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        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        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        National Development Bank   6.72        Six of October Development & I   15.03        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 - 2014-07-13 10:04:14
Egyptian Cabinet Spokesman Ambassador Hossam Al-Qaweesh underlined that the recent economic reform decisions, in terms of reducing energy subsidy, came out of keenness on the nation's best interest and without any foreign dictations or pressures. Qaweesh ruled out that the International Monetary Fund (IMF) has any role in the issuance of these decisions, noting that the government has never discussed or sought to obtain a loan from the IMF. The Ambassador noted that the step to amend the energy prices was late for 40 years, noting that this isn't an easy measure and reflects the government's courage and that its hands are not shaking. Qaweesh also noted that the reform decisions were supported by President Abdel Fattah al Sisi, noting that their impact will be manifested soon in the launching of a number of services and development projects. He explained that Egypt's credit rating starts to rise and was positively reflected on the bourse performance last week. It will also encourage investors to pump more funds in projects inside Egypt and are designed to offer thousands of jobs. The Spokesman made clear that this reform step is not against the poor, but rather designed to serve them. Meanwhile, Prime Minister Ibrahim Mehleb gave directives to services sectors ministers to be present in various governorates for one day on a weekly basis, given that the governors will work out reports on the problems facing their governorates and proposals to handle them. More»
Al Zahraa Moustafa - 2014-07-12 12:21:53
Misr Insurance Company has renewed an insurance policy for UAE Etisalat's Egyptian arm, at a total value of EGP 10 billion, said a senior source from the teleco firm. The source further told Amwal Al Ghad that the policy covers the whole group against risks of fire, breach of trust, money transfer, and internal transport alongside political violence. MIC would also provide motor insurance coverage for Etisalat Misr's cars until the beginning of next August, the source noted. More»
Moustafa Adel - 2014-07-12 09:39:06
Egyptian Ministry of Finance will launch new short term Treasury bills (T-bills) worth 5.5 billion Egyptian pounds (around US$769 million). Bids will be held in two tranches, in collaboration with the Central Bank of Egypt (CBE). The government is offering T-Bills totalling EGP 5.5 billion on Sunday, of which EGP 2 billion will mature in 91 days and EGP 3.5 billion will mature in 273 days. As pursuant to the state's new budget for fiscal year 2014/2015, the deficit registers 240 billion Egyptian pounds ($33.57 billion) or 10 percent of gross domestic product (GDP). More»
Alzahraa Mostafa - 2014-07-10 12:36:07
Suez Canal Insurance Company eyes attaining EGP450 million premiums within the new current fiscal year of 2014/2015 Ahmed Shehab, general manager of the Company revealed. The company succeeded in attaining EGP405 million premiums during the last year of 2013/2014 against EGP360 million in the previous year , move up by 12.5% growth rate, Shehab spoke to Amwal Al Ghad. Suez Canal Insurance succeeded in achieving the highest growth rate since the company's inception in 1979, stressing that the improvement of political and economic situations helped to achieve growth rates, Shehab noted. Over the company's future strategy, Shehab explained that Suez Canal started negotiations with two banks in order to promote its various products through the company's branches. Moreover, Suez Canal has branches across republic but it is considering to expand geographically when the situations will be stabled. More»
Islam Abdelhameed - 2014-07-09 13:55:33
The financial statements of Arab Misr Insurance Group GIG explained that the total value of the company's  investment portfolio reached around EGP470 million at the end of last June, Mohamed Nagah Nour, Head of Investment Sector said. Speaking to Amwal Al Ghad the financial statements revealed that the amount of investment income reached around EGP64.5 million at the end of the last year. The net investment income reached around EGP60 million at last June. More»
Islam Abdelhameed - 2014-07-08 12:38:28
Egypt's Arab Misr Insurance Group (GIG) plans to launch by next month its second mutual fund, said head of investment sector Mohamed Nagah Nour. Under the name of 'Ahd (or Era in English), the new fund is with capitalisation worth 50 million Egyptian pounds (around US$7 million), Nour told Amwal Al Ghad on Tuesday. GIG has recently obtained the approval from the country's regulator, the Egyptian Financial Supervisory Authority (EFSA) to launch its new fund. The company is seeking to increase the fund's capitalisation to EGP 100 million after one year of its inception. In earlier statement to Amwal Al Ghad, Nour referred that Banque Du Caire was receiving subscriptions on GIG's second mutual fund, said head of investment sector at GIG Mohamed Nagah Nour. Prime Holding will manage GIG's second mutual fund. He also stated that the fund is a low-risk daily cumulative return fund that will invest in treasury bonds, treasury bills, deposits and private investment funds.GIG had issued its first mutual fund in 1995, namely AMIG. More»
Amwal Al Ghad English - 2014-07-08 11:59:29
 Arab Orient Takaful Insurance Company decided to name  Walid Sayed Moustafa its New CEO. He took over the position of deputy general manager of Arab Misr Insurance Group (GIG) and member of the Committee and deputy general manager of fire at Insurance Federation of Egypt. More»
Amwal Al Ghad English - 2014-07-08 09:51:25
Recently announced fuel price hikes are an important step toward reducing subsidies that contribute to Egypt's substantial fiscal deficit - a key rating weakness, according to Fitch Ratings' latest report. Tackling subsidies is a key way of reducing Egypt's budget deficit, which Fitch Ratings estimate at 12.1% of GDP in 2013/14 (to end June), Reuters reported. A double-digit fiscal deficit in each of the last three years has pushed government debt to over 90% of GDP from 76.6% at end-FY11 and contributed to a series of downgrades to Egypt's ratings. The subsidy bill, which is dominated by fuel products, accounted for about one-third of total spending in FY13, or 12% of GDP. The price hikes, which range between 40%-78% for petrol and 175% for natural gas, follow the adoption of a tighter budget on June 29. The 2014/15 budget targets a deficit of 10% of GDP, down from the draft budget's 12.2% after President Abdel Fattah al-Sisi's intervention resulted in a 1% of GDP cut in budgeted subsidy spending and a 1.5% of GDP rise in budgeted tax revenues. Subsidy spending is to be held at the FY13 level and tax revenues are budgeted to rise by 26%. Several new revenue-raising measures have been introduced, including a capital gains tax. The budget maintains a conservative assumption for grants. Only pledged grants that have yet to be drawn are included in the budget, totalling EGP 23 billion (USD 3.2 billion), compared to an official estimate of EGP 117 billion for FY13. Fitch assumes that support, primarily from Kuwait, Saudi Arabia and UAE, will remain forthcoming and anticipates grants to be well above the budgeted level. Concerns about political stability have prevented previous administrations from tackling the cost of subsidies. The mandate secured by President Sisi following his election victory in May and the effective repression of much of the opposition means the political environment is more conducive to fiscal consolidation. Only isolated protests in response to the price hikes were reported. However, serious political tensions remain and the expected return of inflation to double-digits (from 8.2% in May) may cause social strains. Fitch reaffirmed its 'B-' long-term foreign currency rating for Egypt on June 27, noting that "material progress on fiscal consolidation" was one factor that could lead to a positive rating action. More»
Islam Abdelhameed - 2014-07-07 11:30:57
CEO - Reinsurance & head of Technical Affairs Department at Arab Misr Insurance  GIG Ali Bashandy said his company plans marketing poultry insurance policy which covers the death of the insured poultry due to sudden accidents and illness during the period of insurance that approved by Egyptian Financial Supervisory Authority (EFSA) via Principal Bank for Development and Agricultural Credit (PBDAC). This policy is one of the most important policies for Ordinary citizens, noting that marketing it through PBDAC will contribute to allure new clients as this bank specializes in livestock's loans, Bashandy explained. Moreover, the policy covers additional risks namely; death and infertility caused by improper transportation, death caused by theft, loss caused by escape and permanent loss. The policy also covers removing debris, machinery breakdown down and sudden temperature change, he added. More»
Sayed Badr - 2014-07-06 12:24:56
An international conference to help Egypt through its economic troubles is expected to begin by early 2015, said Egyptian Planning Minister Ashraf al-Araby, who preferred to name the event 'Friends of Egypt' instead of the 'donors'. After former army chief Abdel Fattah al-Sisi won Egyptian presidential election, Saudi Arabia’s King Abdullah called for an international effort to raise funds for Egypt’s battered economy through holding an international aid conference. The conference is expected to lure more Arab Gulf investments in Egypt. The conference is expected to lure more Gulf businessmen and financial institutions to pump new investments in Egypt. In this respect, al-Araby stated that the government is planning to organise the event before the end of the current year or by early 2015 at maximum, seeking to prepare a package of new development and investment projects to be offered during the conference. Saudi Arabia and the U.A.E. have led efforts among oil-rich Gulf nations to bolster Egypt’s economy. More»