Naeem Holding started a private placement for a EGP 1 bn real estate fund, the company's CEO Yousef Al Far said, according to Reuters. The private placement will take place for one month and will be followed by an initial public offering before Ramadan. Al Far said the three-year fund will aim to return at least 26% annually. Naeem also said it is considering setting up specialized real estate funds that could be focused on the residential sector only, Al Mal says.

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