Granite Financial Holding has received approval from Egypt’s Financial Regulatory Authority (FRA) to initiate a new USD-denominated fixed-income fund, representing a significant milestone in its expansion within the CashTech sector.
The fund is a collaborative venture with Al Naeem Holding in Investments that makes Granite the investment manager to oversee dollar-based instruments professionally and to provide additional value to the investor with a strong regulatory framework.
This authorization followed weeks after Granite received its FRA license to operate non-banking financial activities using financial technology and launched the Granite Money Market Account, a digital platform for liquidity management.
The new fund is a direct response to the increasing demand for safe and high-yield investment tools over conventional ones.
The Dollar Account of Granite provides competitive cumulative daily returns with full regulatory oversight, accompanied by e-KYC, daily subscriptions, and weekly redemptions.
The fund offers clients stable returns in hard currency by investing in savings instruments only and dollar-denominated assets. Its flexible subscription and redemption allow it to manage corporate cash better, allowing more efficient financial decisions compared to low-yield liquidity vehicles.
Hisham Akram, Founder and CEO of Granite Financial Holding, Said, “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 stated, “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, reported the strategic nature of the partnership: “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.”
