Egypt - Beltone Investment Management, a subsidiary of Beltone Financial Holding, has received initial approval from the Financial Regulatory Authority (FRA) to establish a gold investment fund, sources told Daily News Egypt.

The sources said that the company is working to meet the remaining requirements and conditions set by the FRA to complete the establishment procedures and get the final approval for the issuance by the end of the current quarter.

They added that the fund will be traded on the Egyptian Exchange after its establishment and that Beltone aims to diversify its managed assets and launch various funds to attract more investors shortly.

The FRA has set up a comprehensive regulatory framework for investment funds in metals, including creating registries for metal custody service providers and entities that the fund must deal with for buying and selling metals, according to the FRA’s rules and standards.

Mohamed Farid, the head of the FRA, said that the regulation issued by the authority mainly aims to support the state’s efforts to enhance financial and investment inclusion by diversifying investment options for all citizens.

He pointed out that the regulation also aims to protect the rights of all participants by regulating the operations of the investment fund in metals and the relationship between the fund and the document holders.

He stressed that investment funds in metals, especially gold, offer investment and saving opportunities that suit the needs of different segments of society and help them hedge against price fluctuations by participating in organized and secure investments.

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