Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) approved establishing two real estate funds, while planning to launch another two before the end of 2017, EFSA’s chairman Sherif Samy said.
There are negotiations with some ministries, such as the Ministry of Planning, to improve the use of Egypt’s fixed assets through real estate funds, Samy added during his speech at the Portofolio Egypt 2017 conference.
This type of fund is important to protect savings from the impact of the Egyptian pound’s devaluation, the chairman pointed out.
The EFSA had lately approved establishing two real estate funds for Naeem Holding and Egyptians Abroad for Investment and Development Company.
The Egyptian State Council is currently considering amendments to the Capital Market Law, hoping to approve it before the end of the parliamentary session in July 2017, Samy indicated.
There are also expected amendments to the Companies Law, of which some were proposed in order to protect small investors, the EFSA chairman concluded.
