Key Takeaways
- • Beltone Asset Management, a subsidiary of Beltone Holding, partnered with Amtaar Capital on a multi-issuance real estate investment fund with a total target of EGP 2 billion (about $38.2 million), announced October 7, 2026.
- • The first issuance is planned at EGP 500 million to EGP 700 million, or 25% to 35% of the total target, giving the initiative a defined initial scale.
- • Beltone's fiscal 2025 revenue rose about 74% to EGP 12,635 million, but net income fell to EGP 1,347 million from EGP 1,702 million, a decline of roughly 21%.
- • Beltone Holding shares closed at EGP 2.840 on the EGX on October 6, up 1.07%, a session that predates the fund announcement.
Summary
Beltone Asset Management, the asset-management arm of Beltone Holding, has partnered with Amtaar Capital to launch a multi-issuance real estate investment fund targeting EGP 2 billion, roughly $38.2 million, according to Executive Bulletin and reports carried by ZAWYA and other outlets. The first issuance is expected to fall between EGP 500 million and EGP 700 million. Under the structure, Beltone Asset Management will manage the offering, though the publicly available reporting does not provide further detail on the fund's vehicle, target returns, or investor eligibility. Amtaar, an Egyptian proptech firm, is described as the real estate partner in the venture.
Beltone Holding (EGX: BTFH; ISIN EGS691G1C015) closed at EGP 2.840 on October 6, 2026, up 1.07%. That session predates the October 7 announcement, so the reported price move cannot be attributed to the fund news. The announcement does add an asset-management growth angle to a group whose core operations remain in financial services. Beltone Asset Management is described by the publisher as Egypt's largest non-bank-affiliated asset management house, with regional coverage across 20 markets in the Middle East and North Africa.
Reuters lists Beltone's fiscal 2025 revenue at EGP 12,634.95 million, up from EGP 7,254.91 million in fiscal 2024, an increase of about 74%. Net income moved in the opposite direction, declining to EGP 1,347.05 million from EGP 1,702.24 million. Revenue growth therefore has not yet translated into earnings growth on the reported figures. Investors will likely weigh the EGP 500 million to EGP 700 million opening issuance against the EGP 2 billion total target as the clearest measure of the fund's near-term progress.
Beltone Holding (EGX: BTFH; ISIN EGS691G1C015) closed at EGP 2.840 on October 6, 2026, up 1.07%. That session predates the October 7 announcement, so the reported price move cannot be attributed to the fund news. The announcement does add an asset-management growth angle to a group whose core operations remain in financial services. Beltone Asset Management is described by the publisher as Egypt's largest non-bank-affiliated asset management house, with regional coverage across 20 markets in the Middle East and North Africa.
Reuters lists Beltone's fiscal 2025 revenue at EGP 12,634.95 million, up from EGP 7,254.91 million in fiscal 2024, an increase of about 74%. Net income moved in the opposite direction, declining to EGP 1,347.05 million from EGP 1,702.24 million. Revenue growth therefore has not yet translated into earnings growth on the reported figures. Investors will likely weigh the EGP 500 million to EGP 700 million opening issuance against the EGP 2 billion total target as the clearest measure of the fund's near-term progress.
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