Cairo – September 25, 2024: Prime Minister Mostafa Madbouly reviewed a report on the activities of Egypt’s gold investment funds on Tuesday.
As of August 2024, the total net assets of gold investment funds have significantly increased compared to July, marking a positive trend for funds AZ-Gold, Evolve Gold, and Dahab fund, according to a report presented by Mohamed Farid Saleh, Chairman of FRA.
The report detailed the activities of gold investment funds during July and August 2024.
Egypt’s latest gold investment fund raised over LE 30 million from investors, surpassing its initial target of LE 10 million, the report noted.
The newest gold investment fund, named AFIM Evolve Fund “Dahab,” was launched in June 2024 by the Al Ahly Financial Investments Management in collaboration with Evolve Investment, focusing on direct investment in gold bullion with a performance correlation of at least 80 percent to the gold price index as published by the Egyptian Exchange.
This approach enables investors to gain a tangible asset while closely tracking market fluctuations.
According to a previous FRA report, released last week, the Dahab fund attracted 43 investors in June, accumulating net assets of LE 35.8 million.
The gold investment funds, part of Egypt's broader strategy to enhance financial inclusion, aim to provide safe investment environments and diverse savings opportunities for various segments of society, explained Madbouly through a cabinet statement on Tuesday.
These funds allow investors to purchase documents that facilitate investment in gold through licensed banks and companies, reflecting the government’s commitment to developing a comprehensive financial sector that caters to the needs of all citizens.
The first gold fund, AZ-Gold, was introduced in May 2023, followed by the Beltone Evolve Gold Fund "Sabayek" in January 2024, aligning with new regulations designed to promote such investment vehicles within Egypt's emerging economic landscape.
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