The Egyptian Arab Land Bank, Housing & Development Bank, and Coldwell Banker are seeking to launch real estate funds in Egypt, sources with knowledge of the matter told Amwal Al Ghad.
In this respect, the three parties are in talks with Egypt’s market regulator, the Egyptian Financial Supervisory Authority (EFSA) over the inception of real estate funds soon.
For Coldwell Banker, its planned real estate fund will be established in cooperation with one of the investments banks operating in Egypt, the sources added.
Last year, Egypt’s financial market regulator, seeking to attract capital back to the stock market, released rules to facilitate the creation of real estate funds. The rules included permissible levels for income-generating assets as a percentage of each fund’s total assets.
The changes would increase liquidity in the market and draw more local and foreign investors, and in return contribute to the revival of the national economy, Samy noted.