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Egypt asset firm acquired by Dubai’s Ridge Capital

Dubai-based regional investment bank Ridge Capital has acquired Egyptian asset management firm El Rashad Holding, which is expanding its Islamic financing business, Reuters has reported. Rashad manages two funds, one for Misr Iran Bank and the other for National Bank of Egypt, and last month launched a third in Bahrain that specialises in Islamic investments, said Karim Amin of Sempra Capital, which acted as Ridge's adviser on the deal. Ridge Capital is owned by Angola-based Ridge Solutions.