Investment Management

NI Capital closes Siula fund’s initial subscription with inflows exceeding LE1.075B

Egypt’s Minister of Planning and Economic Development Hala El-Said announced the closure of subscriptions to the NI Capital’s first money market fund, “Siula”, with an inflow volume exceeding LE 1.075 billion. El-Said, who is also Chairperson of the Board of Directors of the National Investment Bank (NIB), noted that the fund is in Egyptian pounds with a cumulative daily return.

The minister added that the closing of the subscription comes before its scheduled date of 10th of March 2021, due to the large turnout witnessed during the initial subscription phase. She said that the tremendous success achieved by NI Capital, the NIB’s investment arm, at launching “Siula” as its first money market fund, evidence of the quality of its performance. It also highlights the growth of the role it plays in the field of non-banking financial services (NBFS) in Egypt.

El-Said said that introducing this type of investment products would contribute to attracting more investments in Treasury bills (T-bills) and governmental bonds, which would stimulate the economic development process.

CEO of the NIB and Chairperson of NI Capital, Mahmoud Montaser, said, “We are proud that NI Capital successfully launched “Siula” Fund, which is a continuation of its growing role in providing non-banking financial services.” “This means that NI Capital continues to meet the market’s need for new savings products that allow individuals and institutions to invest in T-bills and government bonds,” he added.

For his part, Mohamed Metwally, CEO and Managing Director of NI Capital, commented on the success of the offering, saying, “NI Capital’s ability to cover the initial offering of “Siula” fund by more than 21 times reflects the experience of the company’s employees in issuing and promoting such investment funds.”

He added, “It also shows the support of the leadership at the National Investment Bank to the company, and the confidence of policyholders in NI Capital and the National Investment Bank.”

Metwally said that the coming period will witness an expansion in the activities and services provided by the company to meet the needs of its institutional and individual clients. This comes especially after the acquisition of Arabiya Online Brokerage was completed last month.

Managing Director for investments at NI Capital, Hazem Kamel, thanked those in charge of “Siula”, as well as those who have been working on it for their combined efforts for its success.

He described the success of the initial offering as “a testimonial we are proud of from our clients, and we promise to achieve the desired objectives and outcome of the fund.”

“Siula” fund aims to achieve a daily cumulative return appropriate with the degree of low risk associated with the instruments it invests in. It also looks to maintain a high degree of liquidity that allows the investor to buy and redeem daily, effective from 17 February 2021.

The fund invests its short-term financial instruments such as bonds and bills, T-bills, bank deposits, savings certificates, and other low-risk investments.

The door for subscription in the fund was opened on 10 January with a target issue of LE 50 million. NI Capital received requests that led to the issuance being covered by more than 21 times the targeted size of the fund.

Starting from Wednesday 17th of February 2021, the door will be opened to receive daily purchase and redemption orders in “Siula” through “Arabiya Online” and “Mubasher” companies for individuals and institutions, in addition to NI Capital for large institutions.


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