Egypt's CIB to launch capital-protected fund

Egypt's Commercial International Bank plans to launch a capital-protected follow-up to its Hemaya structured product launched earlier this year.

The fund will be part of three planned launches by CI Capital, the firm's investment banking arm, according to local news.

CI Capital CEO Karim Helal said the new funds, which also include a bond fund and a property vehicle, are expected to launch by Q1 2011, pending regulatory approval. "There is a tremendous amount of liquidity in Egypt and it is still a cash society. There is also a shortage of investment tools," he told a conference in the Middle East this week, according to Kipp Reporter.

The firm's first capital-protected fund Hemaya launched in July this year, as reported previously by SRP, and currently boasts around EPY250m ($44m) under management.