Egyptians Invested EGP 925 Million in Gold Investment Funds Since 2023
131,000 Egyptians have invested EGP 925 million in state gold funds since launch in May 2023. Egypt's gold funds offer secure investment options, starting from EGP 10.
Chairman of the Financial Regulatory Authority (FRA), Mohamed Farid Saleh, announced that 131,000 Egyptians have invested a total of EGP 925 million in state gold investment funds. This milestone reflects a growing interest in secure investment avenues amidst global economic uncertainties.
Saleh's announcement came during a meeting with Prime Minister Mostafa Madbouly, where they discussed the FRA's initiatives to enhance the role of the non-banking financial sector in Egypt's economy. The FRA has established a legal and regulatory framework for gold investment funds, offering Egyptians a secure method to invest in gold.
Since May 2023, Egypt has introduced three major gold investment funds: AZ Gold, the Beltone Evolve Gold Investment Fund (Sabayek), and Al Ahly Financial Investment Management. These funds provide investment certificates starting from EGP 10, which can be redeemed for cash or gold grams.
The rising global and local geopolitical tensions, combined with anticipated US Federal Reserve interest rate cuts in 2024 and a global shortage of US dollar reserves, have driven investors to gold as a hedge against inflation and price increases. This trend highlights the increasing role of gold in investment strategies as a safeguard against economic fluctuation.
