The clap:
After receiving regulatory approval, Al Ahly Financial Investments Management has set tomorrow as the launch date for its new gold fund, Head of Business Development Hanan Wagdy said in an interview with Al Borsa Newspaper.
The specifics:
The fund will issue 100,000 investment certificates priced at EGP 100 apiece.
Remember:
Egypt’s first gold fund by Asset managers Evolve Investment Holding and Azimut was 15x oversubscribed when it launched in 2023, raising EGP 152.8 million from initial orders. The country’s FX crisis at the time and worsening inflation led locals to pour savings into gold instead, with prices for the precious metal soaring 97% locally in 2023.
In other fund news:
CI Capital Asset Management — which announced plans to kickoff Egypt’s first shariah adherent investment funds following the kick off of the EGX33 index — will move forward with the launch in 3Q 2024, company CEO Amr Abol Enein told CNBC in an interview. CI says it wants it to be among Egypt’s top five funds, and plans to secure the majority of its capital from Gulf countries.
And more to come:
Likewise, Azimut, which is eyeing a similar launch, submitted last week an application with the Financial Regulatory Authority to launch its new Islamic fund in the EGX33, Azimut Managing Director Ahmed Abou El Saad told Al Borsa Newspaper.
