Religious Endowments Authority to re-issue tender to restructure its asset portfolio

The Religious Endowments Authority is planning to re-issue a tender to select an asset management company to take the lead on restructuring its asset portfolio, Al Mal reports. The tender will officially be announced following the Eid Al Adha break, according to authority head Sayed Mahrous. The authority had reportedly tapped EFG Hermes, Beltone, and CI Capital earlier this year for the job, after initial findings had valued the asset portfolio at EGP 800 bn. It remains unclear why the authority decided to scrap its initial selection.