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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        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        Misr Chemical Industries   5.65        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        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        

Egypt News

Washington declares support for Egypt’s loan deal with IMF

Published 2016-08-27 09:43:22| Amwal Al Ghad English

U.S. Secretary of State John Kerry has expressed Washington’s support of an economic reform programme Egypt is adopting, which includes an IMF $12 billion loan package, the Egyptian foreign ministry announced Tuesday. The International Monetary Fund has agreed in principle to grant Egypt a three-year loan facility to support a government reform programme aimed at mending the country’s ailing economy. During a phone conversation with Egyptian counterpart Sameh Shoukry, Kerry “welcomed the recently-signed [tentative] deal between the Egyptian government and the IMF, stressing that the US supports such an important step on the path of economic reform in Egypt,” the ministry said in a statement. The deal is still subject to final approval by the IMF executive committee, likely to be decided in the coming weeks, the IMF has said. The senior officials discussed mutual ties between the two allies as well as recent developments in the region including efforts being made to revive the Palestinian-Israeli peace process and the situation in the war-torn Syria and Libya.
International News
Hopes of finding more survivors from Italy's powerful earthquake faded on Friday, with the death toll rising to 281 and the rescue operation in some of the stricken areas called off. Three days after the quake struck the mountainous heart of the country, sniffer dogs and emergency crews continued to scour the town of Amatrice, which was leveled in the disaster, but there was no sign of life beneath the debris. "Only a miracle can bring our friends back alive from the rubble, but we are still digging because many are missing," town mayor Sergio Pirozzi told reporters. In nearby villages, such as Pescara del Tronto, rescuers pulled out after all the inhabitants had been accounted for. Italy plans to hold a state funeral for around 40 of the victims on Saturday, which will be held in the nearby city of Ascoli Piceno. A day of national mourning was announced, with flags due to fly at half mast around the country for the dead, who include a number of foreigners. The civil protection department in Rome said 388 people were being treated for injuries in hospitals, and 40 of them were in critical condition. An estimated 2,500 people were left homeless by the most deadly quake in Italy since 2009. Survivors with nowhere else to go are sleeping in neat rows of blue tents set up close to their flattened communities. The government has promised to rebuild the region, but some local people feared that would never happen.
Abdulah Al Sanousi enjoys the breeze in the lush resort outside Sarajevo where his family bought a flat to escape the summer heat at home in Kuwait, one of thousands of new Arab Gulf buyers whose investment has polarised local opinion. They discovered mountainous Bosnia, where half the population is Muslim, after the Arab Spring which destabilized many traditional holiday destinations such as Libya, Tunisia and Egypt. The trend has picked up with more direct flights, new resorts and the end of visa restrictions. Estate agents and local businesses have welcomed the economic boost. But in a secular country where many Muslims drink alcohol and wear European-style clothing, the arrival of a Saudi-built mall where no alcohol is sold and the sight of burqas and traditional Arab robes is worrying for some. "People from the Middle East come here because of the nature and good weather, and very cheap prices for property and other goods," said 28-year old Sanousi, who works in the media industry in Kuwait. "Many Muslims feel it's a good place for them, they feel they are with their people, they feel comfortable here," he said in the gated resort that is inhabited mostly by Gulf visitors. It was built by a Kuwaiti investor and opened last year. The number of visitors from the United Arab Emirates surged to 13,000 in the first seven months of this year from 7,265 last year, according to hotel data from the Sarajevo tourist board. In 2010, there were only 65 visitors from the UAE. Bosnia does not have a national tourism authority and data on land purchases is patchy in the Balkan country which has a fragmented government system. Unofficial estimates put the total number of Arab tourists at between 50,000-60,000 a year, with about a quarter buying property. The visitors bring much needed cast to the economy which has not recovered from the 1990s war. But many local Muslims, who pray only at mosques or at home, were shocked when a group of Arab men dressed in traditional robes prayed outdoors at a popular weekend resort near Sarajevo last year. Others have been upset by a Saudi-funded mall that serves no alcohol or pork. "I'm not glad that they are coming," said Amina, a Muslim pharmacist from Sarajevo in her 50s. "I'm worried about what influence they can have on our children if they stayed here." DELICATE BALANCE Many Bosnians remember the Arab fighters who came during the 1992-1995 war to fight with Bosnian Muslims against Serbs and Croats, bringing with them a stricter form of Islam which drew followers, some of whom fought in Syria and Iraq for Islamic State. At the end of the war, some restaurants and cafes in the Ottoman-era old town of the capital stopped serving alcohol and pork and residents say they have now disappeared from the menu in other cafes which have started to do the same. Esad Durakovic, a professor of Arabic studies at the University of Sarajevo, wrote in an editorial for the Depo news portal last week property purchases by Gulf visitors could hurt a delicate religious balance in Bosnia. "This is not about tourists who come and go but about those who permanently stay on their property," he said, saying that it could fuel a desire for secession among some Bosnian Serbs. "They will not want to live in "Muslimstan." Travel and real estate agents dismiss those concerns, saying the country should welcome the money to help get the economy back on track and that the visitors only come in the summer to escape the heat at home. "I'm really wondering why so many people are questioning (Arab investments) rather than getting profit out of it... I find it really sad," said Abdelal Mustafa, general manager of Saudi-based HR Holidays travel agency. They want the state to improve legislation to encourage more visitors and investors in Bosnia. "The legalization blocks a lot of money," said Tariq Burjaq, executive director of the Kuwaiti Rawasi Real estate company, which is building a 25 million euro worth residential complex at the foot of Igman mountain, near Sarajevo, with 246 housing units. Mirsada Gostevcic who was selling honey and blackberry and raspberry juice near the Sarajevo Resort where Sanousi's family has a property, does not see what all the fuss is about. "I don't mind that Arabs are coming, I don't know why people are bothered with that. This is a country where life is difficult, and we are looking forward to earning more money," Gostevicic said as visitors from the Gulf strolled along improvised shop-stands where local farmers sold their produce.