Number of Egyptian citizens investing in gold funds surges to 108,808

The number of Egyptian citizens applying to invest in gold investment funds has reached 108,808 clients as of April 2024, according to a report presented by the Chairman of the Financial Regulatory Authority (FRA), Mohamed Farid, and reviewed by Prime Minister Mostafa Madbouly.

 

The report highlights that the first Egyptian gold investment fund, known as the AZ-Gold fund and managed by Azimut Egypt Fund and Portfolio Management Company, was launched in May 2023. 

 

Additionally, the Beltone Evolve Gold Investment Fund was launched in January 2024.

 The FRA is currently considering the possibility of launching a third fund in collaboration with one of the National Bank of Egypt’s companies.

 

These funds aim to directly invest in gold while tracking the price/gold index announced by the Egyptian Stock Exchange (EGX).

 

 The AZ-Gold Fund, for instance, requires a minimum initial subscription of 100 documents priced at LE 10, and investors can recover their investment in the form of gold or cash.

 

The Chairman of the FRA emphasized that the procurement of documents for these funds is facilitated through designated authorities specializing in securities trading, portfolio management, and fund management. 

 

Currently, there are a total of 12 companies involved, with Azimut Egypt Company leading the pack as the fund manager.

 

Prime Minister Madbouly expressed the government’s commitment to bolstering the field of gold investment funds and providing the necessary legislative and legal framework for their regulation.

 

 This framework aims to elevate gold from a mere commodity to a valuable investment tool.