Granite Financial Holding has gained approval from Egypt’s Financial Regulatory Authority to launch a new USD-denominated fixed-income fund, in partnership with Al Naeem Holding for Investments. This launch marks a key step in Granite’s growth within the CashTech sector.
Granite Financial Holding has secured approval from Egypt’s Financial Regulatory Authority (FRA) to introduce a new USD-denominated fixed-income fund. The initiative, developed in collaboration with Al Naeem Holding for Investments, sees Granite serving as the investment manager to provide professional oversight for dollar-based financial instruments.
This development follows shortly after Granite obtained its FRA license for non-banking financial activities via financial technology and rolled out the Granite Money Market Account, a digital tool for liquidity management. The fund addresses increasing demand for secure, high-yield options over conventional ones. Granite’s Dollar Account delivers competitive cumulative daily returns under strict regulatory monitoring, backed by electronic know-your-customer processes, daily subscriptions, and weekly redemptions.
Investments are confined to savings instruments and dollar-denominated assets, offering steady returns in hard currency. Its adaptable subscription and redemption options improve corporate cash handling, allowing for more effective financial choices than low-return liquidity options.
Hisham Akram, founder and CEO of Granite Financial Holding, commented: “The FRA’s approval represents a pivotal step in Granite’s journey, enabling us to expand our liquidity management solutions. We believe the future of liquidity management lies in combining strong regulatory oversight with advanced technological infrastructure, affirming Egypt’s commitment to a safe and growing financial sector.”
Akram continued: “Together with our partners at Al Naeem, we aim to promote the culture of cash funds in Egypt as effective liquidity management tools, delivering superior returns through smart financial solutions. This contributes to raising financial awareness and broadening the investor base in the Egyptian market.”
Youssef El-Far, vice chairperson and managing director of Al Naeem Holding for Investments, highlighted the partnership’s strategy: “The launch of the Granite USD Fixed-Income Fund reflects the strength of our collaboration with Granite and directly addresses investor demand for effective hard-currency liquidity tools. This initiative combines safety with competitive daily returns and reinforces our ability to introduce innovative dollar-denominated products to meet Egypt’s growing appetite for fixed-income instruments.”