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Tuesday, 5 October 2021

Banque Misr considers launching low-carbon ETF tracker fund

A low-carbon ETF tracker fund could be coming to the EGX: Banque Misr is considering launching an EGX-listed tracker fund allowing traders to invest in companies included in Refinitiv and the Arab Federation of Exchanges’ (AFE) MENA low-carbon index, Vice Chairman Akef El Maghraby told Al Borsa. Both Banque Misr and its investment arm Misr Capital declined to comment on the matter when approached by Enterprise.

This will be the first exchange-traded fund in the region to track the Refinitiv AFE Low Carbon Select Index, which was launched last year to provide investors with access to low-carbon equities across the Middle East and North Africa. EFG Hermes and CIB are among the 30 constituents that make up the index, which includes banks and companies mainly drawn from Saudi Arabia, Kuwait, the UAE and Qatar.

Also from Banque Misr: Misr Capital’s EGP 500 mn real estate investment fund will start operations before the end of this year, El Maghraby said. Earlier this year, the Banque Misr subsidiary submitted to the Financial Regulatory Authority (FRA) the incorporation documents for the company, which will invest directly in real estate assets, rather than purchasing shares in EGX-listed real estate companies.

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