Wethaq Takaful Insurance - Egypt is set to launch two real estate funds to pump investments up to 500 million Egyptian pounds ($65.5 million) within 2016, according to a report.

The funds will include real estate investments varied between administrative and residential facilities, Antar Gad, chairman, was quoted as saying in the Amwal Alghad report.

The company will also submit an official request to the Egyptian Financial Supervisory Authority (EFSA) so as to launch the two new funds within next year, it added.