Wethaq Egypt to launch property fund next November

Egypt’s Wethaq Takaful Insurance is to launch its first real estate fund during upcoming general assembly scheduled for next November, head of financial and administration affairs Abdel El Aziz Labib said Tuesday.

Wethaq will present 50 million Egyptian pounds (US$6.4 million) as an initial capital for the new fund.

Speaking to Amwal Al Ghad on Tuesday, Labib said the market regulator; the Egyptian Financial Supervisory Authority (EFSA) has granted initial approval for Wethaq’s real estate fund.

Wethaq intends to raise the capital of its fund to 250 million pounds within few years after inception, a step toward a plan to launch another fund, Labib added.

Furthermore, Labib said Wethaq’s talks with the Egyptian regulator had also included a proposal to establish a new subsidiary to manage the new fund.

The new subsidiary shall be 20% owned by Wethaq Egypt, he added.