What:
Evolve Investment Holding is set to launch Egypt’s third gold investment fund before the end of May. CEO Sameh El Torgoman, speaking at the inaugural World Gold Council conference, announced that the prospectus has already been filed with the Financial Regulatory Authority (FRA).
The fund will be a joint venture with Al Ahly Pharos, the investment banking arm of the National Bank of Egypt’s Al Ahly Capital Holding.
The Mechanism:
El Torgoman, in response to a question from Al Borsa News, added that the new fund would invest 80% in gold bullion and 20% in treasury bills.
So What:
He noted that through the partnership with Al Ahly Asset Management, his company aims to attract new categories of institutional and individual investors, both from within Egypt and abroad, leveraging its regional expansion.
Some Context:
The upcoming fund follows the success of Egypt’s first gold fund, launched in May 2023 with Azimut, and a subsequent one with Beltone Asset Management in January. These ventures have attracted EGP 1 billion from nearly 120,000 clients — Asharq Business reports El Torgoman as saying — underscoring a robust appetite for gold investment in the region. In fact, Egyptians purchased 60 tons of gold last year, ranking first in the Arab world and third in the Middle East.
Now What:
El Torgoman hinted at further expansion into precious metals, with plans to launch Egypt’s first silver-backed investment fund in H2-24.
