Al Naeem Holding plans to expand in the Egyptian market through launching new investment funds in 2017. The company has recently completed the obtainment of the licensing for the first real estate investment fund in the Egyptian market. It aims to launch the new real estate fund before the end of this year, as well as study the double registration of the funds in the Abu Dhabi stock exchange.
The company opened the doors for offerings in its first real estate fund for a month, with the public offerings taking lion’s share of the offerings by 80%. The fund is expected to contribute to providing investment opportunities and tempting economic advantages for individuals and institutions represented in commercial and office establishments with distinctive rental income.
Sherif Wahda, the managing director of Al Naeem, said that the target capital of the fund is EGP 2bn, divided into two equal portions. He expected the investments of the first phase’s funds—worth EGP 1bn—to be completed by the end of this year, where the fund will invest the other EGP 1bn in 2018, with a possibility of increasing the fund’s capital.