amwalalghad :: Financial Institutions

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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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        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        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        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        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

Al Zahraa Mostafa - 2016-08-17 12:20:49
Egypt’s Misr Insurance Company has paid Dubai-based Shelf Drilling Holdings compensation worth $45 million for the loss of a drillship in Suez Canal, an insurer official said Tuesday. Shelf Drilling Holdings Limited offers shallow water jack-up drilling services to the oil and gas industry. Its clientele include Chevron, ExxonMobil, ONGC, Perenco, Petrofac, Saudi Aramco, and Total. The company was founded in 2012 and is headquartered in Dubai, with additional locations in Southeast Asia, India, West Africa, Egypt, Saudi Arabia, and Italy. Shelf Drilling Holdings Limited operates as a subsidiary of Shelf Drilling Intermediate, LTD. Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, further told Amwal Al Ghad that his company paid the entire required compensation upon Shelf Drilling’s insurance policy to provide coverage against all risks of fire, burglary, and robbery. Misr Insurance captures more than 95 percent share of the Egyptian oil insurance market, Abdel Fattah said. More»
Amwal Al Ghad English - 2016-08-17 09:04:40
U.K.’s motor insurance company Admiral Group reported a 4 percent rise in first-half pretax profit, just shy of estimates, and said market volatility around Britain's vote to leave the European Union impacted the insurer's solvency ratio. The motor insurer, which owns U.K. price comparison site and U.S. site as well as the Elephant, Diamond and Bell brands, said statutory pretax profit rose to 189.5 million pounds ($247.1 million) in the six months ended June 30. Eleven analysts in a company-supplied poll had forecast pretax profit of 191.8 million pounds. Pretax profit excluding minority interests rose 4 percent to 193 million pounds. More»
Al Zahraa Mostafa - 2016-08-15 12:18:09
Egypt’s Misr Insurance Company has won an insurance policy bid for the assets and properties of Egyptian Natural Gas Company (GASCO), sources with knowledge with the matter said Monday. GASCO, a subsidiary of the Egyptian Holding Company for Natural Gas (EGAS), is a major player in the natural gas business in Egypt; it operates, manages and, maintains the National Gas Grid maximising natural gas utilisation in the different fields. GASCO’s insurance policy is with total sum insured of up to $28 billion, the sources told Amwal Al Ghad. It is a one-year renewable term, involving an insurance coverage against all the engineering dangers in addition to other risks arising out of fire, burglary, lightening, theft, and etc, the sources added. The policy also provides insurance coverage for civil liability and political violence, to insure the company’s headquarters, assets, and properties against risks of terrorism, sabotage, unrest, and labours’ strike. More»
Amwal Al Ghad English - 2016-08-15 11:24:27
Egypt’s central bank is issuing Monday treasury bonds worth 3 billion Egyptian pounds ($337.8 million), in cooperation with the Ministry of Finance, in a bid to finance the country’s state budget deficit. Today, there will be two treasury bonds to be issued; the first worth 2.5 billion pounds, to mature in 5 years, while the second is valued at 500 million pounds, to mature in 10 years, the bank said in a statement on Monday. Current deficit is worth 240 billion pounds in the current financial year budget. More»
Al Zahraa Mostafa - 2016-08-14 16:29:53
Egypt’s Misr Insurance is providing insurance coverage for Italian Eni’s first phase of its giant offshore Zohr gas field project, an official in the Egyptian insurer said Sunday. The first phase lies 100 kilometres north Port Said, part of Eni’s concession areas. It includes drilling four wells. Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, further told Amwal Al Ghad that the insurance policy for Zohr first phase is with total sum insured of $4.8 billion.The insurance policy involves marine insurance coverage, marine and land constructions, in addition to control of well coverage, and civil liability, Abdel Fattah added. The operations are being conducted by Petrobel, which is a JV between IEOC and the state partner Egyptian General Petroleum Corporation (EGPC). Italy's Eni is focused on starting production at its giant offshore Zohr gas field in Egypt by the end of 2017. The field is expected to produce 2.5-3 billion cubic feet of gas per day when it reaches peak production in 2019. The second phase will see the addition of 16 wells to production by 2020. Zohr, discovered by Eni in 2015, has an estimated 30 trillion cubic feet of gas. It is expected to plug Egypt's acute energy shortages and save it billions of dollars in precious hard currency that would otherwise be spent on imports. More»
Amwal Al ghad English - 2016-08-14 14:57:29
Dubai Financial Group sold its 11.8 percent stake in Egyptian investment bank EFG-Hermes Holding to France's Natixis under a debt restructuring deal, its parent company said on Sunday. The sale was "consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement," Fadel al-Ali, Dubai Group chairman, said in a statement. The price of the transaction was not disclosed. Based on Thursday's closing price, the stake is worth around $107 million, according to Reuters calculations. Dubai Group completed a drawn-out restructuring of its $10 billion debt pile in January 2014, with banks extending repayment deadlines on loans so that the group could be given time to sell its assets to raise cash needed to fund the payments. As part of its restructuring deal, it recently completed the sale of a 48.4 per cent stake in Dubai-based Shuaa Capital to Abu Dhabi Financial Group (ADFG) for an undisclosed amount. Dubai Group was obliged to divest its holdings in EFG-Hermes, Shuaa Capital and Bank Muscat this year, al-Ali, who is also chief executive of Dubai Group's parent firm Dubai Holding, said in May. More»
Islam Abdelhameed - 2016-08-14 13:02:43
Egypt’s Arab Misr Insurance Group – GIG has recorded premiums worth 500 million Egyptian pounds ($56.3 million) throughout the financial year 2015-2016, said its managing director quoting initial financial indicators. GIG Insurance is planning a growth in profits in the current financial year besides boosting reinsurance agreements with global firms, managing director Alaa El Zoheiry told Amwal Al Ghad on Sunday. Zoheiry further said GIG had signed reinsurance agreements for further year with Hannover Re. The company also plans to inaugurate its third branch within the current financial year amid plans to have a branch network of around 20, the Egyptian official added. In three years, GIG Insurance is set to open up its new headquarters in New Cairo, at cost of 100 million pounds approximately. Arab Misr Insurance Group – GIG is an Egyptian insurance company established in 1994 under the Egyptian Insurance Law No. 10 of 1980; it is a member of the Egyptian Insurance Federation and started business since July 1st, 1994. Earlier A.M. Best affirmed in May the financial strength rating of B++ (Good) and the issuer credit rating of “BBB” of GIG-Egypt for the third year in a row, with stable outlook. More»
Amwal Al Ghad English - 2016-08-14 11:42:08
Egypt’s Ministry of Finance is issuing on Sunday treasury bills worth 10.25 billion Egyptian pounds ($1.15 billion) to fill the country’s state budget deficit. In a statement released on Saturday, the ministry said it would raise two treasury bills; the first worth 4.75 billion pounds, to mature in 91 days. The second is at value of 5.5 billion pounds, to mature in 273 days. State budget deficit reached 121.25 billion pounds in the current month. More»
Amwal Al Ghad English - 2016-08-14 09:47:04
The International Monetary Fund (IMF) is stepping up lending in a region where economic reformers haven’t exactly had the most success. Hoping to restore the confidence of foreign investors, Egypt announced an initial agreement Thursday to borrow $12 billion over three years from the IMF, joining Iraq, Tunisia, and Jordan in taking money from the Washington-based fund. Egypt’s programme is likely to see the government of President Abdel Fattah al-Sisi move toward a more flexible exchange rate, rebuild foreign-currency reserves, and cut spending. The influx of capital offers an opportunity to restore economic stability in a region beset by political turmoil, terrorism, and the collapse in the price of oil, its most important export. While all the IMF borrowers except Iraq are fuel importers, they’ve received flows of aid and remittances from wealthy producers such as Saudi Arabia, which are now drying up. The fund faces many of the challenges it encountered when it lent to Egypt and other countries decades ago, such as poor governance and public resistance to belt-tightening. “The IMF is fighting an uphill battle,” said Jon Alterman, a former State Department official who’s now director of the Middle East programme at the Center for Strategic and International Studies in Washington. “The events of the last five years didn’t convince Mideast leaders that the Washington Consensus was right. It deepened their suspicions of opening up systems, for fear that if you open up, you invite political instability.” The Washington Consensus, a term coined in 1989, refers to a mix of policies espoused by Washington-based institutions such as the IMF and World Bank that emphasizes budget cuts, open trade, and capital flows, and deregulation. The IMF, now under the leadership of Christine Lagarde, has softened its position on the need for budget cuts and conceded that capital controls can be useful in some situations. More»
Amwal Al Ghad English - 2016-08-13 10:56:36
Egypt’s Ministry of Finance is issuing Sunday treasury bills worth 10.25 billion Egyptian pounds ($1.15 billion) to fill the country’s state budget deficit. In a statement released on Saturday, the ministry said it would raise two treasury bills; the first worth 4.75 billion pounds, to mature in 91 days. The second is at value of 5.5 billion pounds, to mature in 273 days. State budget deficit reached 121.25 billion pounds in the current month. More»