Egyptians Abroad Investment & Development Co. will lead a consortium with both Pioneers Holding and Iran Development Bank to establish a real-estate fund, it said in a bourse statement.

News reports said that Egyptians Abroad seeks to co-found an EGP 40 million real-estate fund which will issue certificates worth EGP 2 billion to investors before the end of 2014.

Egyptians Abroad posted EGP 950,900 in net profits for 2014, compared with EGP 536,600 for 2013, a rise by nearly 77.2%.