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

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»
Sayed Badr - 2015-02-15 13:58:48
Egypt’s Social Fund for Development (SFD) agreed with the Sudanese government to form a joint committee for the Egyptian-Sudanese youth partnership in small and medium-sized projects. According to Soha Soliman - SFD Secretary-General, the fund’s latest visit to Sudan was to hold talks with the Sudanese government and the Central Bank of Sudan (CBOS) to create a partnership for both Egyptian and Sudanese youth in SME sector. The Sudanese government and CBOS pledged to provide facilities for SME projects and tax incentives as well as to ease procedures, the Egyptian official noted. She also stated that SFD would be in charge of providing financing in addition to other non-financial services. Furthermore, Soliman said SFD enjoys good relations with developmental funds in the Arab countries. Therefore, Arab developmental funds will increase their financings to the SFD in the coming period, she revealed. The Egyptian official pointed out that SFD is working on a joint Arab strategy that aims to promote the SME industry, which constitutes the backbone of countries’ economy. More»
Islam Abdelhameed & Al Zahraa Mostafa - 2015-02-12 12:04:27
Wethaq Takaful Insurance – Egypt plans to establish two real estate funds aimed to pump investments expected to reach 500 million Egyptian pounds (US$65.5 million) within 2016, chairman announced. According to Wethaq’s chairman Antar Gad, the two funds will include real estate investments varied between administrative and residential facilities. The official further stated that his company would submit soon an official request to the Egyptian Financial Supervisory Authority (EFSA) so as to launch the two new funds within next year. More»
Sayed Badr - 2015-02-12 11:57:52
The total value of loans and grants obtained by Egypt's Social Fund for Development (SFD) reached EGP11 billion during 2014, distributed as EGP8.5 billion loans and EGP2.5 billion grants, SFD's Secretary-General Soha Soliman said. In statements to Amwal  Al Ghad on Thursday, Soliman added that the bank contracted with banks and the benefited parties worth EGP6 billion in the last year and it was agreed to pay EGP5 billion from the total value of amounts. The total value of small , medium and micro-finance projects portfolio reached EGP3.2 billion at the end of 2014 and the fund is aiming to increase it to EGP4 billion this year. More»
Amwal Al Ghad English - 2015-02-11 13:48:29
The International Monetary Fund said on Wednesday Egypt's structural and monetary reforms were starting to produce a turnaround in the economy, which has been hit by persistent turmoil since 2011. The uprising that toppled Hosni Mubarak four years ago hit the economy hard, discouraging investors and tourists and slashing growth to below 2 percent in 2010/2011. However, Egypt has received billions of dollars in aid from Gulf states since the ousting of president Mohamed Morsi of the Muslim Brotherhood in July 2013 after mass protests against his rule. The aid has kept the economy afloat as the government introduces reforms, seeking to restore growth while controlling inflation and curbing its budget deficit. "The measures implemented so far, along with some recovery in confidence, are starting to produce a turnaround," said the IMF in a press release at the conclusion of Article IV consultations, where IMF experts assess a country's financial and economic state. Egypt has not held such consultations since March 2010, according to the IMF, but the government had asked for them in the hopes that a positive report would boost its image ahead of an international investors conference in March in Sharm el-Sheikh. The IMF and Egypt have sporadically discussed a possible loan worth up to $4.8 billion to help the ailing economy since the 2011 uprising drove away tourists and foreign investors, two main sources of foreign currency. The IMF said it projected growth to reach 3.8 percent in 2014/15 and to rise to 5 percent over the medium term. Although an improvement from the lows hit after the turmoil began, at these growth rates the country will still struggle to create enough jobs for its rapidly growing population. The IMF said it expected fiscal consolidation to bring the budget deficit below 8 percent of GDP by 2018/19. Lower fiscal deficits will also "support the targeted reduction in inflation to 7 percent over the medium term". Egypt's gross domestic product is expected to grow 4 percent in the current financial year to the end of June, up from 2.2 percent last year, Prime Minister Ibrahim Mehleb said on Wednesday. Mehleb, speaking to an international conference of government officials and executives in Dubai, also said he believed his government's budget deficit would come in below 10 percent of GDP this year, against 14 percent last year. The directors of the IMF said there was a need to broaden tax revenues, including by enacting value-added tax (VAT). They said the decline in oil prices reflected an opportunity to accelerate energy subsidy reforms. In July, Egypt slashed energy subsidies that have long weighed on state finances, causing price rises but signalling that the government was ready to take tough decisions. The IMF also welcomed recent movements in the exchange rates "as an important step in the right direction". The Egyptian central bank has taken several measures to curb the black market. It has allowed the pound to depreciate after six months of stability, giving banks a wider band around the official rate in which to trade dollars and limiting the amount of dollars that can be deposited in banks, private banks and the central bank. Nevertheless, the IMF said in its external sector assessment that Egypt's exchange rate appeared overvalued and that "there is considerable scope for macroeconomic policies and structural reforms to improve competitiveness". It noted that the current account deficit had declined recently, largely due to financing by Gulf states who are big supporters of Sisi. However, foreign exchange reserves were still relatively low. Egypt's foreign currency reserves rose to $15.43 billion at the end of January from $15.33 the previous month, the central bank said last week. Reserves stood at $36 billion before the 2011 uprising. More»
Al Zahraa Mostafa - 2015-02-11 11:41:43
The Egyptian Takaful Insurance Company (Non-life) was awarded an insurance policy worth 550 million Egyptian pounds (US$72.1 million) for the country’s investment authority. Ahmed Morsy - Deputy Managing Director of the Egyptian Takaful Insurance – announced on Wednesday that his company won the insurance policy for the General Authority for Investment and Free Zones (GAFI). Speaking to Amwal Al Ghad, Morsy said the insurance policy is with total sum insured of 550 million pounds, to provide coverage for the GAFI’s premises and assets against all risks of fire, burglary, and others. More»
Amwal Al Ghad English - 2015-02-10 10:51:28
The main positive impact from lower oil prices will be on Egypt's (Caa1 stable) public finances, as lower than budgeted spending on fuel subsidies is set to outweigh the impact of a decrease in oil-related revenues, says Moody's Investors Service in a report published on Monday. The rating agency notes that Egypt's spending on fuel subsidies in the current fiscal year could be around 30% lower than budgeted. In January, Moody's lowered its Brent oil price forecasts to $55 per barrel in 2015 and $65 in 2016, which for Egypt roughly translates into $70 per barrel for the fiscal year 2015 ending on 30 June, and $60 in fiscal 2016. "The lower oil price environment will provide some degree of support to Egypt's sovereign credit profile, and will likely lead to a slight improvement in the country's balance of payments and -- more importantly -- in the government's fiscal accounts," says Steffen Dyck, a senior analyst at Moody's. "We expect that potential further reductions in the fuel subsidy bill -- which accounts for 13% of spending -- will outweigh potential declines in oil-related revenues. This should support the government's strategy of reducing fiscal deficits, with an increased likelihood of the fiscal deficit narrowing beyond the budgeted 10% of GDP." While the government received almost 15% of total revenues via corporate tax and dividend payments from Egypt General Petroleum Corporation in fiscal 2014, given upward adjustments to administered fuel prices and lower input costs, the net impact of lower oil prices on these revenues could actually be more muted. Moody's projects that Egypt's current account balance will benefit slightly as a result of the lower oil price environment. The rating agency forecasts current account deficits of 1.5% and 2.3% of GDP, in 2015 and 2016 respectively. And while the oil price environment provides limited support to economic growth, there are signs that Egypt's investment climate is improving, which in turn will likely help bolster revenue generation for the government, says Moody's. The rating agency expects foreign investment inflows to continue to improve, which will support foreign exchange reserve stabilization. More»
Amwal Al Ghad English - 2015-02-09 15:16:49
Egypt’s first private sector microfinance lender, Reefy has obtained an official licence from the country’s regulator to practice microfinance lending activities, tycoon Naguib Sawiris announced. Reefy has become the first company in Egypt to obtain the microfinance licence by the Egyptian Financial Supervisory Authority (EFSA) following the issuance of the long-awaited microfinance law. The microfinance law would allow non-financial companies including microfinance institutions (MFIs) to lend directly to consumers. Reefy is an Egyptian microfinance company that specialises in lending to small and medium-sized companies. Ahmed El Bardai, former chairman of Banque du Caire, established Reefy in 2007 with $3.7 million of paid-in capital through a combination of his own investment, state-run Social Fund for Development (SFD), and money from Naguib Sawiris, the business partner. More»
Alzahraa Mostafa - 2015-02-09 09:58:10
Misr Insurance Company – Non Life was awarded an insurance policy worth 121.8 million Egyptian pounds (around US$16 million), sources with knowledge of the matter told Amwal Al Ghad on Monday. The insurance policy is in favour of a project to establish a wheat and grain storage silo in Beni Suef governorate, with total sum insured of 121.8 million Egyptian pounds. The silo project comes as part of the second phase in the national plan adopted by the Egyptian Ministry of Supply to build 25 silos. The sources further said the insurance policy would include providing coverage against the risks met by contractors during establishing the silo in addition to other risks of fire, theft, and burglary. The project will take place for up to 14 months, the sources noted. More»