Naeem gets regulator’s nod to launch Egypt’s first real estate fund

Cairo-based investment house, Naeem Holding announced Wednesday the establishment of the first Egyptian real estate fund after getting the market regulator’s approval.

The Egyptian Financial Supervisory Authority (EFSA) has approved Naeem’s request to launch a real estate fund, with investments worth 1 billion Egyptian pounds ($56.5 million).

Earlier, EFSA released in March 2014 rules to facilitate the creation of index and real estate funds as well as amendments to margin trading rules, in a bid to increase liquidity in the market and draw more local and foreign investors.