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Egypt’s Wethaq Takaful Insurance has started talks with the country’s market regulator, seeking to launch its first real estate fund, chairman Antar Gad told Amwal Al Ghad on Sunday.
Wethaq will present 50 million Egyptian pounds (US$6.5 million) as an initial capital for the new fund.
Gad further said Wethaq is looking forward to moving the fund’s capital up to 250 million pounds in few years as a prelude to start the launch of a new one.
Wethaq’s talks with the Egyptian Financial Supervisory Authority (EFSA) have also included a request to set up a new subsidiary to manage the new fund, Gad stated.
The new subsidiary will be 20% owned by Wethaq Egypt, he added.
