CI Capital, one of the largest private investment banks in Egypt, is aiming to reach first close on a $300m joint private equity fund set up in partnership with London-based asset manager Duet Group next year.

The initial closing of the fund could happen as early as the first quarter next year, a source says, suggesting that confidence in the Egyptian economy is beginning to grow.

First close means a certain threshold of money has been raised and the fund can begin to make new investments and attract additional funding if needed.

The Duet-CIC Egypt Opportunities Fund was set up in mid-2014 and will target consumer-related industries, including pharmaceuticals, education, real estate and consumer goods. It will provide opportunities for international and domestic investors.

These sectors were seen as most appealing, given the size of the Egyptian population and the anticipated growth in demand for goods.

Nile Holding, an Egypt-focused private investment vehicle set up by Egyptian businessman Nassef Sawiris, announced earlier this year it would contribute up to 25 per cent in the fund’s investments.

Sawiris is one of the richest men in Egypt and is the CEO of OCI Netherlands and chairman of the local Orascom Construction Industries.