AFIM to launch gold fund in June

Updated 6/13/2024 9:30:00 AM
AFIM to launch gold fund in June

Arab Finance: Al Ahly Financial Investments Management (AFIM) is planning to launch a new gold investment fund by June 24th after obtaining the Financial Regulatory Authority’s (FRA) approval, the firm’s Head of Business Development Hanan Wagdy told Al Borsa News reported.

The fund will issue a total of up to 100,000 investment certificates, priced at EGP 100 each, Wagdy highlighted.

It is worth noting that there are two gold funds in Egypt, namely the AZ-Gold Fund by Azimut Company, which was launched in May 2023, and the Beltone Evolve Gold Fund (Sabayek), which was launched in last January.

On June 4th, the FRA’ Chairman Mohamed Farid announced that the number of Egyptian citizens who applied to invest in the country’s two gold investment funds reached 108,808 at the end of April 2024.

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