amwalalghad :: Financial Institutions

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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Northern Upper Egypt Developme   4.93        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        Egyptian for Tourism Resorts   0.69        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        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 - 2016-04-12 12:17:43
The leading insurer in MENA region, Misr Insurance Company has paid the state-run Egyptian Navigation Company (ENC) $1 million in compensation, said the insurer’s representative in Alexandria. The compensation comes after one of ENC’s ships in Alexandria had drowned, Essam Mansour, Misr Insurance’s representative in the city, told Amwal Al Ghad Tuesday. With total sum insured of 100 million Egyptian pounds ($11.26 million), Misr Insurance has renewed an insurance policy to insure ENC’s vessels against all dangers of wars, drowning, loss, and civil liability, Mansour added. More»
Al Zahraa Mostafa - 2016-04-10 16:41:35
The leading insurer in MENA region, Misr Insurance Company has renewed an insurance policy for the Egyptian arm of UAE telecom operator Etisalat. With a total sum insured up to 8 billion Egyptian pounds (US$901 million), the policy is tailored for Etisalat Misr’s assets and properties, Insurance’s division manager, Hossam Hefnawy told Amwal Al Ghad by phone Sunday. The policy is a one-year renewable term, involving an insurance coverage for Etisalat Misr’s administrative building in Downtown area alongside other locations, electronic devices, and vehicles of all dangers arising out of fire, burglary, and other risks, he added. More»
Amwal Al Ghad English - 2016-04-10 08:00:20
Saudi Arabian King Salman bin Abdulaziz Al-Saud launched an Egyptian-Saudi investment fund with a capital of SAR 60bn (US$ 15.9 billion). This comes after his meeting with Egypt’s PM Sherif Ismail in the framework of his first official visit to Egypt. King Salman explained that the Saudi share in the investment fund is the equivalent of 50%, amounting to SAR 30bn, while the Egyptian side will provide the remaining 50% of the fund’s capital, to be paid in Egyptian pounds. During the meeting, Ismail praised the Saudi king’s visit, describing it as “historic”, and pointing out that it confirms the depth of relations between the Egyptian and Saudi people. During the meeting, Ismail stressed the government’s determination to promote political, economic, and trade relations between the two countries to reach a level that befits the two countries’ promising opportunities and solid ties, in the framework of supporting regional stability. Egypt’s cabinet spokesperson Hossam Kawish said the prime minister praised the results of Saudi King Salman’s visit, which included signing several agreements and joint projects, such as the King Salman Bridge that will link Egypt to Saudi Arabia. He added that the government is keen to offer all facilities to Saudi investors to increase join investments. Kawish added that the government will follow up on all the contracts signed during the visit to ensure they turn into successful projects. Saudi King Salman expressed his pleasure at being in Egypt, which he said he considers his second home. He said it holds a special place in his heart, adding that the special ties between the government and the people of both countries will improve even more with the new joint project between the two countries. The Saudi king praised the Egyptian government’s efforts in promoting the private sector and for offering more facilities to investors, especially Arab and Saudi investors. He highlighted the importance of exchanging visits between officials and investors of both countries. The volume of trade exchange between the two countries recorded $5bn in 204/2015. Saudi nationals top the list of investors in Egypt with contributions in capital issued totaling $6.13bn in 2016. More»
Ahmed Ali & Mohamed Hamdy - 2016-04-04 17:46:35
Egypt’s Social Fund for Development (SFD) has signed Monday three memoranda of understanding to finance projects in New Valley governorate, south west of Cairo, with a 5 percent declining interest rate. The signing ceremony was in the presence of Egyptian Minister of International Cooperation Sahar Nasr as well as Soha Soliman – SFD’s general-secretary; Mahmoud Ashmawy – New Valley governor; and Mahmoud Kandil – Managing Director of Ard El Kheir, one of Misr El Kheir Foundation Companies. The first MoU involves improving the standard of living for the university-graduate farmers working on reclamation projects in New Valley, as well as securing finances required to establish comprehensive agricultural projects in remote areas. As for the second MoU, it is designated to develop and carry out 450 small projects for the youth living in New Valley. SFD shall secure finances worth 7,000 Egyptian pounds ($788.73) per feddan for each youth. The third MoU was signed between SFD and Ard El Kheir, aiming to establish and execute projects in field of restructuring livestock industry in Kharga, in New Valley, as the first phase. SFD will provide direct finances for the establishment of 100 small-scale livestock projects in favour of youth, who will be chosen by Ard El Kheir. Ard El Kheir shall offer farms, training, fodders, medical and technical care, as well as marketing services. “The MoUs are signed upon Egyptian President’s initiative to support and finance youth-run projects with 5 percent interest rate.” Soha Soliman said. Egypt's youth make up two-thirds of the population. Earlier last March, Egyptian President Abdel Fattah al-Sisi said he had asked the Central Bank to enable the financing of youth-run small and medium enterprises. Sisi promised that within four years, 20 percent of bank loans would be allocated to such projects. More»
Amwal Al Ghad English - 2016-04-04 13:37:27
Egypt’s insurance sector needs bolstering from the Egyptian cabinet, however the life insurance market has registered 7.3 billion Egyptian pounds (US$822 million) by the end of June 2015 marking growth rate of 19.5 percent according to FAIR Secretary General, Adel Mounir. He made this comment during his speech at The Federation of Afro-Asian Insurers and Reinsurers (FAIR)’s Life Insurance Forum which is taking place in Cairo today. More»
Islam Abdelhameed & Al Zahraa Mostafa - 2016-04-04 11:07:28
The Federation of Afro-Asian Insurers and Reinsurers (FAIR)’s Life Insurance Forum has started in Cairo Monday. Under the rubric "the changing landscape of life insurance", the forum is organsied by FAIR in cooperation with the Egyptian Insurance Federation. It will last for two days. The forum aims to tackle the challenges witnessed by life insurance businesses in Egypt and worldwide as well as technical solutions and opportunities to develop and promote life insurance products. Over 300 attendees representing Egyptian, African, Asian, and worldwide insurance markets will be present in the event proceedings. FAIR has been established in 1964 with a view to enhance the sharing of knowledge and expertise as well as business relations and therefore to encourage cooperation among insurance and reinsurance companies in Africa and Asia. More»
Amwal Al Ghad English - 2016-04-04 09:32:03
Christine Lagarde, head of the International Monetary Fund (IMF), has hit back at Greece over claims that the IMF is seeking to push the country towards default, describing the idea as "nonsense". In a terse letter to Alexis Tsipras, Greek prime minister, Lagarde defended IMF staff who have found themselves at the centre of a furore over a leaked transcript of a teleconference where they discuss difficult bailout negotiations. Tsipras has argued the leaked transcript of the mid-March call, which was published by WikiLeaks, raised the question of whether Athens can continue to deal with two officials on the call, Poul Thomsen, head of the IMF's European bureau, and Delia Valculescu, who oversees the Greek programme for the IMF. But Lagarde said her team "consists of experienced staff who have my full confidence and personal backing". Lagarde falls short of accusing Athens of being responsible for spying on her officials, but she warns Tsipras that "it is critical that your authorities ensure an environment that respects the privacy of their internal discussions". The row was prompted by comments recorded in the transcript where the IMF officials express frustration about the EU's slow progress in granting debt relief to Greece. They mention that eurozone governments have in the past left important decisions until the Greek government was on the point of bankruptcy. Greece has publicly interpreted the remarks as a plan by the IMF to prolong negotiations on whether to take part in eurozone's latest bailout of the country until July, when the Greek government is faced with its next big debt payment. The logic would be that the impending deadline would give the IMF more leverage, allowing it to extract concessions out of a reluctant Germany on the debt relief that the IMF believes is essential for Greece's long-term recovery. The episode prompted an emergency meeting of senior Greek ministers on Saturday, and led Tsipras to write to Lagarde the same day to express his "deep concerns". In his letter, he says that what is at stake is nothing less than "whether Greece can trust, and continue negotiating in good faith" with the IMF.Lagarde, in her reply, warns that the Greek reaction to the transcript has itself damaged mutual trust. "This weekend's incident has made me concerned as to whether we can indeed achieve progress in a climate of extreme sensitivity to statements of either side," she writes. "On reflection, however, I have decided to allow our team to return to Athens to continue the discussions." In a further swipe at Greece's handling of the affair, Lagarde writes that the IMF "conducts its negotiations in good faith, not by way of threats, and we do not communicate through leaks." Despite the competing interpretations over the transcript of the teleconference, it remains the clearest sign to date that the fund wants to leave Greece's €86bn rescue to the EU alone and wash its hands of a programme that has led to a torrent of criticism. According to the document, Thomsen at one point suggested confronting Angela Merkel, German chancellor, to either agree to debt relief or allow the IMF to exit. Lagarde confirms in the letter that, in her view, Greece is "still a good distance away from having a coherent program that I can present to our executive board." "The real fight here is between Germany and the IMF; Greece is a mere spectator," said Mujtaba Rahman who heads European analysis at Eurasia Group. "As no IMF means no more bailout, Germany will ultimately support debt relief, it really has no other choice." Several observers in Athens said they suspected the Syriza government could be behind the leak of the transcript. "The government's reaction suggests it's trying to manufacture a crisis to make the fund pull out of the Greek programme, hoping to make a deal on easier terms with the EU," said Miranda Xafa, a researcher with the Centre for International Governance Innovation. More»
Amwal Al Ghad English - 2016-04-03 07:37:56
Greece demanded an explanation from the International Monetary Fund on Saturday after an apparent leaked transcript suggested the IMF may threaten to pull out of the country's bailout as a tactic to force European lenders to more offer debt relief. EU/IMF lenders will resume talks in Athens on Greece's fiscal and reform progress next week aiming to conclude a bailout review that will unlock further loans and pave the way for negotiations on long-desired debt restructuring. The review has been adjourned twice since January due to a rift among the lenders over the estimated size of Greece's fiscal gap by 2018, as well as disagreements with Athens on pension reforms and the management of bad loans. Internet whistleblowing site WikiLeaks published what it said was the transcript of a March 19 conference call of three senior IMF officials discussing tactics to apply pressure on Greece, Germany and the EU to reach a deal in April. The officials were quoted as discussing a threat that the fund might not participate in Greece's third bailout program as a way to force EU creditors, especially Germany, to reach a deal on debt relief before Britain's June referendum on whether to stay in the European Union. "The Greek Government asks the IMF for explanations whether pursuing the creation of bankruptcy conditions in Greece, just before the British referendum, is the Fund's official position," government spokeswoman Olga Gerovasili told state television. An IMF spokesman in Washington said the Fund did not comment on "leaks or supposed reports of internal discussions" but added that the IMF had made its position known in public. "We have stated clearly what we think is needed for a durable solution to the economic challenges facing Greece - one that puts Greece on a path of sustainable growth supported by a credible set of reforms matched by debt relief from its European partners," the spokesman said. TSIPRAS SAYS IMF 'PLAYING GAMES' The purported conversation involved Poul Thomsen, head of the IMF's Europe department, and Delia Velculescu, leader of the IMF team in Greece, and IMF official Iva Petrova. They discussed whether Greece could apply more austerity as a condition for receiving more aid ahead of big debt repayments in July and voiced frustration at the European Commission's reluctance to side with IMF pressure on Athens. They also suggest that Brussels is sticking to unrealistic assumptions about Greece's budget shortfall to minimize the need for debt relief, which is unpopular with Germany and other northern euro zone hawks. If concluded the review will unlock a fresh tranche of about 5 billion euros, which Greece needs to pay off state arrears and ECB and IMF maturing debt. Greece has no major debt redemptions due until July. The Greek government interpreted the leak as revealing an IMF effort to blackmail Athens with a possible credit event to force it to give in on pension cuts which it has rejected. However the transcript, if genuine, appeared to suggest Thomsen saw more prospect of the IMF applying pressure on German Chancellor Angela Merkel to concede debt relief to keep the fund involved in the bailout and secure Greek cooperation in managing Europe's pressing refugee crisis. "Basically we at that time say "Look, you Mrs Merkel you face a question, you have to think about what is more costly: to go ahead without the IMF, would the Bundestag say 'The IMF is not on board'? or to pick the debt relief that we think that Greece needs in order to keep us on board?" Right? That is really the issue," Thomsen was quoted as saying. Commenting on the leak, Greek Prime Minister Alexis Tsipras told weekly newspaper Ethnos: "It seems that some people are playing games with an aim to destabilize us. We will not allow (IMF's) Thomsen to destroy Europe." More»
Amwal Al Ghad English - 2016-03-31 10:41:39
Standard & Poor's Ratings Services cut Thursday its outlook on China to negative from stable, saying the country's "economic rebalancing" is likely to progress more slowly than expected. "We revised the outlook to reflect our expectation that the economic and financial risks to the Chinese government's creditworthiness are gradually increasing," the credit agency said. "This follows from our belief that, over the next five years, China will show modest progress in economic rebalancing and credit growth deceleration," it added. S&P kept its AA- rating on China, arguing the country's government is taking steps to bolster its economy. "Most importantly, we view the government's anti-corruption campaign as a significant move to improve governance at state agencies and state-owned enterprises," it said. The S&P report came out after Chinese markets closed on Thursday. The Shanghai Composite Index SHCOMP, +0.11% ended the day up 0.1% at 3,003.92. More»
Ahmed Ali & Mohamed Hamdy - 2016-03-28 17:29:50
Egypt’s Social Fund for Development (SFD) is studying a 10 billion Egyptian pounds ($1.1 billion) commitment to a solar energy project, a senior source in the fund told Amwal Al Ghad Sunday. The project locates in one of Egypt’s border governorates, the source added. The fund also considers contribution to the capitals of three other projects, one of them in favour of telecommunications sector. These under-study finances are part of SFD’s new investment policy which is based on pumping liquidity into capitals of vital projects in Egypt, the sources said. The SFD was established by Egyptian Presidential Decree 40/1991 as a socio-economic safety net to combat unemployment, alleviate poverty, improve living conditions and help attain comprehensive socio-economic development. More»