Egypt’s Premiere to finalise $32 million mutual fund late Q1

Egypt-based financial service company, Premiere Holding intends to finalise procedures to establish a new mutual fund by end of the first quarter of 2016, its chairman said Tuesday.

Ahmed Adel further told Amwal Al Ghad that the new fund would be with a capital worth 250 million Egyptian pounds (US$32 million). It is part of Premiere’s strategy to boost it asset management activities this year, he added.

Furthermore, Adel said the fund is to invest in agricultural activities, to come in line with the Egyptian government’s ongoing strategy to launch several projects supporting this sector, notably the reclamation of one million and half feddans.