CAIRO – 8 July 2020: The Italian Company Azimut Holding SpA decided to launch the first equity fund manager, specialized in the Egyptian securities, worth $61 million, according to Bloomberg. According to Bloomberg, Azimut’s Luxembourg-based fund will initially allocate $50 million to about 25 stocks traded on the Egyptian Exchange (EGX). “Egypt’s 100-million population and the purchasing power of its consumers have the potential to fuel growth for companies as the economy emerges from its coronavirus lockdown,” Managing Director of Azimut Egypt Ahmed Abo El-Saad told Bloomberg. Azimut Egypt was opened in 2019 by Italy’s largest independent money manager, Azimut, following the acquisition of a local investment firm. “I really hope the government can resume the program with new listings, not by selling shares in already listed companies.”

Source: Egypt Today July 08, 2020 15:00 UTC