Beltone, Evolve Launch Fresh Gold Investment Fund “Sabayek”

January 22, 2024


Beltone Financial Holding and gold investment solutions provider Evolve Gold have joined forces to unveil the ‘Beltone Evolve Gold Fund – Sabayek,’ a novel gold investment solution in the Egyptian market,” announced Beltone.

This marks the second fund in the series, following the initial “B-Secure,” which focuses on fixed-income instruments in Egyptian Pounds and boasts a size exceeding EGP 1.6 billion.

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 raising EGP 10 million through the offering of 100,000 units, each with a nominal value of EGP 100. It boasts an initial seed capital of EGP 5 million, 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 achieving portfolio diversification.

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 (CBE).

Beltone’s non-banking asset manager “Beltone Asset Management” is managing the Fund.

“We are thrilled to add a new asset class to our investment vehicles that present an attractive option for investors looking to add gold investments to their portfolios through 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,” said Dalia Shafik, CEO and managing director of Beltone Asset Management.

Khalil El Bawab, CEO of Local and Regional Markets at Beltone mentioned that this partnership is 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 our joint efforts, we aim to empower investors and contribute to the growth and diversification of Egypt’s investment market,” El Bwab further noted.

Sameh El Torgoman, Chairman and CEO of Evolve Investment stated that this collaboration 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,” he explained.

Amid the uncertainty resulting from the repercussions of the global and regional geopolitical tensions, there is a high turnout from Egyptians and investors alike on the safe havens in a bid to hedge against economic fluctuations, with gold being among the top safe havens historically.

Sabayek is not the first gold investment solution Evolve presented. Egyptian asset manager Azimut and Evolve Holding launched in May the first gold investment fund in Egypt.

The fund invests in 24-carat gold bars and issues investment certificates starting from EGP 10, which are available for sale at post offices. It also allows investors to redeem their certificates in cash or grams of gold.