CAPITAL MARKETS-

Azimut’s shariah-compliant fund gets the regulatory green light: Asset manager Azimut received the greenlight from the Financial Regulatory Authority (FRA) to launch its shariah-compliant investment fund, dubbed in Arabic as its Furas Al Shariah fund, Azimut Managing Director Ahmed Abou El Saad told Al Mal. The fund will invest in stocks listed on the EGX’s newly-launched shariah-compliant index, but will not be tied to how the EGX33 weighs each company, El Saad added.

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Customers will be able to invest the fund using Azimut’s upcoming trading app: The new fund will be the first product on offer via Azimut’s new electronic trading platform AZ Invest, which received the regulatory greenlight on Saturday.

Remember, asset managers are racing to become the first EGX33 fund, with CI Capital Asset Management announcing on the day of the index’s launch that it wants to be “the country’s first” fund investing in shariah-compliant stocks. Beltone also in the running and also aiming to launch the fund in the third quarter of the year.

INFRASTRUCTURE –

#1- Local real estate developer to partake in Libya’s reconstruction: Egyptian real estate developer and Organi Group subsidiary Neom will work on a number of projects in Libya under a number of agreements inked with Libya’s Fund for Reconstruction and Development, according to a statement from the fund. The planned projects will take place in Derna and cities in the Al Jabal Al Akhdar region of the country.

#2- New phase of LRT to commence soon: A consortium of Egyptian and Chinese companies will soon start work on the third phase of the electric light rail transit (LRT) project, with a total investment of USD 550 mn, Asharq Business reports, citing three anonymous government sources. Arab Contractors and Orascom Construction will join lead contractor AVIC International Holding Corporation from China to implement the project and the 20.4 km stretch third phase is expected to be finished in less than two years time, one of the sources told the outlet.

ENERGY-

Electricity Ministry arrears hit EGP 114 bn in May: Arrears owed by the Electricity Ministry to various government sectors rose to EGP 114 bn at the end of May, up from around EGP 100 bn in 1Q 2024, Asharq Business reports, citing an unnamed government official.

REAL ESTATE-

Adeer teams up with Hassan Alllam to build mixed-use development in the capital: Real estate company Adeer — a subsidiary of KSA’s Sumou Holding Group — inked an agreement with our friends at Hassan Allam Properties to develop a mixed-use development in the east of Cairo with an initial investment of USD 100-150 mn, Hapi Journal reports.

That wasn’t the only Adeer-inked agreement recently: The developer also partnered with local developer Melee Development in a strategic partnership to develop three clubs in Saudi Arabia, with investments totalling SAR 1 bn, Adeer CEO Bassel El Serafy told Asharq Business.

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