Beltone Holding, a rapidly growing financial institution, has revealed that its subsidiary, Beltone Asset Management, has secured the management of the Beltone Evolve Gold Fund “Sabayek,” making it the largest non-bank affiliated asset manager in Egypt, Invest-Gate reports.

Co-sponsored by Beltone Securities Holding and Evolve Investment Holding, Sabayek is geared towards direct investments in physical gold bullion with a minimum purity of 999.9.

The fund aims to generate EGP10 mn by offering 100,000 units, each valued at EGP100, backed by an initial seed capital of EGP5 mn subscribed to by the fund co-sponsors.

Moreover, the primary goal of Sabayek is to provide investors in Egypt with an alternative platform for gold investment, catering to the growing global demand for gold as a hedge against inflation and currency fluctuations, as well as for portfolio diversification.

Furthermore, to ensure the security of the fund’s assets, the physical gold bullion 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, expressed enthusiasm for the new asset class, stating, “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.”

Khalil El Bawab, CEO of Local and Regional Markets at Beltone, highlighted the significance of the partnership with Evolve Investments for the launch of Sabayek, calling it a milestone in Egypt’s financial landscape. The collaboration offers investors a unique opportunity to access gold’s stability and long-term value as an investment asset.

Sameh El Torgoman, Chairman and CEO of Evolve Investment, noted, “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.”