Nawy Shares, CI Capital partner to bring fractional property investing under FRA oversight

Nawy Shares and CI Capital Asset Management (Ciam) signed an agreement to set up and manage real estate investment funds, according to a joint statement. First subscriptions are targeted for early next year, pending regulatory approvals. The tie-up pairs Ciam, which describes itself as the country’s largest asset manager, with Nawy Shares, which calls itself the biggest player in a fractional real estate market.

The product: The proposed funds would invest in projects under development and completed income-generating assets, with the option to structure individual issuances around specific projects, the statement says. Exact structure and size are still under review. Ciam had EGP 183.6 bn in assets under management (AUM) at the end of June 2026, about 30% of the market, according to the statement.

The backstory: Nawy, which has grown up almost entirely outside the securities perimeter, is moving a business it has run since 2023 on civil-law sale contracts into a regulated structure overseen by the Financial Regulatory Authority (FRA). It has around EGP 10 bn in AUM and over 7k active investors, Ayman Magdy, managing director of Nawy Shares, tells EnterpriseAM.

Neither side has said how management will be split, or why Nawy Shares — which has its own asset management license — needs a partner.

The model outgrew its paperwork

The Ciam funds sit alongside a structure Nawy set up separately with the regulator for its own platform. “We have worked with the FRA to adapt the Nawy Shares business model into real estate fund regulations,” Magdy says. A multi-tranche fund company owns the underlying properties; a separately licensed manager runs them. “The multi-tranche setup allows us to release properties unit-by-unit on a tranche basis,” he says. “That entity holds the receiving, promotion, and subscription licenses. The fintech license is the one still in process.”

The unit-by-unit approach was a deliberate choice. A pooled portfolio mixes strong and weak units across locations and developers. Retail investors want to see the specific project, developer, and payment terms they are buying into, Magdy says. Nawy Shares bought units from developers and sold co-ownership positions on preliminary sale contracts. That instrument was designed for two people splitting a plot, not for 40 strangers holding slices of an off-plan apartment through an app. “We divide a property into 20 to 40 shares,” he explains. “Investors can start with down payments of EGP 20k to 25k.” Nawy Shares, which describes itself as the first and largest platform in the space, is one of several that grew up this way, alongside Partment, Farida, and Madinet Masr’s Safe.

Demand is not the constraint. Nawy Shares releases 10 to 20 units every Tuesday, and they often sell out within one to two hours, Magdy says.

Nawy Shares exits a unit in one of two ways, Magdy tells us. The first is at delivery, typically with four to five years of installments still outstanding, when the unit is offered at market price. The second is once the unit reaches a pre-agreed 80% RO, he says. At that point, the company holds a contractual right to sell without individual investors’ approval; coordinating 20 to 40 co-owners on an exit decision is difficult, he adds.

What changes with the fund is what investors actually own. Investment certificates (ICs) registered with Misr for Central Clearing, Depository and Registry (MCDR) replace the preliminary contracts. An independent valuer registered with the Central Bank of Egypt or the FRA reassesses net asset values every six months, Magdy says. Each unit tranche will also publish a semi-annual disclosure report with its own balance sheet and P&L. The work with the regulator also extended maximum fund life from five years to as long as 20, matching the 12- to 15-year payment plans that dominate Egypt’s off-plan market, he says. Installments are processed as capital calls approved by the FRA, Magdy says. Investors clear digital KYC and anti-money-laundering checks but are not credit-checked, as of yet.

What’s left

“The fund is live and operating under full FRA supervision,” Magdy says. “The one outstanding license is the fintech license, which will let us provide a more streamlined experience for investors with digital KYC, e-signatures, and more.” He tied the full rollout to a planned classification of real estate developers by financial strength, delivery record, and execution delays. That classification is under discussion in Parliament and with the Developers’ Union. The secondary market, which would let investors trade or redeem their positions under FRA rules, has not launched.

SOUND SMART- That list of features is most of what tokenization promises. Magdy argues the fund already delivers it. “Our real estate fund model achieves these exact objectives: traceable ownership, transparent pricing, MCDR registry recording, and a secondary market once it goes live,” he says. “Tokenization streamlines the process further, but our off-plan fund framework already fulfills all of these underlying requirements.”

ICYMI- Nawy acquired UAE fractional platform SmartCrowd in July 2025. It also secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority for a tokenization platform earlier this year. At home, our only live tokenization experiment is Granite and Tarmiiz’s FRA sandbox, which covers a money market fund, not real estate. In Egypt, the unlock so far has been a fund-rules question before a blockchain one.