Farid added that these two funds came as follows: the Egyptian AZ-Gold fund by Azimut Company, which was launched in May 2023, and the Beltone Evolve Fund to invest in gold bullion, which was approved to launch in 2024.
The number of clients who joined to invest in the two gold investment funds reached about 103K clients by the end of March 2024, according to a report reviewed by Prime Minister, Mostafa Madbouly, and submitted by the Chairman of the Financial Regulatory Authority (FRA), Mohamed Farid.
Farid added that these two funds came as follows: the Egyptian AZ-Gold fund by Azimut Company, which was launched in May 2023, and the Beltone Evolve Fund to invest in gold bullion, which was approved to launch in 2024.
He pointed to these funds' role in bolstering the Egyptian government's endeavors towards enhancing financial inclusion.
By investing in these funds, individual investors gain the opportunity to purchase gold regardless of their financial capacity, even if they possess only EGP 100 or 200, the chairman of FRA added.
He clarified that the objective of the gold fund is to directly invest in the gold metal. The value of the fund's document is designed to mirror the price and index of gold as declared by the Egyptian Stock Exchange.
FRA’s chairman Farid pointed out that the funds are managed by companies specialized in fund and portfolio management licensed by the FRA, with a minimum of 100 documents at a price of EGP 10 in the initial subscription.
