Riyadh - Sharikat Mubasher: Azimut Egypt announced plans to penetrate the Saudi Kingdom early in the next year after obtaining a license for assets management from the Saudi Capital Market Authority (CMA) to start its operations.

Azimut Egypt also expects to acquire the first license for integrated financial technology in Egypt in a few days, Ahmed Abou El-Saad, Managing Director of Azimut Egypt Asset Management told Asharq News on the sidelines of the eighth edition of the Think Commercial roundtable.

“We aim to register EGP 20 million worth of assets under our management by the end of this year compared to EGP 17 million achieved last year,” he added.

Notably, Egypt’s Financial Regulatory Authority (FRA) permitted establishing and licensing new firms with non-banking financial practices to digitalize non-banking financial transactions in fields, including IDs, registers, and contracts.