The protocol is expected to transform the traditional Egyptian precious metals market into a more sophisticated and well-organized entity, making gold investment accessible to more diverse individuals.
Through this protocol, Dahab Masr aims to expand its operations in the Egyptian market by leveraging modern technologies and AI to offer advanced investment opportunities and facilitate investing in gold, said Fady Kamel, the CEO of Dahab Masr.
“This step aligns with the company's commitment to supporting the economy and enhancing Egypt's position as a major hub for gold investment in the Middle East and North Africa,” Kamel added.
Furthermore, this recent collaboration follows Dahab Masr's strategic partnership with Kash Now, an Egypt-based digital payment app that streamlines gold purchasing.
Similarly, Egypt's Assay and Weights Administration (AWA) conducted its first electronic auction for gold and silver in November, featuring 66 gold bars and 41 silver bars.
The Egyptian government and private sector have launched, in turn, initiatives to stimulate investments in gold, including the introduction of gold investment funds.
Master Gold Egypt also launched in November the first ATM in Egypt selling gold bars, in partnership with local e-payment technology company Finway, to diversify ways citizens can purchase gold.
The Egyptian Cabinet had approved extending the zero-custom initiative for gold imports by Egyptians abroad for an additional six months, until May 10.
In 2022, the country’s gold exports surged by 45 percent, reaching $1.633 billion, compared to $1.126 billion in 2021, according to Egypt's General Organization for Export and Import Control.