Egypt’s first real estate fund to launch in March

Egypt’s first listed real estate fund to launch in March: The Egyptians Real Estate Fund will be up and running by no later than March, CEO Hashem El Sayed told the domestic press. Billing itself as the country’s first listed real estate fund and established by Egyptians Abroad Investment and Development Co., Pioneers Holding, and Misr Iran Development Bank, the fund will invest in real estate projects worth EGP 2.5 bn. These include an EGP 1.5 bn project on the Maadi corniche (on which work will begin in early December) and acquiring a 6,000 sqm administrative building in Smart Village to lease to multinational corporations. The fund listed on the EGX last year, and is planning further public and private offerings of in-kind assets and cash in the coming period to reach its target size of EGP 2.5 bn.