Azimut Egypt aims to launch a gold investment fund next February
According to Daily News, Azimut Egypt is preparing to launch the first investment fund in precious metals, in cooperation with Evolve Investment Holding, next February.
According to Ahmed Abul-Saad, managing director of Azimut Egypt, the fund is awaiting final approvals from the Financial Regulatory Authority to launch in the coming days, provided that its size is determined as soon as the subscription door closes.
He explained that the fund aims to provide various investment tools to interested investors, especially with the increase in the luster of gold as an investment vessel in the recent period, explaining that subscriptions to the fund will be available to individuals.
Daily News Egypt had previously published that Sameh El-Torgoman, former Chairperson of the Egyptian Exchange, had submitted papers to establish a movable guarantee fund in precious metals “gold,” and that another company was seeking to launch the same type of fund.
Movable values funds provide liquidity to sectors that own valuable assets, the majority of which are movable, by securitizing financial rights over them, which necessitates collaboration with companies that work in the field on which the rights are securitized.
Evolve was founded as an investment holding company with a capital of EGP 70 million and the participation of eight local investors who are well-known personalities in the fields of financial markets, commodities, and technology, to invest in gold-backed financial instruments as a first stage, followed by the addition of minerals and other financial instruments.
El-Torgoman revealed, in previous statements to the Daily News Egypt, the launch of several funds, including a fund to invest in gold.