amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        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        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        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 - 2016-07-17 09:18:19
South Africa is once again the second-biggest economy on Africa as it reclaims the position from Egypt – and continues to narrow in on Nigeria. According to the latest projections from the IMF, published by Bloomberg, South Africa has stepped past Egypt with a GDP of around $275 billion, versus the north African nation’s $270 billion. Nigeria has seen its economy slump significantly since the devaluation of its currency, which saw the naira drop by 30 percent. Despite this, however, the country still maintains the biggest economy on the continent. The gap between South Africa and Nigeria is narrowing, however, as the distance between the two nations now stands at only $60 billion, compared to the $170 billion gap at the end of 2015. The data shows that Africa’s biggest economies have faced a tough 2016 so far, with all three leading markets down significantly from their position at the end of last year. South Africa has lost in excess of $35 billion (from $313 billion at the end of 2015), while Egypt has lost around $60 billion (from $330 billion), and Nigeria has lost as much as $155 billion (from $490 billion). More»
Amwal Al Ghad English - 2016-07-16 13:17:58
Abu Dhabi’s Khalifa Fund for Enterprise Development plans to pump $200 million into Egyptian market in the coming five years, its chairman Hussain Al Nowais announced Thursday. The money will be pumped in the North African country through Khalifa Fund’s strategic partner, Egyptian Social Fund for Development (SFD), Al Nowais said in an interview with the country’s state channel One. More»
Amwal Al Ghad English - 2016-07-14 17:59:58
Abu Dhabi’s Khalifa Fund for Enterprise Development says 60 percent of its investments in Egypt are dedicated for development projects in rural cities and Upper Egyptian cities. Hussain Al Nowais – Managing Director of Khalifa Fund – further said on Wednesday that he expects a leap in size of the fund’s investments in Egypt in the coming period. The Egyptian Social Fund for Development (SFD) is Khalifa Fund’s strategic partner which helps the Emirati fund pump investments in the North African country, Al Nowais added. Through the SFD, Khalifa Fund pumps investments worth up to $200 million within a five-year financing scheme, he stated. More»
Islam Abdelhameed - 2016-07-14 10:57:59
Egyptian Takaful Property and Liability Insurance (EGTAK) will commit around $200,000 to the capacity subscription of a planned insurance pool designated to insure nuclear facilities and projects in Egypt. EGTAK has informed the Insurance Federation of Egypt and the constituent committee for the Egyptian nuclear insurance pool about its contribution plans, its managing director Ahmed Arfeen told Amwal Al Ghad on Thursday. Arfeen has stressed the necessity of communicating with the global reinsurers and pools specialised in covering risks for nuclear projects and facilities to benefit from their expertise. The anticipated Egyptian nuclear insurance pool will insure Egypt’s under construction first nuclear plant in Dabaa, west of Alexandria. The plant will be built in Dabaa, a site in the north of the country that Egypt has been considering for a nuclear power plant on and off since the 1980s. It is due to be completed in 2022, and the first of its four reactors is expected to begin producing power in 2024. The Egyptian government earlier in November signed an agreement with Russia to build Egypt's first nuclear power plant at Dabaa, set to generate 4,800 megawatts through four units. More»
Al Zahraa Mostafa - 2016-07-13 10:37:58
The leading insurer in MENA region, Misr Insurance Company, has paid the Egyptian drugmaker Pharco Pharmaceuticals 12 million Egyptian pounds ($1.35 million) in compensation, an official in Misr Insurance announced Wednesday. Essam Mansour, Misr Insurance’s representative in Alexandria, further told Amwal Al Ghad that the compensation comes after a blaze broke out in one of Pharco’s line productions leading to breakdown in machines and incurring losses. Misr Insurance seized Pharco’s insurance policy which covers all the risks of fire, burglary, and any other disasters. More»
Amwal Al Ghad English - 2016-07-13 09:08:09
Egypt's tourism revenues dropped in the first quarter of the current year to record its lowest level since 1998 amid a weak flow of foreign currency, Moody's Investors Service said. According to the report published on July 6, tourism revenues fell to $551 million in the first quarter of 2016, the lowest since March 1998 and much lower than the third-quarter 2010 peak of $3.6 billion. The drop was partly due to the Russian plane crash that occurred in October 2015 over the Sinai Peninsula, Moody's said, adding that the crash "is suspected to be the result of a terrorist attack and shook tourists' confidence." Egypt's balance of payments position remained weak by the end of fiscal year 2015/2016 as the overall balance-of-payments deficit more than tripled to $3.6 billion from $1 billion, according to data published by the Central Bank of Egypt (CBE) on Jul. 3. Moody's stated that the widening deficit "reflects underlying structural weaknesses and increases external vulnerability risks." Suez Canal revenues also suffered from weak global trade and remained in the $1.2 - $1.4 billion range per quarter since late 2010. This comes despite the inauguration of an $8 billion expansion of the canal last year by President Abdel Fattah al-Sisi. The expansion aimed to double daily traffic and increase annual revenue to more than $13 billion by 2023. The canal's revenues are considered one of Egypt's main sources of foreign currency. Egypt has been struggling to revive its economy since a 2011 uprising scared away tourists and foreign investors, other main sources of hard currency. Reserves tumbled to $16.5 billion in February from around $36 billion before the uprising. In June, net foreign reserves inched up to $17.546. "However, despite the uptick in net international reserves, and the likely improvement in the balance of payments during the fourth quarter of fiscal 2016, Egypt's external payments position remains fragile," Moody's concluded in its report. Egypt has been witnessing a foreign currency crisis due to pressures on its reserves as a result of a weakening tourism sector in addition to the decline in Suez Canal revenues. More»
Islam Abdelhameed - 2016-07-12 12:58:02
Cairo-based Iskan Insurance Company seeks to contribute around $500,000 to the capacity subscription of a planned insurance pool designated to insure nuclear facilities and projects in Egypt. Iskan has informed the Insurance Federation of Egypt and the constituent committee for the Egyptian nuclear insurance pool about its contribution plans, its managing director Hammam Badr told Amwal Al Ghad on Tuesday. The anticipated Egyptian nuclear insurance pool will insure Egypt’s under construction first nuclear plant in Dabaa, west of Alexandria. The plant will be built in Dabaa, a site in the north of the country that Egypt has been considering for a nuclear power plant on and off since the 1980s. It is due to be completed in 2022, and the first of its four reactors is expected to begin producing power in 2024. The Egyptian government earlier in November signed an agreement with Russia to build Egypt's first nuclear power plant at Dabaa, set to generate 4,800 megawatts through four units. More»
Mohamed Hamdy - 2016-07-12 11:12:06
Egypt’s Social Fund for Development (SFD) has financed around 11,000 small and micro-sized projects in New Valley governorate since the start of its activities in the country in 1992 until late May 2016. New Valley governorate is located in the southwestern part of the country, about 600 kilometres (372.8 miles) south west of Cairo. Since then, the Egyptian fund has pumped finances totalling 144.5 million Egyptian pounds ($16.3 million), contributing to the creation of around 19,000 job opportunities in the governorate, said SFD’s secretary-general Soha Soliman on Monday. This comes in addition to grants worth 56.5 million pounds designated to finance labour intensive infrastructure and community development projects in addition to training schemes in the governorate, which helped contribute around 7,000 job opportunities, Soliman added. More»
Amwal Al Ghad English - 2016-07-12 08:47:42
Despite marginal improvements in international reserves and foreign direct investment and the likely improvement in the balance of payments during the fourth quarter of the 2016 financial year, Egypt’s external payments position remains fragile, according to the latest report from Moody’s. On 3 July, the Central Bank of Egypt (CBE) published a report on Egypt’s balance of payments position for the first three quarters of the fiscal year that ended on 30 June 2016. The report shows that Egypt’s economic position remains fragile due to external vulnerability and remaining structural weakness. The current account deficit reached $14.5bn, up from $8.3bn the previous year, 6.7% and 5.3% of GDP respectively. The overall balance of payments deficit more than tripled to $3.6bn, up from $1bn. “Although Egypt is a net oil importer, low oil prices do not benefit the country’s trade balance and have in fact affected oil exports more negatively than imports. Oil exports dropped to $1.1bn as of March 2016 from a peak of $3.6bn in December 2013, whereas oil imports fell to $1.6bn from $3.1bn during the same period,” says Steffen Dyck, VP-Senior Credit Officer at Moody’s and lead sovereign analyst for Egypt. Remittances from abroad have also fallen considerably as the total level of cash transfers from abroad were only $61mn during the first three quarters of the 2016 fiscal year. Compared to the same period in 2015 of $14.3bn, this represents a drastic fall where private transfers have accounted for $4bn per quarter. Net foreign direct investment has hovered at $1.4bn per quarter, which represents a significant recovery from 2011, but is down from the initial spike in 2016 of $2.8bn. Total FDI in 2016 currently stands at $5.8bn, up from $5.1bn during the same period last year. Other investment, predominantly short-term supplier credits and other liabilities, have been rising since late 2014 and contributed $9.7bn during the first three quarters of 2016, sharply up from $3.9bn a year ago. However, this surplus was offset by a surge in net errors and omissions, which rose to a cumulative $3.1bn and can be interpreted as a sign of capital flight. As a result, Egypt’s net international reserves have remained low, remaining stable at $16.5bn since September 2015 with a slight increase in June to $17.5bn, suggesting a marginal improvement and set to meet the forecast of a 5.2% current account deficit by the end of 2016. More»
Islam Abdelhameed - 2016-07-11 13:44:53
Takaful firms have managed to capture 11.46 percent of the total insurance premiums in the country throughout the first four months of the current year. In four months, the takaful firms had posted direct premiums worth 825.7 million Egyptian pounds ($93 million), according to a report released by the country’s market regulator, Egyptian Financial Supervisory Authority (ESFA). Insurance firms in Egypt witnessed a rise in their portfolio of premiums by 27.4 percent record 7.2 billion pounds during the first four months of 2016 ended on April 30, compared to 5.65 billion pounds in the same period a year earlier. More»