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

Amwal Al Ghad English - 2014-12-24 10:47:37
Fitch Ratings upgrade of Egypt's credit rating shows confidence in the country's ongoing economic reforms and will likely lure more investments, experts say. "Fitch's move means that Egypt's economic position is improving and domestic conditions are stabilizing," said Rashad Abdo, the head of the Egyptian Forum for Economic Studies. The step cast its shadow on Egypt's stock market as the country's main index climbed 3.5 percent on Monday, after fall in the past two weeks over a drop in oil prices. On Friday, Fitch Ratings raised Egypt's credit rating to "B" from "B-" with a "stable" outlook, saying the authorities seemed committed to major reforms. "Fuel subsidy cuts and tax hikes have been implemented as part of a clear five-year fiscal consolidation strategy," the agency said in a statement. "Power shortages are being tackled, overdue payments to oil companies reduced, investment laws revised and disputes with foreign investors settled," it added. Egyptian President Abdel Fattah al-Sisi announced cuts on subsidies when he took office in May, the move which Sisi's predecessors were reluctant to take fearing public rage. Fitch's decision came after Moody's Rating Agency and Standard & Poor's upgraded Egypt's credit rating, which signals "change of the world outlook, financial institutions in particular, at the country's economic conditions," Abdo told Xinhua. It is the first time Fitch raised Egypt's credit rating after years of degrading. "It is a new message for local and foreign investment circles that Egypt is on the right track of the economic reform, and that it sets the stage for an environment attractive to investments after dealing with long-years deformity," Abdo explained. Fitch's move should motivate the government to move forward with the reform procedures to gain the trust of investors, which in turn will raise the growth, achieve economic development, improve the income levels and address the unemployment problem, he added. Egypt has been struggling to revive its ailing economy over three years of turmoil which ousted two presidents. Economic growth is accelerating, Fitch said, and year-on-year growth reached 6.8 percent in the third trimester of 2014 - the highest since 2008 - up from 3.7 percent the quarter before. "Growth is vulnerable to setbacks if reform stalls," the agency warned, noting, however, that "political stability has improved under President Sisi." According to Ibrahim Zahran, professor of economics at Cairo University, Fitch's decision will help to increase the revenues of investment in the Egyptian markets in the light of reducing the hazards. He hailed the upgrade as important since it came before a planned economic summit in Egypt in March 2015, saying that its positive impact will enhance the road for generating local and foreign investment. The move will also reduce the cost of dealing with the foreign countries, either at the banking levels by reducing opening credits for exportation purposes, or at the government level in dealing with the international funding and financial institutions, Zahran said. It will also boost the tourism movement and the foreign investment influx and contribute to increasing the country's state resources of foreign currency, which in turn would stabilize the stock exchange, and enhance the Central Bank tools in controlling the markets and get rid of the parallel markets, he added. Finance Minister Hany Kadry has welcomed the Fitch's decision, considering it "a positive step in supporting Egypt's economic program." Fitch group is a global leader in financial information services with operation in more than 30 countries. More»
Islam Abdelhameed - 2014-12-23 16:00:15
The leading insurance broker Gras Savoye intends to start its business in the Upper Egypt region in the coming period, an official from Egypt office said on Tuesday. According to Hamed Mabrouk – Managing Director of Gras Savoye Egypt, the company plans to inaugurate its newest office in Luxor governorate, marking its first presence in Upper East. The new office is part of Gras Savoye Egypt’s strategy to carry out an investment expansion in the coming phase, Mabrouk noted. More»
Al Zahraa Mostafa - 2014-12-23 15:54:55
Misr Life Insurance announced today a 15.4% y-o-y growth in its direct premiums of EGP 895 million during the first five months of current fiscal year. A year earlier, the company achieved EGP 775.5 million worth of direct premiums. In its statement released on Tuesday, the company stated that the total sum insured through its individual insurance policies had reached EGP 2.3 billion, marking a 20.8% increase from EGP 1.9 billion last year. Furthermore, the company reported total sum insured through its group insurance policies of EGP 26.2 billion by end of November 2014, versus EGP 25.4 billion a year earlier, representing a 3.2% annual growth rate. Also by end of November 2014, the company's total paid compensation rose by 20.8% to EGP 800.7 million, up from EGP 662.9 million. Misr Life Insurance is the largest life insurance company in Egypt, Africa and the Arab world providing professional life insurance, health insurance, and pension plans. More»
Islam Abdelhameed - 2014-12-23 10:46:54
A group of Kuwaiti investors has expressed intention to start business in Egypt’s insurance market, deputy head of Egyptian market regulator announced on Tuesday. The investors, representing one of the major Kuwaiti insurance firms, submitted a request to launch an insurance firm in Egypt. According to Mohammed Maait – Vice Chairman of the Egyptian Financial Supervisory Authority (EFSA) – the authority will discuss in its upcoming board meeting the Kuwaiti request for entering the Egyptian insurance market. The Egyptian official further said the Kuwaiti investors had voiced interest in engaging in business in the Egyptian insurance market in the light of the gradual economic revival witnessed by the North African country. The Gulf investors, notably Kuwaitis are highly keen to invest in Egypt in the coming phase in all sectors, Maait added. EFSA’s deputy chairman also pointed out that the Kuwaiti investors had pledged KWD 20 million (US$ 68.3 million) worth of planned investments into the Egyptian market. According to them, the Kuwaiti planned firm is expected to raise insurance sector’s contribution to Egypt’s GDP. Moreover, Maait said he welcomed the Kuwaiti investors’ intention to start businesses in Egypt. More»
Islam Abdelhameed - 2014-12-21 11:07:00
Axa SA (CS), France’s largest insurer, is looking to expand its presence into Egyptian market, deputy head of Egypt’s market regulator announced on Sunday. According to Mohammed Maait – Vice Chairman of the Egyptian Financial Supervisory Authority (EFSA) – the French insurer has submitted a formal request to the EFSA, aiming to receive the regulatory approval to launch two firms for life and properties insurance activities in Egypt. Speaking to Amwal Al Ghad on Sunday, Maait revealed Axa Group’s genuine keenness to launch a holding company in the Egyptian market. The French group has recently completed the Egyptian General Authority for Investment (GAFI)’s procedures needed to found a holding company in the country, the top official added. During his most recent visit to France, Egyptian President Abdel Fattah al-Sisi had met with Axa Group’s chairman to discuss building Axa’s presence in Egypt. Axa is one of the world leading insurance and asset management groups, serving 102 million clients, individuals and business, in 56 countries. Established in 1817, Axa Group was created through the merger of several insurance companies, the oldest of which - La Compagnie d'Assurance Mutuelle contre l'Incendie dans les départements de la Seine Inférieure et de l'Eure - was founded in Rouen 10 months after the establishment of the Mutuelle ACL, which is France's oldest insurance company. The group, headquartered in the 8th arrondissement of Paris, operates primarily in Western Europe, North America, the Asia Pacific region, and the Middle East. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. More»
Amwal Al Ghad English - 2014-12-20 09:37:03
Fitch Ratings has upgraded Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'B' from 'B-'. The Outlooks are Stable. Fitch has also upgraded the issue ratings on Egypt's senior unsecured foreign and local currency bonds to 'B' from 'B-'. The Country Ceiling has been upgraded to 'B' from 'B-' and the Short-term foreign currency IDR affirmed at 'B'. KEY RATING DRIVERS The upgrade of Egypt's IDRs reflects the following key rating drivers and their relative weights: High The government has embarked on a policy course designed to tackle some of the serious structural weaknesses that have emerged or intensified in recent years. Fuel subsidy cuts and tax hikes have been implemented as part of a clear five-year fiscal consolidation strategy. Power shortages are being tackled, overdue payments to oil companies reduced, investment laws revised and disputes with foreign investors settled. The measures appear to have strong political backing. Medium Consolidation, stronger growth and lower commodity prices will pull down the fiscal deficit, although it will remain large compared with peers, at a forecast 10.2% of GDP in FY15 (to end June). Excluding grants, the deficit is forecast to narrow by 6.3% of GDP in FY15. Fuel subsidies have been cut, new taxes introduced and existing taxes reformed in a largely front-loaded reform programme. Introduction of VAT, which will broaden the tax base, is expected later in FY15. The fiscal position will benefit clearly from lower oil prices, and with wheat prices also well below the budgeted level, will add to the savings on the subsidy bill in FY15. Savings will be partially offset by higher social spending and spending commitments in the new constitution. Fiscal consolidation and stronger nominal GDP growth are forecast to put the debt/GDP ratio on a downward trend, ending a multi-year deterioration. Nonetheless, debt/GDP is around double the peer median, at 90.5% at end FY14 and is only expected to fall to 85.8% of GDP by end-FY16. Domestic banks remain ready buyers of government debt and pension funds and insurance companies are becoming more active. Economic growth is picking up and is expected to strengthen. Year-on-year growth rose to a provisional 6.8% in 3Q14, the highest since 2008, from 3.7% in 2Q14. Consumption and investment have led growth, driven by greater political stability, increased confidence in economic policy and government-led investment projects. Major infrastructure projects are underway and further commitments are anticipated at a high-level conference scheduled for March. Fitch forecasts that real GDP growth will rise from 2.1% in 2013 to 4.7% in 2016. Growth is vulnerable to setbacks if reform stalls. Political stability has improved under President Sisi. In Fitch's opinion, this reflects a desire for stability, a clampdown on political opposition and an improving economy. Parliamentary elections are likely to be held in March 2015, with individuals favouring the president expected to win a majority. Nonetheless, significant sections of the population are disaffected and there is serious sporadic violence in North Sinai. World Bank governance indicators have deteriorated in recent years and are below peers. Egypt's IDRs also reflect the following key rating drivers: Reserves have stabilised at below three months of current external payments, although foreign exchange rationing and GCC inflows have kept the current account deficit low. Prospects for the balance of payments look brighter over the next couple of years, but Fitch expects only a marginal improvement in reserve coverage, as stronger inflows of foreign exchange will be used to satisfy unmet demand and pay down profit arrears to oil companies. GCC inflows have pushed up gross external debt, but it remains below peers at an estimated 17% of GDP at end-2014. The new funds are on a concessional basis, so external debt stock and service indicators are still stronger than peers. Net external debt is well below peers at just 1.9% of GDP. GCC support is increasingly expected to take the form of FDI. The rating is supported by the absence of a recent history of debt restructuring. 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 a positive rating action, individually or collectively, are: - A track record of progress on fiscal consolidation leading to a decline in debt/GDP. - Reforms to the business environment that lead to increased investment. - Sustained economic recovery The main factors that, individually or collectively, could lead to negative rating action are: - Failure to anchor the fiscal deficit on a downward trend or an unwinding of recent fiscal consolidation measures. - Prolonged disruption to GCC inflows that strains the balance of payments and fiscal position. - Serious and sustained security incidents that undermine economic activity. KEY ASSUMPTIONS Fitch assumes the government remains committed to its programme of fiscal consolidation and local banks remain willing and able to finance the deficit. Egypt is assumed to continue to receive GCC financial support, in a variety of forms, over the forecast period. Fitch has not factored an IMF lending programme into its forecasts, but believes one would be easily achievable if required by the authorities. The political environment is assumed to be more stable than 2011-2013, although sporadic and at times serious attacks on security forces are assumed to continue and underlying political tensions will remain. Fitch forecasts that Brent crude will average of USD83/b in 2015 and USD90/b in 2016. In both cases these are below the government's assumptions in its five-year fiscal plan, meaning Fitch assumes savings on the budgeted subsidy bill. More»
Islam Abdelhameed - 2014-12-20 09:27:11
The Private Insurance Fund for the Cairo University staff had achieved investments totalling 365 million Egyptian pounds during 2014, the fund's vice chairman Ali El Deeb told Amwal Al Ghad. El Deeb further said on Thursday the fund's board of directors managed to lower the deficit from EGP 400 million to EGP 200 million within last three years. He further stated that there are three demands to discuss with the Egyptian Financial Supervisory Authority, seeking to amend the executive regulations attached to the private insurance fund law. The three demands are to launch a union representing the country's private insurance funds to be in the same situation of the insurance companies. Launching this union will organize funds' activities in the Egyptian market since every year the country witnesses new further funds, the official noted. In addition, El Deeb said the second demand would be to launch an investment pool, headed by professional administration specialised in the investment field. The pool is to contribute to boost the volume of investments for the private insurance funds. Third, El Deeb asked to facilitate the terms and conditions of the memberships in the funds. More»
Al Zahraa Mostafa - 2014-12-18 13:03:07
Arope Egypt Insurance is targeting a 28% growth in its motor insurance premiums to reach EGP 45 million for the current fiscal year 2014/15. By end of last June 2014, Arope achieved EGP 35 million worth of motor insurance premiums, sources with knowledge of the matter told Amwal Al Ghad on Thursday. They further revealed that Arope’s motor insurance activity would witness a growth in 2015 backed by the increase in car sales and the recent boom in several sectors in Egypt such as tourism. Established in 1974, AROPE has become one of the major players in the insurance industry in Lebanon and then one of the leading insurance providers in the Middle East.
Islam Abdelhameed - 2014-12-17 16:59:38
Misr Insurance Company and Arab Misr Insurance Group (GIG) are competing to win an insurance policy contract for the state-owned Petrotrade Company. The insurance policy is a five-year term, with total sum insured of 408.3 million Egyptian pounds (US$57.1 million), 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. Moreover, the sources said Petrotrade would announced the winner of the insurance policy tender in the coming few days. More»
Islam Salah, Islam Abdelhameed & Al Zahraa Mostafa - 2014-12-15 16:42:03
Net investments in the private insurance fund for Egypt-based Arab Contractors’ employees reached EGP 2.2 billion by end of September 2014, an official from the company said on Monday. Ali Al-Rebat – Managing Director of Arab Contractors Employees’ Private Insurance Fund – stated that the government-backed securities capture around 52.08% of the fund’s total investments; while 6.53% are for banking and cash deposits. Arab Contractors Employees’ fund also invests around 12.9% in the country’s stock exchange (EGX), 11.09% in the real estate sector, 1.73% in bonds can be offered on EGX, 1.18% in employees’ loans, and 0.08% in others. The Egyptian official further said, in a keynote speech during the 6th Annual Insurance Private Funds Conference kicked off today, the fund had contributed so far to the implementation of 3 national projects; Safwa Towers in Rod El Farag, Flowers Park Compound in New Cairo,  and October Princess Compound in the 6th of October City. More»