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Egyptian Stock Exchange Announces Gold Prices for the First Time

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The Egyptian Stock Exchange, for the first time in history, began to announce gold prices on its website in cooperation with the Gold Net Trading Company.

The announcement on the official website of the Egyptian Stock Exchange was limited to a price of 24 grams, which was £2882.06 on offer and £2948.71 on demand.

Rami El Dokani, Chairman of the Stock Exchange, said during a press conference held earlier that the Stock Exchange will announce gold prices within a maximum of two weeks and that these prices will play a role in helping the Financial Regulatory Authority work. Golden Investment Fund.

It is planned that the Chairman of the General Directorate of Financial Supervision, Dr. Mohamed Farid, will launch tomorrow, Sunday, the first fund for investment in gold on the stock exchange due to the statement by Rami El Dokani, Chairman of the Exchange, the price of gold on the site, after the completion of technical troubleshooting , which delayed the start of displaying prices from last Sunday.

The AZ-Evolve Fund is the first gold investment fund which aims to raise around 2 billion Egyptian pounds in the first phase of the subscription, which will begin on Sunday 23 May.

The first-of-its-kind gold fund came about through the collaboration of Evolve Investment Holding with Azimut Egypt to manage investment funds.

Evolve will take over the process of buying raw gold and storing it using the egcash method for technology solutions for cash transactions, “specializing in providing services related to cash trading, while Azimut Egypt will manage the fund manager, together with a partner catalyst. for management services to determine the prices of the document, which is expected to start at a price of 10. Pounds in accordance with the rules of the Financial Conduct Authority.

The fund subscription door will be opened through several entities, including Al-Ahly Pharos Securities brokerage, Arabia Online brokerage, Fleet, Mubasher International, Thunder and Naeem, as well as Global Invest, Premier and 3Way.

Source: Cairo 24

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