to fund the project, by issuing five-year investment certificates at an interest rate of 12 percent. More»
Abd El-Halim EL Gendy & Sayed Badr - 2015-08-12 13:14:20
The Suez Canal Axis Development Project will enormously contribute in leasing sector's growth as well as Small and Medium-sized Enterprises (SMEs), Chairman of Egyptian Financial Supervisory Authority (EFSA) Sherif Samy said Wednesday. The top official stated that EFSA is working on developing the country's leasing sector by training its staff, increasing the awareness about the importance of sector and upgrading its legislative structure. More»
Amwal Al Ghad English - 2015-08-12 09:07:14
The move by China's central bank on Tuesday to change the mechanism for setting the daily reference rate for the yuan "appears a welcome step" as it should allow market forces to have a greater role in determining the exchange rate, the International Monetary Fund said on Wednesday. "Greater exchange rate flexibility is important for China as it strives to give market-forces a decisive role in the economy and is rapidly integrating into global financial markets. More»
Sayed Badr - 2015-08-11 11:30:51
The Egyptian Islamic Finance Association (EIFA) obtained the licence from Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), EIFA's Chairman Mohamed Al-Beltagy said Tuesday. By this licence, the association is capable of conducting accreditation tests for bankers and auditors of Islamic banking on behalf of AAOIFI in Egypt, the chairman stated, the chairman told Amwal Al  Ghad. The Accounting and Auditing Organization for Islamic Financial Institutions is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari'a standards for Islamic financial institutions and the industry. More»
Amwal Al Ghad English - 2015-08-10 12:08:57
The Bank of England’s Egyptian-born most senior female official has been tipped to take charge of Britain’s financial watchdog after the ousting last month of the regulator’s chief executive over accusations that he was too hard on the City. Dame Nemat Shafik, a deputy governor of the Bank of England, is understood to be among those being considered in an international search for a replacement for Martin Wheatley as head of the Financial Conduct Authority, The Times UK reported. Shafik, is the Deputy Governor of the Bank of England since 1 August 2014 with responsibility for markets and banking and a Member of the Bank of England Monetary Policy Committee. She was the Deputy Managing Director of the International Monetary Fund, a position she held from 2011 to 2014. She previously served as Permanent Secretary of the United Kingdom Department for International Development (DFID) beginning in March 2008. An economist by training, she has held a number of senior positions in international organisations as well as spoken, taught and published extensively on globalisation, emerging markets and private investment, international development, the Middle East and Africa, and the environment. Prior to coming to DFID in 2004, Shafik became the youngest ever Vice President at the World Bank at the age of 36. In World Bank, she was responsible for improving the performance of a private sector and infrastructure portfolio of investments worth about US$50 billion. She also led a revitalization of the Bank’s infrastructure business through product innovation and created global groups to provide both policy advice, debt and equity investments jointly with the International Finance Corporation in the areas of oil, gas and mining, telecommunications, small and medium enterprises, project finance and guarantees. The Egyptian-born economist is a British and US national. More»
Islam Abdelhameed - 2015-08-09 13:32:25
Cairo-based Iskan Insurance Company is considering starting talks with the country's market regulator so as to launch its new mutual fund, managing director Hammam Badr said Sunday. Badr further said to Amwal Al Ghad that Iskan completed late June procedures to increase its issued capital to 100 million Egyptian pounds (US$12,8 million). Iskan’s capital top-up move aims to comply with the Egyptian Financial Supervisory Authority (EFSA)’s technical and financial standards as regards to the launch of mutual and property funds by insurance firms, Badr noted. In the coming few days, Badr said his company will agree on the mutual fund’s capital as well as the bank and company responsible for running the fund. More»
Al Zahraa Mostafa - 2015-08-09 12:30:48
Some 2615 Sudanese are taking pensions from Egypt in accordance with a mutual pension agreement that was enacted in September of 1972 with the Sudanese side. According to the Egyptian social insurance funds for public and private-sector employees, the Egyptian National Social Insurance Authority (NSIA) provides around 28 million Egyptian pounds (US$3,6 million) for 2615 Sudanese per year. These statements were made during a meeting between the heads of Egyptian social insurance funds for public and private-sector employees and the Sudanese delegation, which encompassed officials from insurance and pensions department in Khartoum. More»
Amwal Al Ghad English - 2015-08-06 09:37:33
There is strong support at the IMF for joining a new bailout package for Greece but the fund will not decide whether to participate until autumn, Sweden's representative to its executive board told a newspaper. The International Monetary Fund has been part of Greece's first two financial rescues, but doubts have been raised about its commitment to a third package. The European Commission said on Friday the Fund was participating fully in bailout talks between Greece and its international lenders that started in the last week of July. A day earlier the Financial Times, citing a summary of an IMF board meeting, said the Fund could not officially join the talks until after Greece agreed comprehensive reforms. Thomas Ostros, who is an alternate - or replacement - director on the fund's 24-member board, said there was "strong (IMF) support for being part of a new loan program, but it will take time," according to an interview in Thursday's edition of Swedish daily Dagens Nyheter. More»
Islam Abdelhameed - 2015-08-05 13:57:28
Cairo-based Iskan Insurance Company is targeting a boost in portfolio of premiums to 150 million Egyptian pounds (US$19,2 million) this fiscal year, managing director said Wednesday. Speaking to Amwal Al Ghad, Iskan’s managing director Hammam Badr said his company plans to adopt new marketing tools in the coming period.Iskan Insurance Co was established insurance company in Egypt in August 2008. More»