Egypt’s Acumen to Launch EGP200 mln Real Estate Fund in H2

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Acumen Holding plans within the second half of 2014 to finalise the procedures to create a new real estate fund that will invest EGP 200 million in Egypt.

Managing Director Rana Adawi spoke to Amwal Al Ghad on Tuesday, saying the new fund will be launched through Acumen Beltone – the joint venture between Beltone Private Equity and Acumen Asset Management.

Acumen Asset Management owns a 51% stake in Acumen Beltone.

Adawi further noted that the Group’s decision to go for the real estate fund industry was triggered by the recent amendments by the Egyptian Financial Supervisory Authority (EFSA) that include the executive regulation of the mutual funds.