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The number of Egyptian citizens who joined to invest in gold funds reached 108,808 clients until April 2024, according to a report reviewed by Prime Minister, Mostafa Madbouly and presented by Chairman of the Financial Regulatory Authority ( FRA), Mohamed Farid. The Chairman of FRA explained that the first Egyptian fund to invest in gold was launched in May 2023, which is the AZ-Gold fund by the Azimut company. Additionally, the second fund was launched in January 2024, which is the Beltone Evolve Gold Investment Fund. Farid added that the possibility of launching a third fund affiliated with one of the National Bank of Egypt’s companies is currently being studied. He pointed out that these funds aim to invest directly in the gold metal while tracking the value of the document price/gold index announced by the Egyptian Stock Exchange (EGX). Regarding the AZ-Gold Fund, Farid indicated that the fund is managed by Azimut Egypt Fund and Portfolio Management Company, with a minimum of 100 documents at a price of EGP 10 in the initial subscription, and the investment in the fund can be recovered in the form of gold or cash. FRA’s Chairman Farid emphasized that the procurement of documents is facilitated through designated authorities specializing in securities trading and portfolio and fund management. These authorities comprise 10 companies, with Azimut Egypt Company leading the pack as the fund manager. Furthermore, the two additional entities have been recently included to handle subscriptions, thereby raising the total number of companies involved to 12, Farid added. Madbouly stressed the government’s keenness on boosting the field of gold investment funds, by providing the legislative and legal framework regulating these funds. He added that this contributes to transforming gold from a mere commodity into an investment tool. Business Today
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