{"id":631962,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/azimut-one-step-closer-to-launching-shariah-compliant-fund-after-getting-fra-approval-plus-neom-lrt-adeer-hassan-allam-properties-melee-development\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"azimut-one-step-closer-to-launching-shariah-compliant-fund-after-getting-fra-approval-plus-neom-lrt-adeer-hassan-allam-properties-melee-development","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/azimut-one-step-closer-to-launching-shariah-compliant-fund-after-getting-fra-approval-plus-neom-lrt-adeer-hassan-allam-properties-melee-development\/","title":{"rendered":"Azimut one step closer to launching shariah-compliant fund after getting FRA approval. PLUS: Neom, LRT, Adeer + Hassan Allam Properties + Melee Development"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Azimut\u2019s shariah-c<\/strong><strong>omplia<\/strong><strong>nt fund gets the regulatory green light: <\/strong>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 <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a3%d8%b2%d9%8a%d9%85%d9%88%d8%aa-%d9%85%d8%b5%d8%b1-%d8%aa%d8%ad%d8%b5%d9%84-%d8%b9%d9%84%d9%89-%d9%85%d9%88%d8%a7%d9%81%d9%82%d8%a9-%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The fund will invest in stocks listed on the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/413c277a-0eb2-403b-8735-77462cc9d43c\/%253cmark%253e%253c%2Fmark%253eegx%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253elaunches%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eits%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253emaiden%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eshariah%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ecompliant%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eindex%253cmark%253e%253c%2Fmark%253e--%253cmark%253e%253c%2Fmark%253ereport%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">EGX\u2019s newly-launched shariah-compliant index<\/a>, but will not be tied to how the EGX33 weighs each company, El Saad added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Customers will be able to invest the fund using Azimut\u2019s upcoming trading app: <\/strong>The new fund will be the first product on offer via Azimut\u2019s new electronic trading platform AZ Invest, which received the regulatory greenlight on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/c6dd5761-50f1-48ae-b22c-bac1658197c1\/non-oil-private-sector-activity-picks-up-to-its-highest-level-in-three-years\" style=\"\" rel=\"noopener\">Saturday<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember, asset managers are racing to become the first EGX33 fund, <\/strong>with CI Capital Asset Management <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/413c277a-0eb2-403b-8735-77462cc9d43c\" style=\"\" rel=\"noopener\">announcing<\/a> on the day of the index\u2019s launch that it wants to be \u201cthe country\u2019s first\u201d fund investing in shariah-compliant stocks. Beltone also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8ffc30b-cdd5-43b1-a82d-949080d489a1\/beltone-to-introduce-four-new-funds-with-an-upgraded-investment-platform-in-the-next-quarter,-beltone%25e2%2580%2599s-khalil-al-bawab-tells-enterprise\" style=\"\" rel=\"noopener\">in the running<\/a> and also aiming to launch the fund in the third quarter of the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">INFRASTRUCTURE -<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Local real estate developer <\/strong><strong>to partake in Libya\u2019s reconstruction:<\/strong> Egyptian real estate developer and Organi Group subsidiary <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/neomegypt\/about\/\" style=\"\" rel=\"noopener\">Neom<\/a> will work on a number of projects in Libya under a number of agreements inked with Libya\u2019s Fund for Reconstruction and Development, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid02ceoF52gFWnwgJVdkGhyfC3gNqfNbhLSp7S4uxuQjT2nRWV9pRuPUF7ur4siC4nml&id=61557937384969\" style=\"\" rel=\"noopener\">statement<\/a> from the fund. The planned projects will take place in Derna and cities in the Al Jabal Al Akhdar region of the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- New phase of LRT to commence soon:<\/strong> 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, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/economics\/47854\/%D8%AA%D8%AD%D8%A7%D9%84%D9%81-%D9%85%D8%B5%D8%B1%D9%8A-%D8%B5%D9%8A%D9%86%D9%8A-%D9%8A%D9%86%D9%81%D8%B0-%D8%A7%D9%84%D9%85%D8%B1%D8%AD%D9%84%D8%A9-%D8%A7%D9%84%D8%AB%D8%A7%D9%84%D8%AB%D8%A9-%D9%84%D9%84%D9%82%D8%B7%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A6%D9%8A\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Electricity Ministry arrears hit EGP 114 bn in May:<\/strong> 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, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AsharqbEGY\/posts\/pfbid0ww9x81rntX2myv6PzNkT9BETTK4MVC4xkknba7BgSpwGo9KFyKnUwTyv3TQvHRzal?rdid=ayDsLZswSy3zKIm2\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing an unnamed government official. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adeer teams up with Hassan Alllam to build mixed-use development in the capital:<\/strong> Real estate company <a target=\"_blank\" href=\"https:\/\/adeer-egy.com\/\" style=\"\" rel=\"noopener\">Adeer<\/a> \u2014 a subsidiary of KSA\u2019s Sumou Holding Group \u2014 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, <a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/07\/07\/%d8%a3%d8%af%d9%8a%d8%b1-%d8%a7%d9%84%d8%b9%d8%a7%d9%84%d9%85%d9%8a%d8%a9-%d8%aa%d9%88%d9%82%d8%b9-3-%d8%a7%d8%aa%d9%81%d8%a7%d9%82%d9%8a%d8%a7%d8%aa-%d8%b4%d8%b1%d8%a7%d9%83%d8%a9-%d9%85%d8%b9-%d8%ad\/\" style=\"\" rel=\"noopener\">Hapi Journal<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That wasn\u2019t the only Adeer-inked agreement recently:<\/strong> The developer also partnered with local developer <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/thisismelee\/about\/\" style=\"\" rel=\"noopener\">Melee Development<\/a> in a strategic partnership to develop three clubs in Saudi Arabia, with investments totalling SAR 1 bn, Adeer CEO Bassel El Serafy told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqBusiness\/status\/1810040919170715992\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fund will invest in stocks listed on the EGX\u2019s newly-launched shariah-compliant EGX33<\/p>\n","protected":false},"author":1,"featured_media":631963,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,102,68,770,93,72,3046,7111,2337,220,8302,7101,83,7423,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-631962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-capital-markets","tag-egx","tag-electricity-ministry","tag-energy","tag-enterpriseam","tag-hassan-allam-properties","tag-infrastructure","tag-islamic-finance","tag-libya","tag-organi-group","tag-railways","tag-real-estate","tag-sumou-holding","tag-transport","wpautop","entry"],"acf":{"mongo_id":"26aec8b9-07c9-4e38-9837-be72d44bf8b5","order":"9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1115.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Azimut one step closer to launching shariah-compliant fund after getting FRA approval. 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PLUS: Neom, LRT, Adeer + Hassan Allam Properties + Melee Development - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/azimut-one-step-closer-to-launching-shariah-compliant-fund-after-getting-fra-approval-plus-neom-lrt-adeer-hassan-allam-properties-melee-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Azimut one step closer to launching shariah-compliant fund after getting FRA approval. 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