Egypt Daily News – Dr. Mohamed Farid, the Chairman of the Board of Directors of the General Financial Regulatory Authority, announced that by the end of August 2024, approximately 131,000 citizens had invested around £925 million in gold investment funds.
This initiative aims to provide diversified and innovative investment products that cater to the financial needs of Egyptians and promote higher savings levels.
His remarks came during a meeting with Prime Minister Dr. Mostafa Madbouly, where they discussed various matters concerning the Authority’s operations.
Dr. Farid highlighted the introduction of three specific gold investment funds: the AZ-Gold fund, the Al Ahly Financial Investments Company’s investment fund, and the Evolve gold investment fund, known as “Dahab,” offered by a subsidiary of the National Bank of Egypt.
He also emphasized that the Authority has developed a robust legislative and regulatory framework to facilitate the establishment of these gold investment funds, ensuring that Egyptians can invest their savings in gold safely and in an organized manner.
