The Mubasher-Evolve Gold Fund (Dahab Mubasher) was more than three times oversubscribed in about 10 days after subscription opened on July 6, according to Ehab Rashad, Vice Chairman of Mubasher Capital Holding for Financial Investments.

Egypt is witnessing growing interest in gold investment funds, driven by a desire to invest in safe haven instruments to hedge against rising inflation rates. This is the fourth gold investment fund in Egypt.

“The fund is now more than three times oversubscribed... We will close subscription next week," Rashad told Zawya Arabic.

 The fund's initial capital is EGP 10 million ($202,300). It aims to invest its resources equally in gold and government debt instruments such as treasury bonds and bills, with the aim of achieving a balance between returns and safe havens.

The number of investors in the three previous funds reached around 200,000, with transactions amounting to EGP 2.1 billion, according to official data issued last May.

Subscription to the "Dahab Mubasher" fund began at EGP 10 per share, with a minimum subscription of approximately 100 shares with a value of EGP 1,000.

According to Rashad, the fund allows investors to purchase and redeem their shares at any time electronically via the Mubasher app.

Click here for the Arabic version of the article.