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        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        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        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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        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        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 - 2014-11-12 08:29:18
A mission from the International Monetary Fund will arrive in Egypt on Wednesday to begin "article IV" consultations, the first of their kind in three years, senior advisor to the US secretary of state David Thorne said on Tuesday, in front of the biggest US trade delegation ever to visit Egypt. In September, Egypt's government asked the IMF to conduct an assessment of its economy, the first "article IV" consultations in three years ahead of the Egypt Economic Summit next year aiming to enhance investors' confidence. Egypt's relations with the international institution stumbled last year, as Egypt pared down its representation to the fund's annual meetings to just diplomatic staff in protest of what several Egyptian officials said was the fund's reluctance to recognise the new government. Finance Minister Hani Qadry Demian is working on improving connections between Egypt and the controversial lending institution. Demian was a key Egyptian negotiator with the International Monetary Fund (IMF) before being appointed minister. In 2008, he was appointed as the Chairman of Deputies for the IMF's International Monetary and Financial Committee (IMFC). He was the IMFC's deputy at a G20 summit and chaired the IMFC communiqué drafting sessions. After the January 2011 uprising, two years of negotiations over a $4.8 billion loan from IMF to Egypt have passed without an agreement between the two sides as public opinion opposed the loan. In addition, successive Egyptian governments have been reluctant to impose economic reforms required by the IMF. More»
Mohamed Hamdy - 2014-11-11 12:50:47
Egypt’s Social Fund for Development (SFD) signed Tuesday a protocol on cooperation with the world's leading payment solutions, Visa Inc. As pursuant to the protocol, Visa would support Egyptian small and micro-sized enterprises funded by the SFD as well as to offer a comprehensive package of financial and non-financial services. The protocol aims to ensure financial comprehensiveness and to maximize the efficiency of small and micro-sized enterprises. That is why Visa will issue credit cards for SFD’s clients, involving the owners of small and micro-sized enterprises. From her part, Soha Soliman – SFD’s Secretary-General – said the protocol comes within the framework of SFD’s strategy to provide comprehensive services and increase the awareness about the importance the e-commerce for the owners of small and micro-sized enterprises. The signing ceremony was attended by Ihab Ayoub, Visa General Manager for Middle East and North Africa. More»
Islam Abdelhameed - 2014-11-11 10:27:00
Egypt’s Mohandes Insurance Co. is seeking the country’s market regulator’s approval to obtain the bancassurance licence for its life and properties arms, official said. According to Mohamed Lotfy – chairman of board at Mohandes, the company submitted a formal request to the Egyptian Financial Supervisory Authority (EFSA), aiming to make Mohandes Insurance (Properties) and Mohandes Insurance (Life) start bancassurance activities. Mohandes awaits EFSA’s approval so that it would start negotiations with a number of banks so as to cooperate in using the bancassurance mechanisms, Lotfy noted. About the newly-launched Mohandes Life Insurance affiliate, Lotfy referred that it had officially started its businesses in the Egyptian market few days ago after receiving the regulatory approvals. In this respect, the actuary Abdel Latif Murad has been appointed as the managing director of Mohandes Life Insurance, he added. Egypt’s market regulator has recently approved Mohandes Insurance Company’s request to launch its new subsidiary for Life Insurance, with a capital worth 60 million Egyptian pounds. Law No.118/2008 enforced Insurance Companies that merge between both insurance activities , life and non-life insurance; to detach them within 2 years from the date of issuing the law and this period can be extended but according to the EFSA`s approval. More»
Ahmed Ali & Mohamed Hamdy - 2014-11-10 15:26:14
Egypt’s Social Fund for Development (SFD) plans to launch an initiative to encourage banks to support small and medium-sized enterprises in Egypt. SFD’s initiative will be in cooperation with the National Bank of Egypt (NBE), said SFD’s secretary general Soha Soliman. The official further told Amwal Al Ghad that SFD seeks to raise awareness among banks about the importance of supporting the small projects in Egypt. SFD currently deals with around 11 banks, and started talks with additional 4 banks so as to cooperate in supporting the small projects in the coming phase, Soliman elaborated. Furthermore, Soliman referred to NBE’s pioneering role in backing small and medium-sized enterprises in Egypt. More»
Ahmed Ali & Mohamed Hamdy - 2014-11-10 11:45:10
Egypt's Social Fund for Development (SFD) reported total cumulative finance portfolio for small, micro-sized and infrastructure projects worth EGP 23 billion, said the secretary-general Soha Soliman. Speaking to Amwal Al Ghad on Sunday, Soliman clarified that the small and micro-sized enterprises seized EGP 19 billion of SFD’s total portfolio; while the infrastructure sector captured EGP 4 billion. Since the beginning of 2014, SFD signed a number of financing contracts with foreign countries and institutions, including $350 million from the World Bank Group and the Arab Fund in addition to €80 million from the French Development Agency (Agence Française de Développement AFD). The SFD is in final stage of talks to sign a new contract with one of the foreign entities, announced Soliman, but declined to mention its name. More»
Islam Abdelhameed - 2014-11-09 11:24:02
Egypt’s Delta Insurance Company renewed a few days ago its agreements with the international reinsurers for one further year, chairman El-Sayed El-Gohary announced. Speaking to Amwal Al Ghad on Sunday, the Egyptian official said Delta Insurance renewed its reinsurance agreements with both Munich Re and Swiss Re. The renewal agreements were signed without imposing strict conditions from the reinsurer parties, thanks to the company’s good results besides following the technical underwriting standards to ensure the optimal insurance coverage services, El-Gohary noted.Delta Insurance is a public company, listed on Egyptian Exchange since July 1996. It operates within the insurance sector focusing on multi-line insurance. It has 4 subsidiaries operating across Egypt, working on materials, life & health insurance and health care facilities. Delta Insurance is based in Giza, Egypt and was established in September 1980. More»
Mohamed Hamdy - 2014-11-08 10:24:25
Operations Manager of Micro Finance Sector at Social Fund for Development (SFD) Nevine Badreldin said the cumulative portfolio of micro projects estimated at EGP5 billion and about 1.5 million clients have benefited from it. She added that the total outstanding portfolio of projects reached EGP500 million at the end of October, the number of benefited clients reached 235.000. There are around 440 associations in which are currently dealing with SFD alongside only 4 banks, Badreldin emphasized. Banque Du Caire has recently signed a contract with SFD worth EGP300 million in order to go for financing micro projects Funded by the World Bank. Furthermore, this agreement comes in the frame cooperation between SFD and Banque Du caire that may valued at EGP500 million through financing contracts. More»
Al Zahraa Mostafa - 2014-11-05 12:40:02
Egypt’s Arab Orient Takaful Insurance Company has won an insurance policy for Four Seasons Hotel’s premise CEO Mohamed Moustafa Abdel Rasoul said. Speaking to Amwal Al Ghad on Wednesday, Abdel Rasoul said the insurance policy would be with total premiums worth 3 million Egyptian pounds (US$ 419.545 million). As pursuant to the insurance policy, Arab Orient will provide insurance coverage to the bank against all risks of fire, burglary, and other dangers related to the hotel’s premise, he elaborated. Elsewhere, Abdel Rasoul further referred that his company started renewing for one further year its agreements with the foreign reinsurers. Arab Orient is dealing with multiple foreign reinsurers, led by Scor Re. More»
Amwal Al Ghad English - 2014-11-03 15:19:41
The U.S. Supreme Court on Monday took no action on a closely watched case that challenges a key part of the Obamacare healthcare law and could limit the availability of federal health insurance subsidies for millions of Americans. The legal fight concerns whether the subsidies vital to the implantation of the 2010 Affordable Care Act should be available in all 50 states or only in some. The case was brought by conservative challengers to the law who were appealing a July ruling by the 4th U.S. Circuit Court of Appeals that upheld the subsidies. The high court could have announced on Monday whether or not it would hear the case. The next chance for the court to announce if it plans to take it up is Nov. 10. The healthcare law, considered one of President Barack Obama's signature achievements, set up health insurance exchanges and tax-credit subsidies to help people afford insurance premiums. The measure, intended to give Americans greater access to affordable health insurance, was passed by Congress despite unified opposition from Republicans. In 2014, 8 million consumers signed up for healthcare coverage via the exchanges. The plaintiffs say that, based on the language in the law, the subsidies may only be paid in states that have their own online health insurance exchanges. A total of 36 states do not have exchanges of their own. Five million people could be affected, analysts have estimated, if the Obama administration loses the legal fight and subsidies disappear from the federal marketplaces that have been set up in states that did not create their own exchanges. The case is King v. Burwell, U.S. Supreme Court, No. 14-114. More»
Al Zahraa Mostafa - 2014-11-03 13:39:21
Misr Insurance Company – Property has renewed its health insurance policy for the families of employees working for the Egyptian Central Bank, sources with knowledge of the talks told Amwal Al Ghad. The sources noted that the health insurance policy is with total premiums worth 10 million Egyptian pounds ($1.4 million). It is a one-year renewable term and will provide health insurance services for 16.000 individuals, they added. Moreover, the sources clarified that health insurance coverage limit for each family member amounts to EGP 30.000. The policy includes the coverage of the costs of medical examinations, x-rays, analyses, operations, endoscopes, dental treatment, and eyeglasses in addition to providing medicines for the families of CBE’s employees. More»