Egyptian Arab Land Bank(EALB) is seeking to hold talks with the Egyptian General Supervisory Authority (EFSA) and the Central bank of Egypt (CBE) in order to launch the first Real Estate fund within the upcoming period.
EALB plans launching the fund before the end of the current year, expecting that the capital of fund will exceed EGP250million as the real estate fund has an increase in its sizes , Abdel Megeed Mohey El-Din, the Vice President noted.
In 2013, EALB launched the first mutual fund with initial capital up EGP50million so as to invest in governmental debt instruments (Treasury bills and bonds) in addition; the coverage rate reached 520% from the fund’s size worth EGP260million.
A numbers of banks which are operating in the Egyptian market seek launching real estate funds such as Banque Misr and Housing & Development Bank (HDB) after EFSA finalized the amendments of the mutual fund regulation that permits for firms to establish real estate funds as a step for supporting the Egyptian economy in the light of the current situation.
