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        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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

Amwal Al Ghad English - 2015-02-28 10:09:33
The International Monetary Fund’s managing director Christine Lagarde will participate in Egypt’s March Economic Development Conference, the fund’s spokesman confirmed Saturday. The Egyptian summit will take place on March 13-15, 2015, with the theme of “Egypt the Future”, aiming to encourage Gulf and international companies and organisations to invest in the country and contribute to its development. Earlier this month, the International Monetary Fund said that Egypt's structural and monetary reforms were starting to produce a turnaround in the economy, which has been hit by persistent turmoil since 2011. Egypt's current government has since embarked on a series of reforms, and asked the IMF to assess its financial and economic condition in the hope that a positive report would boost its image ahead of an international investors conference in March. "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 its consultations. Egypt's finance minister described the fund’s report as "very balanced", adding that it was not currently planning to discuss a new loan deal with the IMF. The IMF Mission Chief to Egypt, Chris Jarvis, stressed that Egypt needed to create jobs, in a country where the unemployment rate is 13 percent. "The most important economic priority for Egypt is jobs. Egypt needs to find a way of creating good jobs for its people while at the same time reducing its budget deficit and maintaining foreign exchange reserves," he told reporters. Jarvis said the IMF stood willing to help Egypt. "If Egypt asks for financial support, we can offer that, together with the credibility that comes with having an IMF programme, but I should stress that this is a choice for Egypt." In its release, the IMF welcomed recent movements in the exchange rates "as an important step in the right direction". Egypt hopes the conference – at which state agencies will unveil a raft of potential investment projects to would-be investors – will bring in some $20 billion worth of investments. More»
Amwal Al Ghad English - 2015-02-28 08:15:49
Egypt could raise as much as $2 billion through a Eurobond this year and expects economic growth of close to 7 percent in three years' time, Finance Minister Hany Kadry Dimian said on Friday. The Arab world's most populous country is in the process of rebuilding its battered finances after the uprising that toppled Hosni Mubarak four years ago hit the country's economy, discouraging investors and tourists, and slashing growth. "I am getting advice on between $1.5-2 billion - we will see (what) our roadshow will reveal and then we will decide, but I think it will be in that region," Dimian said in an interview with Reuters. Clarifying comments made earlier in the day in a speech to investors, he said the dollar-denominated Eurobond would be launched in June at the latest, but could come earlier. Dimian said he expected the issue to come in different maturities, with possible combinations of 3, 5 and 7 years, but would expect them to be less than 10 years. Egypt has mostly relied on local money markets to finance its budget deficit since being effectively frozen out of international markets after the uprising that toppled autocrat Mubarak in 2011. Talking about growth prospects, Dimian confirmed he expected growth of at least 4 percent in the fiscal year ending in June, and predicted a return to higher growth in the medium term. "In three years' time we will be north of 6.5 percent, approaching 7 percent," he said, citing manufacturing, energy, construction, telecommunications and housing as drivers. The IMF has projected growth to reach 3.8 percent in 2014/15 and to rise to 5 percent over the medium term. Economists questioned for a Reuters poll last month saw growth at 3.5 percent this fiscal year. Speaking of the value added sales tax (VAT) the country plans to introduce, Dimian said it would not be lower than 10 percent, though declined to give further details. "We are still in the early phases," he said. "Currently the general rate is 10 percent, and we are not going below this." In an interview last year, Dimian had pledged to impose the VAT before the end of the fiscal year. He also said Cairo expected to generate 5-5.5 billion Egyptian pounds ($655-$721 million) annually from its hike in cigarette taxes. Of this 1.6-2 billion pounds will go to health services and the remainder to infrastructure and services. The International Monetary Fund and Egypt have sporadically discussed a loan worth up to $4.8 billion but Dimian said the government had no concrete plans at the moment to seek aid. More»
Mohamed Hamdy - 2015-02-26 12:58:49
Global ratings agency Moody’s said the pace of Egypt’s economic growth is forecasted to accelerate to between 4% and 4.5% in 2015. Egypt’s government is seeking to record 5.8% economic growth in the upcoming three years, representing a deficit of around 10.5% of GDP, according to Finance Minister Hany Kadry Dimian. Speaking to the press on Thursday, Melina Shordio, financial analyst for banks sector, Moody’s said expected growth forecasts are based on the development projects the Egyptian government seeks to launch. Egypt economy grew by 2.2% in the fiscal year 2013/2014. It also accelerated to 6.8% in the first quarter of this fiscal year, marking its fastest pace since 2007. Moreover, the International Monetary Fund (IMF) predicts Egypt’s economy to grow by 3.8% this year and 4.3% next year. According to the analyst, improving political and economic conditions will help the country lure back investors after three years of turmoil following the January 25 uprising. More»
Marwa Himdan - 2015-02-26 09:45:29
The total finance provided by European Bank for Reconstruction and Development (EBRD) in order to support Small and Medium Enterprises (SMEs) projects estimated at US$800 million within the last 3 years, Soha Soliman Secretary General of Social Fund for Development (SFD) said. EBRD succeeded in establishing the first representative office in Cairo in 2012 and the cooperation with Social Fund for Development (SFD) despite the deterioration of the political and economic conditions after the January uprising, Soliman added. SFD seeks to be social network integration since its inception in 1991 so as to achieve high growth rates and provide job opportunities. More»
Amwal Al Ghad English - 2015-02-26 09:40:20
Standard & Poor's Ratings Services said Thursday it was lowering its economic growth forecasts for China and Japan, while raising the outlook for India. For China, S&P now sees 2015 gross domestic product rising 6.9%, down from a previous projection of 7.1% growth. For 2016, it cut China's GDP expansion to 6.6% from 6.7%. For Japan, it trimmed the 2015 forecast to just 0.7% growth from 1.3%, while for next year, it sees 1.3% growth, down from 2.1%. "The twin factors of strengthening U.S. economy and lower oil prices have yet to lift economic data in much of Asia-Pacific," S&P said in a statement. However, it raised its India outlook, citing new data methodology, but also rising investment and the same lower oil prices. S&P is now calling for the Indian economy to grow 7.9% in the fiscal year ending March 2016, up from a previous forecast of 6.2%. For the year ending March 2017, it sees 8.2% growth, vs. 6.6% previously. More»
Islam Salah, Islam Abdelhameed & Al Zahraa Mostafa - 2015-02-25 15:41:35
Egypt has hosted today the first forum on risk management, under the theme of “The Role of Insurance Experts in the Enterprise Risk Management.”Leading economic magazine Amwal Al Ghad is the media sponsor for the event. The Insurance Federation of Egypt and in collaboration with the General Arab Insurance Federation (GAIF) and the Egyptian Risk Management Association (ERMA) have organized Wednesday the First Forum on Risk Management. Under the auspices of the Egyptian Financial Supervisory Authority (EFSA) under, the forum takes place during the period 25-26 February 2015. The forum is be held amid the increasing importance of risk management in the Arab region for insurance and reinsurance companies, different commercial and industrial enterprises, and all parties related to the activity of these entities. The risk management improves the capacity of these organizations to contain the crises and risks they face. From his part, Abdel Raouf Kotb - Chairman of the Insurance Federation of Egypt – said given the important role of insurance experts in supporting and developing the insurance industry, the First Forum on Risk Management discusses the role of insurance experts in managing risk and will introduce the best practices in risk management. Speakers include a panel of Egyptian and Arab insurance experts as well as experts from leading institutions specialized in risk management. More»
Eslam Salah, Islam Abdelhameed, Alzahraa Mostafa - 2015-02-25 13:52:21
Egyptian Financial Supervisory Authority (EFSA) revealed that the total insurance premiums value reached EGP14 billion in the last year, noting that the surplus premium of insurance sector was EGP1.6 billion in last December, Sherif Samy, Chairman said. In a keynote speech at first forum on risk management, under the theme of “The Role of Insurance Experts in the Enterprise Risk Management, Samy added that the insurance sector needs to aware customers against the risks which they faced. Furthermore, it is currently developing Insurance Supervision Law, stressing that EFSA seeks to bear risk management and to aware small customers against these risks. More»
Islam Abdelhameed & Al Zahraa Mostafa - 2015-02-24 09:40:48
The Insurance Federation of Egypt (IFE) announced Tuesday that Mohamed Ghazy has been appointed as Egypt’s representative at the General Arab Insurance Federation (GAIF) for four-year term. Ghazy succeeds Alaa El-Zohairy who decided Sunday to step down from being GAIF’s chief and its Egypt’s representative. During IFE’s General Assembly, Ghazy – who is also the Managing Director of Misr Life Insurance - has been selected for the GAIF post, where 14 insurance firms out of 25 voted in his favour, sources with knowledge of the matter told Amwal Al Ghad. Meanwhile, Ahmed Arfeen - Managing Director of the Egyptian Takaful Insurance Company – obtained 3 votes less than Ghazy’s. The sources further noted that IFE would hold talks with GAIF’s board, aiming to elect Ghazy for GAIF’s presidency. More»
Islam Abdelhameed - 2015-02-22 14:54:16
Egypt’s representative and head of the General Arab Insurance Federation (GAIF) Alaa El-Zohairy has stepped down on Sunday from his position. El-Zohairy – who is also the Managing Director of Arab Misr Insurance Group (GIG) – attributed his resignation to the candidacy conditions set by the Insurance Federation of Egypt (IFE) to represent Egypt in GAIF. One of the conditions, set by IFE, stipulates that the candidate should not previously be a board member in GAIF for more two consecutive terms. In return, IFE would then have the upper hand in electing names to represent Egypt in GAIF, El-Zohairy noted. Furthermore, El Zohariy asserted that the new candidates are Dr. Mohamed Ghazy, Chairman of Misr Life Insurance Company; and Ahmed Arfeen, Managing Director of the Egyptian Takaful Insurance Company. More»
Ahmed Ali - 2015-02-22 11:11:23
Egypt’s Social Fund for Development (SFD) intends to sign six new contracts worth 10 million Egyptian pounds (US$1.3 million) with civil societies and organizations that recently obtained microfinance licence. The Egyptian Financial Supervisory Authority (EFSA) has recently granted a number of civil societies and organizations micro-financing licences as pursuant to Law No. 141/2014 issued last November to organise for the first time Egypt’s microfinance activities. Within next March, SFD is set to sign contracts with three civil societies to support micro-sized projects in Egyptian governorates, sources with knowledge of the matter told Amwal Al Ghad on Sunday. Three more contracts will be signed within next April, they noted. Meanwhile, Soha Soliman - SFD Secretary-General – said in earlier statements that her fund would track down the Egyptian microfinance market in cooperation with government competent entities. SFD aims to revive funding for the micro-sized projects in Egypt. More»