amwalalghad :: Financial Institutions

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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        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        Universal For Paper and Packag   4.94        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        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        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        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 - 2016-01-20 14:10:24
African Reinsurance Corporation (Africa Re), Africa’s leading reinsurer, has completed a plan to increase its capital to US$500 million, its Egyptian regional representative Mohammed Maait announced Wednesday. The existing shareholders, including states, development finance institutions, and insurance and reinsurance companies have contributed to the Africa Re’s capital increase, except for its regional shareholder, Libya who is facing difficult times to subscribe and pay, Maait added. In 2015, Africa Re signed two agreements with two leading global investors, Canada-based Fairfax Financial holdings and France-based AXA Insurance which paid $61 million to become a new shareholder of Africa Re. Fairfax acquired a 7.15 percent stake and a seat on the Board of Africa Re  on March 25, 2015  while the Reinsurance giant also signed investment deal of $61m with AXA for 7.15 percent equity on February 20, 2015. AXA and Fairfax’s acquisition deal will support Africa Re’s upcoming business results, Maait stated. The African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 following a recommendation of the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein. Africa Re’s current shareholding comprises 41 member countries of the African Union, the African Development Bank (AfDB), 107 African insurance and reinsurance companies, Proparco, a branch of the Agence Française De Development, IRB-Brasil Re, a leading Brazilian reinsurer, Fairfax, and AXA. More»
Amwal Al Ghad English - 2016-01-19 14:01:47
The International Monetary Fund cut its global growth forecasts for the third time in less than a year Tuesday, as new figures from Beijing showed that the Chinese economy grew at its slowest rate in a quarter of a century in 2015. To back its forecasts, the IMF cited a sharp slowdown in China trade and weak commodity prices that are hammering Brazil and other emerging markets. The Fund forecast that the world economy would grow at 3.4 percent in 2016 and 3.6 percent in 2017, both years down 0.2 percentage point from the previous estimates made last October. It said policymakers should consider ways to bolster short-term demand. The updated World Economic Outlook forecasts came as global financial markets have been roiled by worries over China's slowdown -- confirmed by official Chinese data on Tuesday -- and plummeting oil prices. The IMF maintained its previous China growth forecasts of 6.3 percent in 2016 and 6.0 percent in 2017, which represent sharp slowdowns from 2015. More»
Amwal Al Ghad English - 2016-01-18 14:56:04
The Central Bank of Egypt (CBE) instructed on January 11th Egyptian banks to raise their lending to small and midsize enterprises (SMEs) to 20 percent of their loan books over the next four years, up from 5 percent -10 percent currently, according to Moody's Investors Services’ estimates. Along with other government-led growth-enhancing reforms, the CBE’s regulation will likely shore up the country’s fragile economic recovery, a credit positive for Egypt (B3 stable), Moody’s said in a Monday statement. However, although the CBE has provided tools to partly mitigate the associated funding and credit risks, the rapid growth in SME loans necessary to reach the 20 percent target will likely weaken loan performance, a credit negative for Egyptian banks. SME lending will support job creation and help lower the country’s high unemployment, which was 12.8 percent as of September 2015. SMEs employing fewer than 10 workers compose 97 percent of Egypt’s businesses, according to state-run statistics body CAPMAS, and a World Bank Enterprise Survey showed that a lack of access to credit is one of Egyptian business leaders’ chief complaints. More»
Amwal Al Ghad English - 2016-01-18 09:30:20
U.S. President Barack Obama laid out Saturday a plan to help support the income of workers who lose their jobs and end up in lower paying positions, as part of a push to get unemployed Americans back to work. The proposal would offer experienced workers who now make less than $50,000 a form of wage insurance, allowing them to replace half of their lost pay. The benefit would cover up to $10,000 over two years. "It's a way to give families some stability and encourage folks to rejoin the workforce - because we shouldn't just be talking about unemployment; we should be talking about re-employment," Obama said in his weekly radio and Internet address, broadcast on Saturday. The wage insurance proposal will be included in a broader effort to overhaul the unemployment insurance system. Details about the program's proposed funding will be further outlined in Obama's budget for fiscal year 2017 expected to be released next month. Obama promised in his State of the Union earlier this week to advocate for legislative action on issues with bipartisan support during his last year in office. During the address, he pointed to wage insurance as one measure where lawmakers may be able to work together. The White House plan would require states to provide insurance for workers laid off from jobs they had held for at least three years. The plan would be federally-funded, but it would be administered through state unemployment insurance programs. Other measures proposed by the White House on Saturday included a requirement that all states provide at least 26 weeks of unemployment insurance benefits, and the creation of a permanent program that would automatically provide up to 52 additional weeks of federally-funded benefits for states experiencing rapid job-losses or high unemployment. More»
Amwal Al Ghad English - 2016-01-14 10:22:35
The International Monetary Fund's board approved Wednesday a third disbursement of $114.6 million under Ghana's three-year aid programme, urging the government to further tighten fiscal controls to curb rising public debt, the Fund said. Ghana, a major exporter of cocoa, gold and oil, entered the $918 million financial assistance programme in April, with the aim of restoring economic stability and boosting job growth. The West African nation was once one of the continent's strongest performers but slumping global commodity prices and a fiscal crisis which drove its debt-to-GDP ratio to more than 70 percent have put a brake on economic growth. Wednesday's approval followed a successful second staff level review in November, although concerns remained about the country's financial management and rising inflation, the Fund said in a statement. "..it is essential that the government sticks firmly to its policy of strict expenditure controls, by maintaining the wage bill within the budget limits, while controlling discretionary spending," an IMF statement said late Wednesday. "It is also important to continue to adhere to the domestic arrears clearance plan and avoid incurring new domestic or external arrears," it added. Ghana's annual consumer inflation has been consistently above the government's target in the past year, forcing the central bank to announce increases in its benchmark policy rate which stood at 26 percent in November, from 21 percent in February. End-of-year inflation was 17.7 percent, compared with the 13.7 percent projected in a revised budget presented in July. "To help bring inflation down towards its medium-term target, Bank of Ghana should stand ready to further tighten monetary policy if inflationary pressures do not recede as expected," the statement said. Ghana is yet to fully resolve a three-year electricity crisis that has crippled industries and made the government unpopular ahead of general elections later this year. Washington sources told Reuters earlier the board was concerned about the power crisis and called on the government to resolve it urgently. Wednesday's approval brings total disbursements for Ghana to $343.7 million under the program, which ends next year. More»
Islam Abdelhameed - 2016-01-13 18:43:19
African Reinsurance Corporation (Africa Re), Africa’s leading reinsurer, is to inaugurate a new headquarters in Egypt in a move shows its growing activities in the Egyptian market, regional representative Mohammed Maait said Wednesday. It will be built in the Fifth Settlement district, at cost of US$6 million or 47 million Egyptian pounds. Maait further told Amwal Al Ghad that Africa Re plans to boost its investment activities in Egypt in the coming period as part of an expansion strategy including several regional markets.The African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 following a recommendation of the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein. More»
Islam Abdelhameed, Al Zahraa Mostafa & Sayed Badr - 2016-01-10 16:50:41
Health insurance premiums in Egypt have surged to 934 million Egyptian pounds (US$119 million) by the end of June 2014, said country’s Insurance Federation chief. During financial year 2009-2010, health insurance premiums stood at 415 million pounds. In his keynote speech at the Fourth Regional Forum of Medical Insurance and Healthcare kicked off in Cairo on Sunday, Abdel Raouf Kotb said the federation as well as the Egyptian Financial Supervisory Authority (EFSA) plan to remove all obstacles facing the health insurance industry in Egypt. More»
Amwal Al Ghad English - 2016-01-10 10:53:38
The Fourth Regional Forum of Medical Insurance and Healthcare has kicked off in Cairo Sunday, organised by the Insurance Federation of Egypt, in cooperation with the General Arab Insurance Federation (GAIF). The forum is one of the leading events for insurance and healthcare sectors in Egypt and the Arab world. It will take place for two days on 10-11 January, tailored to discuss means to enhance the performance of insurance and healthcare in the region. More»
Amwal Al Ghad English - 2016-01-07 14:19:13
Egyptian Cabinet approved Thursday a loan agreement with Kuwait Fund for Arab Economic Development (KFAED) to finance the  power interconnection between Egypt and Saudi Arabia. According to the agreement, the fund is to provide Egypt with loan of KWD 30 million ($98 million) to assist in financing the power link between Egypt and Saudi Arabia (Egyptian Section) Project. Earlier, an agreement related to arrangements for the implementation of the project was also signed between the fund and the Egypt Electricity Transmission Co. which is undertaking the project. The Egyptian-Saudi interconnection aims at enabling the energy exchange between the Egyptian and Saudi grids during normal operation times, especially at peak time and during emergency conditions to enhance operation economics together with the reinforcement of the stability of both grids. This 500 kV DC interconnection between both grids, which are the largest in the Southern Mediterranean region, starts at Badr in Egypt passing by Tabuk and ends at El-Madinah El Munawara in Saudi Arabia. The project cost is estimated at KWD 519 million of which about KWD 200 million (EGP 4.76 billion) represents the cost of the project's components in Egypt and of which KFAED loan covers about 15% of this cost. The loan represents the 40th loan made by KFAED for the financing of projects in Egypt, as the fund already made 39 loans earlier with a total amount of about KWD 691 million ($ 2.3 billion). More»
Mohamed Hamdy - 2016-01-06 15:15:48
Egypt's Social Fund for Development (SFD) is negotiating with Bank Audi –Egypt on new contract estimated at 30 million Egyptian pounds (US$3.8 million) to finance small-sized enterprises. Speaking to Amwal Al Ghad, Nevine Gamea - head of SFD's central sector for small enterprise finance- stated that the new contract comes among SFD's strategy to expand in granting new finances for banks. The fund targets boosting its finances for small and micro-sized enterprises by 23 percent from 5 billion pounds in 2015, the official added. The number of SFD's clients are expected to increase in 2016 notably after the Central Bank of Egypt (CBE) has provided unified definition for SMEs sector. According to the definition, the current micro enterprises are those whose annual sales or revenues are less than one million pounds while the newly-launched ones are those whose paid-up capital is less than 50,000 thousand pounds and has less than 10 employees. The central bank defined new type of enterprises i.e. extremely-small in which the current extremely small enterprises are those whose annual sales or revenues are ranging from one million to less than 10 million pounds. Meanwhile, the new extremely-small enterprises  are those whose paid-up capital is ranging between 50,000 - 5 million pounds for industrial organizations and 3 million pounds for non-industrial ones. CBE has defined current small-sized enterprises as those whose annual sales or revenues starts from 10 million and less than 20 million pounds. More»