The FRA officially launches the first investment fund in gold

The Financial Regulatory Authority (FRA) launched the first fund to invest in gold.

This comes within the FRA’s strategy to support the Egyptian government’s efforts to enhance levels of financial and investment inclusion and develop the non-banking financial sector.

The FRA issued all regulatory and legislative decisions and controls to regulate the dealings of investment funds in minerals. This includes Resolution No. 51 of 2023 which entails the conditions that must be met by mineral preservation service providers and Resolution No. 52 of 2023 which entails the conditions that must be met by investment fund entities in order to purchase, deal and sell minerals.

This is within the framework of the provisions of Article (35) of the Capital Market Law, which permitted the FRA’s Board of Directors to authorize the fund to deal in movable financial values, including minerals, which contributed to providing the necessary environment to launch the first investment fund in gold.

The fund will be run by Evolve Azimut, a joint venture between Evolve Holding and Azimut Egypt. The Managing Director of Azimut Egypt, said that the investment document starts from EGP 10 and its redemption will be available in cash and in kind.