As good as gold: Beltone Asset Management has been awarded the management of a newly launched gold investment fund that aims to raise EGP 10 mn by offering 100k certificates at a nominal value of EGP 100 apiece, Beltone said in a statement (pdf). The fund — dubbed Beltone Evolve Gold (Sabayek) — will invest in physical, 24-karat gold bullions and has received initial seed capital of EGP 5 mn from its founders Beltone Securities Holding and Evolve Holding. The minimum subscription in the fund is 10 certificates worth EGP 1000, Beltone said in a Linkedin post yesterday.

What they said: “This collaboration represents a significant milestone in the

financial landscape of Egypt, providing investors with a unique opportunity to access

the stability and long-term value of gold as an investment asset,” Beltone’s CEO for local and regional markets Khalil El Bawab said.

Gold rush: The price of 24-karat gold rose to fresh highs in the past few weeks and has stabilized at around EGP 3,720 per gram as of yesterday. Gold prices are up over 75% y-o-y as more Egyptians flock to the precious metal, which has been acting as a haven asset for people looking to protect savings from a volatile EGP and the prospect of an upcoming devaluation.

ICYMI: Egypt’s first gold fund was launched in May last year by Azmiut and Evolve Holding.

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