Back to the complete issue
Tuesday, 18 May 2021

Azimut Egypt is rolling out a new equity fund

Retail investors can subscribe to Azimut Egypt Asset Management’s new equity fund as of this coming Sunday, 23 May, Hapi Journal reports. Azimut is looking to secure EGP 250 mn in AUM “within the coming period,” according to a statement picked up by the newspaper. Egyptian equities are undervalued due to the lack of liquidity in the market and weak inflows of fresh investments, said Azimut Egypt MD Ahmed Abou El Saad.

This is the first of two new funds Azimut Egypt plans to launch this year, with Abou El Saad saying last month that the local arm of the Italian asset manager had obtained all necessary approvals for the funds. Abou El Saad had suggested the first of the two funds would go live last month and the second would be launched after Ramadan. Azimut launched last year its first Egypt-focused equity fund, AZ Equity-Egypt, and a fixed income fund, AZ-Savings.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.