EGP 153m.. Gains of the first gold fund in Egypt

Evolve Azimut, the first gold investment fund manager in Egypt, is considering issuing a second tranche of investment documents, after covering the first tranche more than 15 times.

EGP 153m

The Gold-az fund raised about EGP 153m from the first subscription tranche of its documents, according to a statement issued today, by attracting more than 7,000 investors, the majority of whom are Egyptian citizens.

Last month, Egypt's Financial Supervisory Authority approved the launch of the first gold investment fund for two companies, "Evolve Holding" and "Azimut Egypt".

Different mechanism

Sameh Al-Turgoman, Chairman and CEO of "Evolve Investment Holding Company", revealed that "a second tranche of the fund's documents is being studied, but with a different mechanism."

It is likely that the new offering date will be after the third quarter of this year, "when completing a study of the best form of the chip in accordance with developments in the local and global markets."

The launch of the fund and the demand for subscription to it, reflects the Egyptians' resort to gold as a safe haven to preserve their savings in light of the decline in the pound.

Egyptian market

Gold prices in the local currency have witnessed successive jumps recently in the Egyptian market, as they have increased by about 58% since the beginning of 2023 for the price of 21 carat gold, the most popular in the Egyptian market.

And by more than 167% in 12 months, to record 2,600 pounds per gram (equivalent to 84 US dollars), according to dealers in the local market, before it currently declines to about 2,350 pounds per gram.

First gold investment fund

The first gold investment fund in Egypt is managed by Azimut Investment Company, while Catalyst Management Services will price the investment document in the fund on a daily basis based on turnout and trading rates.