Egypt-based Beltone Financial started last week tours in London and New York to promote its newest product, the new index fund, said portfolio manager Alyaa Gomaa.
Beltone targets including the Gulf markets to its upcoming promotional tours for its fund.
In April, Egypt’s stock exchange (EGX) has granted Beltone Financial (BTFH.CA) the country’s first licence for exchange traded funds (ETFs).
Beltone Financial was the first company to express interest in ETFs, which are listed investment funds, and is launching a fund called XT-Misr that mirrors the performance of the country’s EGX 30 stock index.
Beltone’s new index fund will start trading within the coming phase.
“The Egyptian Financial Supervisory Authority (EFSA) is likely to approve Beltone’s draft prospectus for exchange-traded funds (ETFs) within this June.” Gomaa noted
In March, Egypt’s financial market regulator released the rules to facilitate the creation of index and real estate funds as well as amendments to margin trading rules in an attempt to increase liquidity in the market and draw more local and foreign investors.