FRA grants licence to 1st gold investment fund in Egypt
Updated 5/1/2023 11:59:00 AM
Arab Finance: Evolve Azimut, a joint venture between Evolve Holding and Azimut Egypt, has obtained the Financial Regulatory Authority’s (FRA) approval to launch the first gold investment fund in Egypt, three sources familiar with the matter told Asharq Business on May 1st.
The FRA’s approval comes in line with the recent hike in gold prices, with the price of the 21-karat gold rising by 58% since the beginning of the year and by over 167% in 12 months to register EGP 2,600 per gram.
The roadshow to promote the fund is set to begin after mid-May, in which subscriptions will be opened for investors afterward, one of sources said.
The fund will be run by Azimut Egypt, while Catalyst Partners will be in charge of pricing the fund’s investment document that will be updated on a daily basis.
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