Egypt’s state land bank says to launch the country’s 1st property fund in Q1

The state-run Egyptian Arab Land Bank (EALB) is planning to launch the first property fund in the country within the first quarter of 2017, deputy chairman Adnan Al-Sharqawi announced Sunday.

“We are trading off the offers of two investment banks seeking to run the launch of the fund,” Al-Sharqawi told Amwal Al Ghad, but did not specify the names of those banks until the negotiations were over.

The capital of the fund is expected to range between 200 million and 500 million Egyptian pounds ($10.5 million – $26.4 million), according to the banking official.