Beltone, Evolve Holding launch new gold investment fund

The fund, called Sabayek (which means bullions), will focus on investing in 24-carat gold bars and will issue 100,000 investment certificates, each valued at EGP 100.

Sabayek aims to provide Egyptian investors with an alternative way to invest in gold, which can serve as a hedge against inflation and currency fluctuations while also offering portfolio diversification.

Moreover, Sabayek represents the second gold investment fund introduced by Evolve Holding, following the first fund, which invests in 24-carat gold bars and issues investment certificates starting from EGP 10.

“The fund serves as a milestone in Egypt's financial landscape, offering investors access to the stability and long-term value of gold as an investment asset,” said Khalil El-Bawab, CEO for Local and Regional Markets at Beltone.

The global and local geopolitical tensions, coupled with expectations of interest rate cuts by the US Federal Reserve in 2024 and global shortage in US dollar reserves, have prompted investors to increase purchases of gold as a means to hedge against rising prices and global inflation.

As a result, gold prices reached an all-time high of $2,078 per ounce in 2023, representing a 15 percent year-on-year increase.