Suez Canal Insurance Preps for EGP50mn Initial Cap. Mutual Fund

Suez Canal Insurance Company is planning to launch a new equity mutual fund in the coming period, said managing director Mohamed Abdallah. The anticipated mutual fund will be with an initial capital amounting to 50 million Egyptian pounds (US$7 million approx).

Speaking to Amwal Al Ghad on Monday, Abdallah clarified that his company had recently completed studies to launch the new fund.

Suez Canal Insurance will submit the mutual fund proposal to the company’s board during its coming meeting so as to begin the implementation steps including getting the regulatory approval, he noted.