Azimut Egypt is preparing to launch the first investment fund in precious metals, in cooperation with Evolve Investment Holding, next February.
Ahmed Abul-Saad, managing director of Azimut Egypt, revealed that the fund is awaiting final approvals from the Financial Regulatory Authority to launch it in the coming days, provided that its size is determined as soon as the subscription door closes.
He explained that the aim of the fund is 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 subscription 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 work to provide liquidity to sectors that own valuable assets, most of which are movable, by securitizing financial rights over them, which requires partnerships with companies working in the field on which rights are securitized.
Evolve was established as an investment holding company with a capital of EGP 70m, with the participation of 8 local investors who are well-known personalities in the fields of financial markets, commodities and technology, with the aim of investing 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 a number of funds, including a fund to invest in gold.