"Evolve Investment".. The first gold investment fund in Egypt

Egypt put forward a new bid for gold exploration in 5 regions, which are the richest in the country's eastern desert.

Egypt has reaped about $7.5 billion from the Sukari mine, the largest gold mine in the country, over the past years, and is seeking to enhance dollar resources and take advantage of the region's natural resources, which have become the focus of many investors' eyes.

Metal investment funds

In this regard, the prices of precious metals, especially gold in Egypt, have been witnessing record jumps for more than a year, in parallel with the declines in the local currency.

Yesterday, Wednesday, April 12, 2023, the Financial Supervisory Authority in Egypt issued regulating decisions for dealing with investment funds in minerals, after monitoring investors’ tendency towards strongly safe assets that they consider a store of value.

How the funds work

  Investment funds deal with minerals, as one of the movable values, and work to provide liquidity to sectors that own valuable assets, most of which are movable, by securitizing financial rights over them, which requires partnerships with companies working in the field on which the rights are securitized.

The controls allow the fund’s board of directors or the fund’s oversight committee to seek the assistance of any of the mineral preservation service providers registered in the register prepared for this purpose in the authority.

It is decided that the investment manager undertakes to deal in buying and selling minerals through the entities registered in the register, and taking into account the controls set by the Authority in this regard, with the Fund’s obligation to provide the Authority with a copy of the contract concluded between it and the aforementioned service providers.

"Evolve Investment "The first gold investment fund 

   Evolve Investments' first fund of this type is close to finalizing its launch procedures, announcing the prospectus soon to investors from all over the world.

   The objective of the fund is to provide various investment tools to investors wishing to buy in metals such as gold, especially with the increase in the luster of the yellow metal as an investment vessel in the recent period, and various categories of investors, including individuals, will be allowed to subscribe to the fund.

Egypt puts bidding for gold exploration

The Egyptian Ministry of Petroleum launched an international bid for gold exploration, which began on Monday, April 10, 2023, in order to grant exploration rights for gold in the Eastern Desert, through the state-run Shalatin Mineral Resources Company, according to the Shalatin website.

The Shalatin Company opened the opportunity to bid for gold exploration in the Eastern Desert, from April 10 to August 10, and the conditions document is at $2,000 and the data book at $5,000 for the bidding companies.

Commodity exchange

  In accordance with the controls announced by the Financial Supervision Board of Directors, investment funds will have to deal with service providers for the purchase and sale of minerals that take an institutional form, so that they are from one of the companies whose purposes include dealing in minerals in buying and selling and are licensed to do so by the competent authorities with the availability of a minimum At least two years of previous experience.