Bokra to launch new Shakmagia gold fund this month

Bokra Holding is planning to launch its FRA-approved Shakmagia gold fund this month, with an initial target of EGP 10 mn before expanding to meet investor demand. “Our core customer is the Egyptian woman, who has always used gold as her primary savings tool,” CEO Ayman Elsawy tells EnterpriseAM, explaining that “through a regulated fund structure, it also becomes a vehicle for real returns in a way that jewellery in a drawer never was.”

Elsawy expects the ongoing war and resulting market uncertainty to increase interest in the fund, given that “when markets are volatile and the geopolitical outlook is unclear, investors, both institutional and everyday savers, naturally look for a store of value they can trust.”

Bokra has more products in the pipeline, including a planned Health Tech Care Fund, which Bokra says builds on its excitement regarding “entrepreneurs building in this space and the real difference their work can make.” Bokra is also looking to launch its Aqar Fund for Underurbanized Areas, which will serve the “enormous underserved market in smaller cities and developing areas” and “families with real housing needs who are ignored by traditional developers” clustered around Cairo and focused on premium segments, Ayman says. The company is also planning its Manufacturing Fund Egypt to support Egypt’s “industrial base, create jobs, and reduce import dependency.”

FRA is capping vehicle depreciation rates to settle claims disputes

The Financial Regulatory Authority (FRA) has capped depreciation rates for vehicle accident repairs to ensure fair payouts, according to a statement from the authority. FRA Chairman Islam Azzam issued a new decree to protect car owners by setting a strict maximum limit on depreciation — the amount deducted for wear and tear on spare parts during accident repairs.

Ins. firms are now banned from exceeding the regulator’s maximum depreciation percentages when calculating repair estimates. However, the regulator is encouraging market competition by allowing firms to write lower depreciation rates into their policies, provided they do not cross the official cap.

The decree also aims to end disputes between ins. firms and clients over the retention of damaged parts. Driven by the surging market value of used cars and spare parts, ins. companies can now legally enforce policy terms requiring customers to either hand over damaged parts after a repair or accept a pre-agreed deduction from their claim payout if they choose to keep the scrap.

Gov’t, ILO, iSchool launch digital skills pilot for children

The labor and social solidarity ministries, the International Labour Organization (ILO), and iSchool have launched a digital skills pilot, according to a statement by the Labor Ministry. The pilot’s first phase will target children currently enrolled in the ILO’s Scream program, with a training path beginning with foundational STEM and life skills before progressing to specialized tracks in programming and AI.

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