Egypt tapped for leading role in WB's 1.5b health coverage push    Asia-Pacific stocks mixed on Tuesday    Novartis plans expansion in Egypt – Cabinet    Egypt welcomes 25-nation statement urging end to Gaza war    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Madbouly reviews legalisation of newly annexed lands to new cities, housing offerings    Egyptian Countryside Development chief discusses cooperation with Italian ambassador    CIB completes fifth securitisation issuance for B.TECH worth EGP 859.4m    Roche helps Egypt expand digital pathology and AI diagnostics    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt exports 175K tons of food in one week    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt's Health Minister reviews upgrades at Gustave Roussy Hospital    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Azimut acquires Rasmala Egypt to enter Egyptian asset management industry
Acquisition considered one of most important in Egyptian capital market for years: Rasmala Egypt CEO
Published in Daily News Egypt on 09 - 01 - 2019

Azimut Group, one of Europe's leading independent asset managers, signed on Tuesday an agreement to acquire 100% of Rasmala Egypt for asset management from Rasmala Group, an independent alternative asset management group.
Following the acquisition, Rasmala Egypt will be renamed Azimut Egypt Asset Management.
Rasmala Egypt, founded in 1997, specialises in conventional and Sharia-compliant portfolio management in Egypt, with assets under management (AUM) of EGP 8.46bn ($474m) as of November 2018, with strong expertise in equity strategies, representing 85% of the total AUM.
Pietro Giuliani, chairperson of Azimut Holding stated, "The investment in Egypt confirms our commitment toward expanding our MENA and Turkey's regional footprint which will see Azimut as the first global asset manager with investment teams on the ground in Dubai, Cairo, and Istanbul, with an oversight on the markets which we expect to attract global investors' significant interest," he stated, adding "It marks the first move of the group in Africa, a vast region offering unique untapped opportunities for product management and distribution expansion."
According to the press statement, Egypt is the largest economy in North Africa, with a population of 95 million and a GDP-PPP adjustment of $1.1tn as of 2017, considered as the 21st world's largest. Following the flotation of its currency in 2016, Egypt has embarked on a significant home-grown economic reform programme supported by the International Monetary Fund and some neighbouring countries to rebalance its economy, and set the fundamentals for one of the most attractive growth stories in the region and across the global emerging markets (EM).
The economy is expected to grow 5% per annum through to 2020, with foreign direct investments benefiting from the removal of capital restrictions, major structural developments in the energy industry, and a revival of the tourism sector to support the improvement of the country's account deficit.
Ahmed Abou El Saad, CEO of Rasmala Egypt stated, "This acquisition is considered as the most important in the Egyptian capital market for years. It marks the first presence of major international investment banks in the field of asset management in Egypt, and will encourage investment banks to enter the Egyptian market, one of the most important markets in the Middle East and Africa region," he declared, adding, "This proves the level of excellence which Rasmala Egypt has achieved over the past years to become one of the largest asset management companies in Egypt, and our team is very happy to join the leading European asset management company."
Azimut believes that Egypt poses a significant opportunity for global asset management companies due to its fast-growing demographic as 60% of the population is below 30-years-old, and the country has one of the highest GDP-PPP adjusted per capita in the EM complex, excluding the energy exporting countries. In addition to Egypt's relatively low market capitalisation of the economy, Egypt's equity market represented almost 25% of the GDP in 2017 vs 30% in Turkey, and 48% in Brazil.


Clic here to read the story from its source.