Egyptian gold investment funds witness about 103K investors



Wed, 17 Apr 2024 - 05:54 GMT


Wed, 17 Apr 2024 - 05:54 GMT

CAIRO - 17 April 2024: The combined number of people who invested in two gold investment funds has reached approximately 103,000 by the end of March 2024, according to a report reviewed by Prime Minister, Mostafa Madbouly, and submitted by the Chairman of the Financial Regulatory Authority, Mohamed Farid.

Farid further provided details about the two funds. The first fund called the AZ-Gold fund, was launched in May 2023 by Azimut Company. The second fund, known as the Beltone Evolve Fund, focuses on investing in gold bullion and received approval for its launch in 2024.

He emphasized the significant role these funds play in advancing the Egyptian government's efforts to promote financial inclusion.

By investing in these funds, individual investors can buy gold, regardless of their financial capacity, even if they possess as little as LE 100 or 200.

The management of these funds is entrusted to companies specialized in fund and portfolio management, duly licensed by the FRA.

Furthermore, Farid clarified that the primary objective of these gold funds is to directly invest in physical gold.

The value of the fund's documentation is designed to accurately reflect the price and index of gold as announced by the Egyptian Stock Exchange. Initial subscriptions for these funds require a minimum purchase of 100 documents for LE 10 each.





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