Egypt’s largest asset management firm, Beltone Financial, is launching a new fund to attract investments from GCC countries, Europe, and the US.
According to Beltone Financial CEO, Bassem Azzab, the fund will be worth $1 billion and will target raising $150,000 to $200,000 million during its first funding phase.
“We have already begun talks with investors and there is a lot of interest,” he said, adding that his company is planning to use the gathered funds in acquiring other Egyptian brokerage firms.
“We aim to become the number 1 or number 2 in the Egyptian brokerage sector during 2018,” he said.
Beltone, which was acquired by billionaire Naguib Sawiris in 2015, said on Sunday that it has registered a profit of 1.36 million Egyptian Pounds ($76,110) during Q2 2017, as opposed to its 9.1-million ($515,000) loss during the same period in 2016.