Italian asset manager, Azimut Group, has launched what it claims is the first equity Ucits fund for the Egyptian market. The AZ Equity Egypt fund will be domiciled in Luxembourg and managed by Azimut Egypt Asset Management, the group’s Egyptian arm. According to managing director, Ahmed Abou El Saad, the fund will offer Egyptian expats and other investors in the Gulf Cooperation Council (GCC) region new access to the Egyptian market and will also serve as an efficient vehicle for European investors exposure to “a rising economic star”. Azimut considers Egypt to be one of the most attractive emerging markets globally on account of its consistent GDP growth which is driving corporate earnings and an economic reform programme expected to boost private sector participation in the economy. Real GDP growth increased to 5.6% in the fiscal year for 2019, compared to an average of 4.65% over the previous three years. Furthermore, the Azimut hierarchy believes that Egypt’s economic trajectory supports the decision to launch a fund in the middle of a pandemic. “Egypt is one of the most attractive stories in the emerging markets universe,” said El Saad. “Moreover and despite the Covid-19 repercussions, Egypt’s economy is likely to be the only one in the Mena region to record positive GDP growth in 2020, as per IMF projections.” © 2020 funds global mena