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Egypt, Sunday, 6th August 2023: Arabi African Investment Management Company won the award for the Best New Fund in Egypt 2023 - Iskan Money Market Fund from World Business Outlook Magazine.
In this context, Mr. Mohamed Mustafa, the Managing Director of Arabi Africa Investment Management Company, stated that he is extremely proud of this achievement for Iskan Fund and mention that the idea behind launching the fund aligns with the company's strategy of providing investment and savings products with superior returns and low risks to meet the cash flow and liquidity management needs of individuals and institutions.
Mr. Mustafa also emphasized the team's efforts in selecting the optimal timing for the fund's launch, which coincided with the rise in fixed income instrument yields. This had a significant impact on achieving the fund's highest subscription volume for the year 2023, as it closed at the end of Wednesday, 10th May 2023, with a total of 26,346,776 ICs at a price of 10 Egyptian pounds per unit, amounting to a total of 263,467,760 million pounds. Thus, the subscription was covered 5.27 times.