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        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        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

Ahmed Fayez & Sayed Badr - 2016-06-01 12:33:29
Egypt has signed Tuesday a Kuwait Fund for Arab Economic Development (KFAED)’s KD 29 million (around $100 million) loan to finance building five water desalination stations in South Sinai. This is the first agreement the Egyptian government signed with the Kuwaiti Fund for financing developmental projects in Sinai Peninsula. It is a soft loan, of an annual two percent interest rate, with a five-year grace period to be paid over 20 years, Egyptian Minister of International Cooperation Sahar Nasr stated. Nasr signed the agreement with KFAED’s Director General Abdulwahab Al-Bader in Cairo in the presence of Egyptian Prime Minister Sherif Ismail. The first station will be built in El-Tor city, southern of Sinai, with a capacity of 20,000 cubic metres per day. The other four stations will locate in Ras Sedr, Abu Zenima, Dahab, and Nuweiba, with a capacity of 10,000 cubic metres per day in each. Egyptian government plans to starts building the five stations early 2017, to be ready before the end of 2019. More»
Amwal Al Ghad English - 2016-05-31 08:12:29
Delaying a sales tax increase in Japan scheduled for April next year makes "some sense" because the weak economy means a tax rise is not likely to increase revenue, ratings agency Standard & Poor's said on Tuesday. Going ahead with the plan could push Japan's economy into several quarters of anaemic economic growth, Kim Eng Tan, S&P's Asia-Pacific senior director of sovereign ratings, told Reuters in an interview. Delaying the tax hike would not be an indication that Japan's government is giving up on fiscal consolidation, Tan said. However, the government does need to introduce bolder structural reforms to push up growth and consumer prices, because there is limited room to expand fiscal and monetary policy, Tan said. Prime Minister Shinzo Abe will delay the tax hike by two and a half years, sources told Reuters, due to worries the move could push down consumer spending even further and possibly hasten a return to deflation. In September last year S&P cut its rating on Japan to A+ from AA-, which is four notches below its top rating of AAA, because it doubts the government's will reverse economic deterioration. The agency raised its outlook to stable from negative. More»
Islam Abdelhameed - 2016-05-30 16:08:44
A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “BBB” of Egypt’s Arab Misr Insurance Group (GIG-Egypt) for the third year in a row. The outlook for each rating remains stable. The ratings of GIG-Egypt reflect the company’s strong risk-adjusted capitalisation, track record of good profitability and strong profile in the insurance market in Egypt, the rating agency added. An offsetting factor is the company’s concentrated exposure to Egypt. GIG-Egypt’s ratings receive enhancement from its parent company, Gulf Insurance Group K.S.C.P. (GIG), due to the company’s strategic importance to the group.GIG-Egypt’s risk-adjusted capitalisation is strong and continues to strengthen through good internal capital generation, A.M. Best said. The company’s capital requirements are largely driven by underwriting and investment risks. The majority of investments are held in government treasury bills, with the bulk maturing between three to 12 months. While this creates concentration risk, it also provides liquidity so that the company can react to changes in market conditions. Despite the company’s conservative asset portfolio, regulation dictates that all assets are held domestically. AMIG’s capital position is sufficiently strong to absorb the higher risk charges associated with assets held within Egypt. GIG-Egypt has an excellent track record of generating technical and operating profits despite the challenging economic pressures and intense competition in the local insurance market. GIG-Egypt’s combined ratio has improved for the third consecutive year and at financial year-end June 2015 was 75 percent. Technical profitability has been driven by compulsory motor business that has outperformed the market. This was supplemented by strong investment income, as the company benefited from rising interest rates in Egypt. GIG-Egypt has undergone a period of growth in the past seven years in which gross written premium has doubled to 432 million Egyptian pounds (US$48.6 million) in 2015. The company has an excellent business profile in Egypt as the fourth-largest insurer with a market share of 5.3 percent in terms of gross written premium, and is one of the leading insurers in the private sector. The company’s approach to enterprise risk management improved notably during 2015, benefiting from additional support from the group. GIG-Egypt has strengthened its identification and understanding of key risks and imposed controls in order to mitigate and reduce their potential impact. Political and financial domestic instability has the potential to disrupt the economic conditions in Egypt. Despite GIG-Egypt’s track record of successfully navigating these challenging market conditions, A.M. Best continues to monitor the impact these external factors may have on the company’s operations. More»
Al Zahraa Mostafa - 2016-05-30 13:31:55
Egypt is nominated to become a regional hub for microfinance and insurance activities in the coming period, an official from the German Agency for International Cooperation (GIZ) said on Monday. Hayder Al-Baghdadi, Programme Director Microfinance at GIZ, further said during an insurance event in Cairo, that his agency cooperates with Egypt in drawing micro financing regulations. More»
Amwal Al Ghad English - 2016-05-30 12:23:39
Fitch Ratings has affirmed on Monday Egypt's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. The issue ratings on Egypt's senior unsecured foreign- and local-currency bonds have also been affirmed at 'B'. The Country Ceiling has been affirmed at 'B' and the Short-Term Foreign-Currency IDR at 'B'. More»
Sayed Badr - 2016-05-29 14:42:11
Egypt is to sign a $500 million agreement with Abu Dhabi Fund for Development soon to finance building a water desalination station in Sinai, international cooperation minister announced Sunday. The loan is part of the Arab funds’ planned financing package for the development of Sinai Peninsula, Egyptian Minister of International Cooperation Sahar Nasr told Amwal Al Ghad. Egypt will sign another $100 million loan agreement to finance developmental projects in Sinai with the Kuwait Fund for Arab Economic Development by the end of this month, Nasr added.The agreement will be signed after Egyptian government completes all the feasibility study on the Sinai water desalination project. More»
Amwal Al Ghad English - 2016-05-29 09:47:18
A total of €1.1 billion in EU grants was allocated to Egypt to be distributed over several areas of development. The EU delegation to Egypt will discuss the action plan with the Egyptian government and the donors during the period from 2017 to 2020 to determine the targeted projects. The size of the grants provided by the EU to Egypt amount to roughly €100 million a year for development, head of the Social and Human Development Section of the EU delegation to Egypt Sébastian Trenner said. He told Daily News Egypt that the grants will be distributed over several sectors, including the development of informal housing areas, education, health, environment, climate change, culture, infrastructure, social protection, and civil society organisations. This financing is expected to increase in the coming years, especially after implementation of new development projects has begun in Egyptian governorates. The first stages of previous projects have been completed and their results will be evaluated. According to Trenner, the most important areas of the EU’s programme in Egypt are developing informal housing areas, improving the standard of living by supporting infrastructure, and implementing small- and medium-sized enterprises (SMEs). The EU has partnered with the German International Cooperation Agency (GIZ) (Deutsche Gesellschaft für Internationale Zusammenarbeit) for the development programme and signed a direct financing contract worth €6.65 million to develop a number of informal housing areas in Cairo, Giza, and Qalyubia. The EU earlier provided €6m to finance the first phase of the project carried out in nine informal housing areas to be added to the support given to non-governmental organisations (NGOs) and residents of those areas. In the first phase, €20 million was provided in financing for developing slums, and another €20 million in the second phase through direct finance to the projects implemented in the provinces. The contracts are signed with the provinces include Ain Shams, Ezbet Al-Nasr, and Al-Matariya in Cairo; and Dahab Island homes, Al-Warraq, and Boulaq Al-Dakrour in Giza; and Qalyub, and Shubra Al-Kheima in Al-Qaliubiya. The contract signed a few days ago is worth roughly €6.65 million besides a government contribution of €740,000, Trenner said. The development programme has completed the first phase of projects in the three provinces and the results are being evaluated. The second phase of the project will be completed during 2018 in coordination with the Ministry of Housing. Negotiations are currently underway for a new grant from the GIZ worth €26m to improve the quality of living for people in informal housing areas, Trenner said. The EU is committed to supporting economic and social development in Egypt, and is following up with the development plans of the Egyptian government, especially in the development of informal housing areas. More»
Mohamed Hamdy - 2016-05-28 18:04:18
Egypt’s Social Fund for Development (SFD) is planning to start talks with the World Bank and the European Union to obtain a $250 million financing designated for infrastructure and community development projects. According to Medhat Massoud, Head of SFD's Central Sector for Human and Community Development, the Egyptian fund has allocated the money for infrastructure and community development projects within 2017-2019. More»
Ahmed Fayez - 2016-05-28 13:56:13
Egyptian Cabinet approved on Thursday a soft loan agreement worth $100 million, which will be signed by end of this May with the Kuwait Fund for Arab Economic Development. The loan is designated to finance developmental projects in Sinai Peninsula including a water desalination station, Egyptian Minister of International Cooperation Sahar Nasr said in a statement on Thursday. Nasr further said the loan would be paid over 20 years, with a grace period of five years. More»
Mohamed Hamdy - 2016-05-25 11:39:36
Funds from the French Development Agency (AFD) will be allocated to help Egypt develop six informal areas nationwide. Egypt’s Social Fund for Development (SFD) will allocate around €15 million (US$16.7 million) of a French Development Agency-led grant to develop six informal areas nationwide, an official in SFD said Wednesday. Medhat Massoud, Head of SFD's Central Sector for Human and Community Development, further told Amwal Al Ghad that the Egyptian fund had selected so far the Old Imbaba district to be the first of other five informal areas scheduled for development schemes. SFD has allocated around 25 million Egyptian pounds (US$2.8 million) out of the AFD grant for Old Imbaba, Massoud added. More»