Economy, Business And Markets

Profit for Nasim Construction Fund

Profit for Nasim Construction FundProfit for Nasim Construction Fund

Since September 2014 when the first construction fund, called Nasim, was established in Tehran, shareholders have achieved 9.3% in dividend growth, Donya-e-Eqtesad reported on Sunday. The fund, affiliated to the ministries of economy and roads as well as Bank Maskan, was initially aimed at offering shareholders 25% profit, but the recession was a major blow to the housing market, including the newly-established fund, which sought to attract capital through a modern tool for investment in the Iranian real-estate market. At least 20 more applicants, mostly from the private sector, have now requested permits to set up similar funds, the report noted. Housing experts are warning that the new funds could face bankruptcy as the recession persists. For Nasim Fund, the situation was different, critics argue, since it had the financial support of Bank Maskan over the past 10 months, a privilege that new funds lack.