Religious Endowment Authority to invest EGP 1 bn in stock market

INVESTMENT WATCH- The Religious Endowments Authority has earmarked EGP 1 bn to be invested in the EGX, Ahmed Abdelhafez, the Authority’s head, told Al Mal. The earmarked amount is only preliminary, Abdelhafez says, and the authority has ample liquidity that could be used to invest in the upcoming round of state-owned company IPOs. He adds that the authority managed to make a EGP 100 mn investment in the most recent listing of Ibn Sina Pharma.