Azimut Egypt set to launch sovereign-bonds investment fund for Egyptian expats

Abou El-Saad revealed that the new fund will invest in Egypt's sovereign bonds. 

Sovereign bonds are bonds issued by a national government, usually to support government spending and to finance public debt.

Egypt's sovereign US-dollar-denominated bonds experienced a slight increase in their returns on international markets in July, rising by over 1 cent.

Abou El-Saad added that the company will offer insurance benefits for Egyptian expats in collaboration with Misr Takaful Insurance, including insurance against death and partial and total disability.

He did not disclose a timeframe for the launch of the new fund.

However, Abou El-Saad said that his company is seeking relevant primary approvals, in collaboration with Nasser Social Bank, before submitting a proposal to the Financial Regulatory Authority.

Azimut Egypt is the local investment arm of Azimut Group, which operates in 18 countries around the globe and manages around $ 70 billion in different asset classes.