Egypt’s Naeem Braces for Launch of AED250mn Mutual Fund in UAE

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Cairo-based investment house Naeem Holding, is preparing to obtain the United Arab Emirate financial regulator’s approval to launch a new mutual fund.

Hazem Kamel – Managing Director of Naeem Financial Investments (NFI), the asset management arm of Naeem Holding – said the Group is targeting UAE Securities and Commodities Authority (SCA)’s approval to launch its fund, with a capital of 250 million dirhams.

The new fund is part of Naeem’s future strategy to boost its asset management portfolio and increase its presence in markets abroad, he noted.

Naeem’s current asset management portfolio includes running the Shariah-compliant Naeem Misr Fund in Egypt, in addition to the offshore investment funds in Bahrain Naeem MENA Growth Fund and MENA MAC.