Arab Finance: Azimut Egypt plans to launch the first silver investment fund soon in the Egyptian market, the company’s CEO Ahmed Abou El-Saad told Asharq Business.

The fund's initial capital range between EGP 150 and 200 million, the CEO added.

The size of the silver fund will increase later based on demand, as happened with the gold investment fund, which was introduced with about EGP 153 million until its size reached about EGP 1 billion now, Abou El-Saad said.

He also revealed that his firm plans to launch two other funds, the first of which is a new version of the Foras Equity Fund to invest in the Sharia-compliant stocks listed on the Egyptian Exchange (EGX) with around EGP 200 million in investments.

The second fund will invest in the real estate sector with negotiations currently underway with a real estate developer to be a partner in this fund. The fund is expected to be launched before the end of this year, he added.

Furthermore, Abou El-Saad revealed that Azimut Egypt is planning to establish a venture capital firm, with the aim of acquiring emerging financial technology companies that will serve the company’s expansions and complement its activities.

In May 2023, Evolve Azimut, a joint venture between Evolve Holding and Azimut Egypt, obtained the Financial Regulatory Authority’s (FRA) approval to launch the first gold investment fund in Egypt.

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