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        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        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        Canal Shipping Agencies   7.39        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        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

Ahmed Ali and Sayed Badr - 2015-09-14 11:37:02
The Arab Monetary Fund (AMF) has signed an agreement with Egypt to provide new loan worth Dinar 78.880 million (US$ 339 million) within the framework of the Structural Adjustment Facility. The agreement was signed Sunday by Egyptian Central Bank's (CBE) governor Hesham Ramez and AMF's chairman Abdulrahman Al Hamidy. The loan aims to support the Egyptian central bank's efforts to strength banking supervision and governance, in order to achieve inclusive and sustainable economic growth and enhance the resilience of the Egyptian economy in face of external shocks. The program is composed of three pillars: developing the government financial securities depository system, strengthening the banking sector’s efficiency, and enhancing the role of the credit guarantee company to support financing small and medium size enterprises. According to a statement released by AMF, Egypt has benefited from thirteen loans provided by the Arab Monetary Fund, including the present loan, with a total value of US$ 1.6 billion. The statement added that the Fund has provided, through its subsidiary the Arab Trade Financing Program (ATFP), lines of credit to 21 national agencies in Egypt to finance intra Arab trade activities. The ATFP signed 104 credit line agreements with these agencies, valued at US$ 1.9 billion by the end of August 2015. This brings the total financial support provided by the Fund to Egypt to about US$ 3.5 billion. More»
Islam Abdelhameed - 2015-09-12 12:21:40
French insurance group AXA’s Deputy CEO Denis Duverne stresses the importance of expanding into the Egyptian insurance market to insure the country’s economic development and growing foreign investments there. This comes after the French insurer announced a week earlier the launch of its Egyptian arm, AXA Egypt. AXA is determined to increase its presence in Africa, Duverne added. Duverne made his remarks on the sidelines of a press conference to announce the launch of AXA Egypt a week earlier. The French insurer announced during the conference that it has obtained the licence to start insurance activities in Egypt from the market regulator, the Egyptian Financial Supervisory Authority (EFSA). AXA Egypt offers life, health, property, accident insurance services for individuals, Small and Medium-sized Enterprises (SMEs), and corporations. AXA, France’s largest insurer, is a multinational, investment banking firm headquartered in the 8th arrondissement of Paris that engages in global investment banking, securities, investment management, insurance, and other financial services. AXA is one of the world leading insurance and asset management groups, serving 102 million clients, individuals and business, in 56 countries. More»
Amwal Al Ghad English - 2015-09-10 09:07:25
Standard & Poor's on Wednesday stripped Brazil of its investment-grade credit rating in a move that calls into question President Dilma Rousseff's efforts to regain market trust and pull Latin America's largest economy out of recession. The faster-than-anticipated downgrade, which will likely rock Brazilian financial markets on Thursday, is also a major setback for Finance Minister Joaquim Levy's measures to shore up public finances. S&P cut Brazil's rating to BB-plus, which denotes substantial credit risk, from BBB-minus. The outlook on the new rating remains negative, which means additional downgrades are possible in the near term. More»
Islam Abdelhameed - 2015-09-09 13:29:39
The total assets of Delta Insurance Company have been increased by 9.6% at the end of fiscal year 2014-15, company's consolidated budget showed Wednesday. Company's total assets have reached 1.05 billion Egyptian pounds (US$ 127.7 million) at the end of June 2015 compared to 965.5 million Egyptian pounds at the end of June 2014. According to the budget, company's fixed deposits in banking sector recorded 76.243 million Egyptian pounds at the end of June 2015 opposed to 85.9 million Egyptian pounds at the end of June 2014. Delta Insurance's total investments in treasury bills hit 207.6 million Egyptian pounds at the end of FY 2014-15 versus 347 million Egyptian pounds at FY 2013-2014. The consolidated budget showed that firm's net real estate investments recorded 9.88 million Egyptian pounds at the end of fiscal year 2014-15 compared to 10.53 million Egyptian pounds at the same period of previous year. The net fixed assets of Delta Insurance Company hit 30.82 million Egyptian pounds during fiscal year 2014-15 versus 24.16 million Egyptian pounds during the previous fiscal year. More»
Amwal Al Ghad English - 2015-09-09 08:53:09
IMF chief Christine Lagarde urged Tuesday Tunisia, whose vital tourism sector has been hard hit this year by deadly Islamist violence, to press ahead with the "vast number" of pending economic reforms. However, while noting difficult international economic conditions and the negative effects of Islamist attacks on the national museum and a popular tourist resort, she said Tunisia was "proving its resilience." Lagarde spoke after meeting President Beji Caid Essebsi and Prime Minister Habib Essid. "We agreed on the need to move forward as quickly as possible on the vast number of reforms still to be executed," the International Monetary Fund director said. "To maintain growth, create the conditions of prosperity and, above all, create employment, it is imperative to maintain security, macroeconomic and financial stability so that confidence can be restored" among domestic and foreign investors, she said. She said this requires a solid banking system, as well as an efficient public administration, a fair tax system and a business climate that is open to competition while also providing modern social protections. She said she was "confident... in Tunisia's ability to meet these challenges." Since the popular uprising that ousted a longtime dictator in early 2011, Tunisia's economy has struggled to take off. It was badly shaken in March by an attack on the national museum, followed by one in June in the resort of Sousse, that killed a total of 59 tourists. GDP grew by a modest 1.0 percent in the first half, but the full-year figure is expected to be only half a percent, the finance ministry has said. In 2013, the IMF granted Tunisia a $1.7 billion (1.5 billion euro) credit line that was to have expired in June. It was extended for another seven months to give the country more time to adopt the needed reforms. More»
Amwal Al Ghad English - 2015-09-09 08:50:02
Iraq's government will start an investor roadshow Thursday for its first international bond issue in nine years, according to banking sources, as it seeks to finance a budget deficit caused by low oil prices and its war against Islamic state militants. Baghdad wants to raise up to $6 billion in a series of U.S. dollar bond sales, though the first issue is expected to be much smaller, sources familiar with the matter told Reuters. Citigroup, Deutsche Bank and JP Morgan are lead managing the issue, and will start investor meetings in the United Kingdom and United States of America, lead arrangers said. Despite the political risks in Iraq, its status as OPEC's second biggest oil producer is expected to ensure buyers for its debt; its huge southern oil fields have not been directly touched by the fighting, and it has embarked on an ambitious multi-year plan to raise crude output. Baghdad is expected to pay a high price for its borrowing, however; Iraq's outstanding U.S. dollar bond maturing in 2028 is trading at a yield of 10.37 percent. Ahead of this month's sale, Iraq obtained its first sovereign credit ratings; Standard & Poor's and Fitch rated it B-minus, six notches below investment grade. The government has projected a budget deficit of about $25 billion this year, in a budget of some $100 billion. More»
Amwal Al Ghad English - 2015-09-08 08:23:43
In an interview with Daily New Egypt, Director of Sovereign and International Public Finance Ratings at Standard and Poor’s Rating Services, Ravi Bhatia, discussed the Egyptian economy’s current status. He shed light on the institution’s views on the investment opportunities and mega projects available in the country, as well as the effects of terrorist acts on ratings. How do you view Egypt’s economic current position? And what are the challenges that face the economy?   The Egyptian economy is recovering gradually after having suffered during the political crisis. Egypt faces the twin challenges of trying to accelerate growth, as well as contain and finance its large fiscal and sizable external deficits.   What is your opinion on the investment opportunities in Egypt now? Given the improved security situation, after several years of turmoil, foreign and local investors are once again looking at the market and various investment opportunities. More»
Amwal Al Ghad English - 2015-09-07 10:22:56
Egypt is to return to the international bond market in the first half of 2016, the country's finance minister said Monday, taking advantage of its return to economic and political stability in the wake of the Arab Spring uprising of 2011. "We will go out to the international bond market in the second half of the financial year 2015-16, God willing," Hany Qadry Dimian told Reuters on the sidelines of a Euromoney conference. Egypt's financial year runs from July to June. The government conducted its first international bond sale in five years in June, selling $1.5 billion of 10-year bonds at a yield of 6 percent after receiving more than $4.5 billion in investor orders. Foreign portfolio investors left the country en masse in 2011, freezing it out of the international debt market after an uprising toppled autocrat Hosni Mubarak. But economic growth has begun to pick up and state finances have strengthened since President Abdel Fattah al-Sisi took office last year. He has overseen the launch of economic reforms and forged an alliance with rich Gulf Arab states to obtain aid and investment. More»
Al Zahraa Moustafa - 2015-09-06 13:07:03
Tokio Marine Egypt General Takaful has recently inaugurated a new branch in Ismailia governorate, situated on the west bank of the Suez Canal, the head of marketing and sales sector Wael Badran announced Saturday Speaking to Amwal Al Ghad, Badran said that by opening the new branch company's branch network increased to be four branches; two branches in Cairo, one in Alexandria and one in Ismailia. It is set to announce the targeted strategy for the new branch during a ceremony set to be held next October in the presence of firm's leaderships, the official added. He clarified that opening Ismailia's branch comes among company's expansion plan to provide the best service for clients. Tokio Marine Egypt General Takaful is currently renewing its branch in Alexandria. Tokio Marine Egypt General Takaful is a subsidiary of Japanese Tokio Marine Insurance Group whose network now spans 486 cities in 37 countries with around 40,000 employees. More»
Amwal Al Ghad English - 2015-09-06 08:34:40
The U.S. Federal Reserve should not rush its decision to raise interest rates and should move only when it is sure the decision is unlikely to be reversed later, the head of the International Monetary Fund, Christine Lagarde, said on Saturday. Many emerging market economies are concerned that a Fed rate rise would trigger large outflows of capital from emerging economies into dollar-denominated assets, creating market turmoil that would hurt growth. Finance ministers and central bankers of the world's 20 biggest economies discussed the issue thoroughly at a meeting in Ankara, Lagarde told a news conference after the talks. "It should really do it for good, if I may say," Lagarde said. "In other words, not give it a try and have to come back." "So, what we have said is, the IMF thinks that it is better to make sure that the data are absolutely confirmed, that there is no uncertainty, neither on the front of price stability, nor on the front of employment and unemployment, before it actually makes that move," she said. "And that would call for being in the curve, rather than necessarily ahead of the curve or indeed behind the curve." More»