Beltone Private Equity, a private equity and venture capital investment firm and Egypt’s Arabiyya Istithmaraat (Arabian Investments) have signed a five-year management contract, a report said.

Beltone will get two per cent of Arabiyya’s capital value and 10 per cent of its net profits annually as compensation for managing the company, added the Daily News Egypt report.

The private equity company will also be responsible of paying the yearly expenses of Arabiyya Istithmaraat.

Beltone will manage all the assets and work on developing new ones, especially in the energy sector, the report said.

“We will witness new developments with the new management,” Osama Saleh, chairman of Arabiyya was quoted as saying in the report.