Egypt’s AZ-Gold fund witnessed an approximately 4-fold increase in net assets, reaching EGP 825.6 million in August 2024, compared to EGP 201.6 million in August 2023, according to a report released by the Cabinet to follow up on gold funds achievements until August 2024.

According to the report, the fund witnessed a three-fold increase in investors, reaching 131 thousand clients in August 2024, compared to 37.5 thousand clients in August 2023.

The AZ-Gold fund was established in May 2023, and 12 companies specialized in securities trading operations and portfolio and fund management were purchased through the documents, most notably Azimut Egypt, the fund’s manager.

The report talked about the Beltone Evolve Fund, pointing out that it was established in January 2024, and 48 investors joined it, while the fund’s net assets amounted to EGP 63.6 million.

The report also indicated that the Dahab Fund was established in June 2024, and the documents were purchased through companies specialized in securities trading operations, including Al-Ahly Financial Investment Management Company and Mubasher Securities and Bonds Trading Company.

The Cabinet pointed out that 43 investors joined the Dahab fund, while the fund's net assets are EGP 35.8 million.

Moreover, gold funds offer the opportunity to initiate investments with minimal amounts, starting from EGP 10, without a maximum limit. They also allow for redemption in cash or in-kind, distinguishing them from conventional bank certificates by providing ease of withdrawal.