Egypt’s first gold investment fund in Egypt gets the FRA’s approval

CAIRO - 02 MAY 2023: The Financial Regulatory Authority (FRA) gave its approval to Evolve Azimut to launch the first gold investment fund in Egypt, Asharq Business reported citing unnamed sources. Evolve Azimut is a joint venture between Evolve Holding and Azimut Egypt.

The fund will be run by Azimut Egypt, while Catalyst Partners will be in charge of pricing the fund’s investment document that will be updated daily.

The roadshow to promote the fund is set to begin after mid-May, in which subscriptions will be opened for investors afterward, according to one of the unnamed sources.

The Egyptian Stock Exchange (EGX) will be announcing gold prices within two weeks, according to Chairman Rami El-Dokany. The move will aid in managing the gold investment fund and determining document prices. The gold prices will be derived from an accredited government-owned Egyptian refinery.

Earlier last week, Hany Milad, the head of the Jewelry and Goldsmithing Division, announced the launch of an initiative to collaborate with factories, traders, and retailers to offer significant discounts on gold jewelry in response to consumer demand.