Cairo –  A subsidiary of the National Bank of Egypt (NBE) has submitted a request to launch a new gold investment fund, said Mohammed Fareed, Chairman of the Financial Regulatory Authority (FRA).

The clientele of the only two gold investment funds in Egypt reached a number of 102,925, Fareed added, according to an official statement.

In January 2024, Beltone Holding’s wholly owned subsidiary, Beltone Asset Management launched the Beltone Evolve Gold Fund (Sabayek), the second of its kind in Egypt.

The first gold investment fund in the country was launched in May 2023 under the name AZ-Gold by Azimut Company.

Gold funds are a major step supporting the Egyptian government’s efforts to achieve financial sustainability, as they enable individual investors to invest amounts as low as EGP 100, FRA’s Chairman explained.

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