Cairo – Mubasher: Egyptians for Housing and Development will contribute in the establishment of EGP 60 million real estate fund, said Hashem El Sayed, Chairman and Managing Director.

The fund will issue certificates amounts to EGP 3 billion.

Pioneers Holding, Egyptians for Housing, Egyptians Abroad for Investment, El Kahera Housing and Misr Iran Development Bank will establish the fund jointly, El Sayed told Mubasher on the sideline of economic summit.

“We will commence the establishment and the delivery of the fund within three months following securing the approvals of the Egyptian Financial Supervisory Authority (EFSA),” said company’s chief.

As for the companies’ stakes in the fund, El Sayed pointed out that it is still understudy noting that Misr Iran Development Bank has secured the approval of the Central Bank of Egypt regards its contribution in the new fund.