Arab Finance: Allianz Insurance Company in Egypt seeks to establish a fund to invest in gold early next year, after obtaining the necessary approvals from the Financial Supervision Authority. During the coming period, a contract will be signed with the fund’s management company and management services company, according to what was reported by the East Economy website.
It is worth noting that the government intends to launch a global bidding for gold research and exploration in 200 areas located in the Eastern Desert before the end of 2024. Three gold investment funds are currently operating in the Egyptian market; The “AZ–Gold” Fund, the Al Ahly Financial Investment Management Company’s investment fund, and the “Evolve” Fund for investing in gold with a cumulative daily return (Dahab), affiliated with one of the National Bank of Egypt companies.
Allianz Egypt was established in 2001 as a subsidiary of the international Allianz Group, and provides its services to individuals and companies. The company owns a cash fund as well as a group of diversified financial portfolios, including stock and cash portfolios, fixed income instruments, others compatible with the provisions of Islamic Sharia, and balanced portfolios.
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