Egypt’s Beltone Keen to Quadruple Index Fund with Dubai Listing

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Egyptian financial services firm, Beltone is keen to grow its index fund in excess of $200 million, from its current valuation of $55 million hopes to achieve this feat when it lists on the Dubai Stock Exchange.

“We’ve been working over the past three months on listing the index fund on the Nasdaq Dubai. It’s going to be a good step for Egypt and it’s going to attract a lot of investments to the Egyptian financial markets,” Kareem Naema, the firm’s asset management director, told Reuters.

Beltone also revealed recently that it had planned a $1 billion investment fund in fixed income instruments in September.

The investment bank said that its aim was to raise $150-200 million in the first phase of the investment fund. It plans to acquire brokerages in Egypt and frontier markets, Azzab said. He also expects the company to manage the initial public offering of a pharmaceutical company worth over 1 billion Egyptian pounds ($56.37 million) on the Egyptian stock market before the end of 2017

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