Commencement of subscription to the first gold investment fund in Egypt

The fund is a specialized entity to invest in gold by issuing documents that will direct its proceeds to the purchase of gold. 

It aims to collect 10 million Egyptian pounds ($323.6 thousand) from its first issuance by issuing one million documents worth 10 pounds ($0.3). The investment can be recovered in the form of gold or cash.

On Sunday, subscription to the first fund specialized in investing in gold in Egypt begins, which is managed by Azimut Egypt for Funds and Portfolios Management, according to what the company announced.

Az-Gold 

The fund - which bears the name "az-Gold" - is a specialized entity for investing in gold by issuing documents that will direct its proceeds to purchase gold.

It aims to collect 10 million pounds (323.6 thousand dollars) from its first issuance by issuing one million documents worth 10 pounds (0.3 dollars).

The purchase of the fund’s documents will be made available to all investors, whether institutions or individuals, Egyptians and foreigners, and the fund is not listed on the stock exchange, and the documents will be dealt with through the subscription receiving entities, the details of which are published on the Azimut website.

Egyptian Stock Exchange

Azimut Egypt said, on its website, that the subscription aims to invest directly in gold metal - in the form of physical investment in bullion - while tracking the value of the document to the price of the gold index announced by the Egyptian Stock Exchange.

Last week, the Egyptian Stock Exchange began announcing gold prices on its website - as information for users - as it prepared to start receiving subscription requests for the gold investment fund.

The investment in the "az-Gold" fund can be redeemed in the form of gold or cash, according to what Azimut previously announced.

Control the local market

According to previous statements by the head of the Egyptian Stock Exchange, Rami El Dokani, the establishment of investment funds in metals, especially gold, will control the local market.  And rationalizing the demand for buying gold bullion and pounds with an alternative for investors without the need to buy gold from the markets and keep it.

The launch of the “az-Gold” fund comes at a time of increasing demand for gold as a safe haven in light of the uncertainty about the possibility of a further decline in the value of the local currency in Egypt, which caused jumps in gold prices in the local market during the last period.