Solidaire’s Real Estate Mutual Fund Scheduled For Launch By 2013
Amr El-Geneidy, Chairman of Solidaire Securities Brokerage, stated that the firm is planning to launch a real estate mutual fund with an initial capital of EGP 150 million.
El-Geneidy added that Solidaire has completed all the studies on the new fund before the outbreak of the revolution. However, the successive incidents the country witnessed after the revolution have heavily weighted against launching the mutual fund.
“Solidaire preferred to delay the launch until the Egyptian market witnesses stability, notably the real estate sector, so as to reap the benefits of launching such a fund.” El-Geneidy noted
“Accordingly, Solidaire’s fund is scheduled for launch by the beginning of 2013.”
Solidaire Chairman further explained that the new fund may face some minor obstacles in regard to the series of lawsuits filed against multiple Egyptian real estate firms.
