Egypt's Naeem Holding, one of the largest growing investment banks in the Middle East and North Africa (Mena) region, said it has started a private placement for a real estate fund worth E£1 billion ($65 million).

The country's first real estate investment fund will be managed by Naeem for Investment Fund Management, it stated.

The move comes following the approval from regulator Egyptian Financial Supervisory Authority (EFSA) to Naeem for the real estate fund, said a top official.

The placement will take place over one month and will be followed by an initial public offering for the fund by May-end, remarked chief executive officer Youssef Elfar.

He revealed this during a meeting with Sahar Nassr, the Minister of Investment and International Co-operation, to discuss the current investment climate in Egypt.

Several senior members of Naeem Holding including its chairman Hussein Shobokshi, chief investment officer Omnia Kelig and managing director of exchange traded funds (ETFs) Alyaa Gomaa attended the meeting.

The officials discussed several key investment opportunities in national projects, namely the new administrative capital and Suez Canal projects, said the company statement.

The minister highlighted the government’s current investments plan including new airports, potential projects in the industrial sector as well as pipeline investments in the free zones, it added.