Egypt's first gold fund raises EGP 152.8 million in initial subscription

Ahram Online , Tuesday 6 Jun 2023

Egypt’s first minerals investment fund, az-Gold, raised EGP 152.8 million ($4.94 million) through its initial subscription, according to a statement on Tuesday from Azimut Egypt which co-runs the fund with Evolve Holding.

AI generated photo showing gold bars and stock charts. Photo: DALL E 2 by Open AI.


The az-Gold fund, which was launched on 21 May, invests in 24-carat gold bars through investment certificates starting from EGP 10, which are redeemable as cash or grams of gold.

Azimut Egypt ended the initial subscription early due to 15 times coverage with over 7,000 investors.

The launch of the fund supports government's efforts to develop an inclusive financial and investment sector.

Gold funds are investment vehicles, usually in the form of mutual funds or exchange-traded funds (ETFs).

ETFs are bought directly on the stock exchange.

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