HC Securities to Launch EGP1 bln Real Estate Fund at 2014-end

Egypt-based HC Securities & Investment plans to launch a new real estate investment fund by the end of the current year. The anticipated fund will be with an initial capitalization worth one billion Egyptian pounds.

In this respect, HC chairman Hussein Choucri stated that the launch of a new fund comes within the framework of the Group’s strategy to increase the volume of its current assets to EGP 10 billion, from EGP 6 billion.

Last March, Egypt’s market watchdog, seeking to attract capital back to the stock market, released rules to facilitate the creation of index and real estate funds as well as amendments to margin trading rules.

Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA), said the changes would increase liquidity in the market and draw more local and foreign investors.