Launch of two Egyptian property funds on the way before year-end: official

An investment house and an investment firm are looking to launch two real estate funds in Egypt before the end of the current year, said the country’s market regulator head on Sunday.

Sherif Samy, chairman of the Egyptian Financial Supervisory Authority (EFSA), said the authority has recently approved two requests from Cairo-based investment house Naeem Holding and Egyptians Abroad for Investment and Development Company to launch real estate funds.

Earlier, EFSA released in March 2014 rules to facilitate the creation of index and real estate funds as well as amendments to margin trading rules, in a bid to increase liquidity in the market and draw more local and foreign investors.