CAIRO – 22 September 2024: In August 2024, Egypt's AZ-Gold fund experienced a remarkable surge in its net assets, soaring to LE 825.6 million from LE 201.6 million in August 2023, as per a report from the Cabinet tracking the fund's progress.
During the same period, the fund saw its investor base grow threefold, attracting 131 thousand clients in August 2024 versus 37.5 thousand in August 2023.
Established in May 2023, the AZ-Gold fund acquired 12 specialized companies involved in securities trading, portfolio management, and fund operations, notably Azimut Egypt, the fund's key manager.
The report highlighted the Beltone Evolve Fund, founded in January 2024, which welcomed 48 investors with net assets totaling LE 63.6 million.
Additionally, the report mentioned the establishment of the Dahab Fund in June 2024, with investments facilitated through companies like Al-Ahly Financial Investment Management Company and Mubasher Securities and Bonds Trading Company. The Dahab Fund attracted 43 investors, accumulating net assets of LE 35.8 million.
Gold funds stand out for enabling investments starting from LE 10 without an upper limit, offering flexible redemption options in cash or in-kind, providing a convenient withdrawal process distinct from traditional bank certificates.
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