Beltone Financial Holding announced that its wholly owned subsidiary, Beltone Asset Management, the largest non-bank affiliated asset manager in Egypt, has been awarded the management of Beltone Evolve Gold Fund “Sabayek.”
Sabayek, co-sponsored by Beltone Securities Holding and Evolve Investment Holding, aims to directly invest in physical gold bullion with a minimum purity of 999.9. The fund targets to raise EGP 10m through the offering of 100,000 units, each with a nominal value of EGP 100. It boasts an initial seed capital of EGP 5m, which has already been subscribed to by the fund co-sponsors.
The primary objective of Sabayek is to offer investors an alternative venue for investing in gold in Egypt, addressing the increasing global demand for gold as an inflation and currency hedge, as well as for achieving portfolio diversification. To ensure the utmost security and protection of the fund’s assets, the physical gold bullion held by the fund will be fully insured and stored by Egy-Cash, a reputable financial institution owned by the Central Bank of Egypt.
Dalia Shafik, CEO and Managing Director of Beltone Asset Management, commented: “We are thrilled to add a new asset class to our investment vehicles that presents an attractive option for investors looking to add gold investments to their portfolios in a convenient and easy way, with the added peace of mind of knowing that this gold is of the highest purity and is insured and stored by a reputable financial institution.”
Khalil El Bawab, CEO for Local and Regional Markets at Beltone, expressed his excitement in partnering with Evolve Investments for the launch of Beltone Evolve Gold Fund “Sabayek.” This collaboration represents a significant milestone in the financial landscape of Egypt, providing investors with a unique opportunity to access the stability and long-term value of gold as an investment asset. Through their joint efforts, they aim to empower investors and contribute to the growth and diversification of Egypt’s investment market.
El Bawab added that Sabayek is part of Beltone’s strategy to offer a variety of mutual funds that suit the needs and goals of different investors. Sabayek is the second in a series of funds after B-Secure that invests in fixed income instruments in Egyptian pounds, with a size surpassing EGP 1.6bn.
Sameh El Torgoman, Chairperson and CEO of Evolve Investment, said: “Partnering with Beltone marks an important strategic first step in our long-term roadmap of cooperation. We are pleased with this partnership, as it signifies the creation of innovation in the capital market. By launching a new gold investment fund, we are not only providing investors with a unique opportunity to invest in 24-carat gold, but we are also supporting the efforts of the Financial Regulatory Authority to innovate and introduce new products. This cooperation between Beltone Securities Holding and Evolve Investment is a testament to our commitment to enhancing financial and investment inclusion in Egypt.”
