Beltone Investment Management, a subsidiary of Beltone Financial Holding, has secured initial approval from the Financial Regulatory Authority (FRA) to establish a gold investment fund.
Beltone is actively working to fulfill the remaining requirements and conditions outlined by the FRA. Upon completion of these procedures, the company anticipates obtaining the final approval for the fund’s issuance by the conclusion of the current quarter.
After establishment, the gold investment fund is slated to be traded on the Egyptian Exchange, representing Beltone’s strategic move to diversify its managed assets. The company aims to launch various funds, with the objective of attracting a broader investor base in the near future.
The FRA has implemented a comprehensive regulatory framework for investment funds in metals, including the establishment of registries for metal custody service providers and entities engaged in the buying and selling of metals. These regulations align with the FRA’s commitment to maintaining standards and rules in the financial sector.
Mohamed Farid, the head of the FRA, emphasized that the regulatory measures aim to support the state’s initiatives in enhancing financial and investment inclusion. The diversified investment options provided by investment funds in metals, including gold, align with the goal of catering to the needs of various segments of society. Farid highlighted the protective aspect of the regulations, ensuring the rights of all participants by governing the operations of the investment fund in metals and managing the relationship between the fund and its document holders.
Farid underscored the potential of investment funds in metals, particularly gold, to offer diverse investment and saving opportunities, catering to the requirements of different societal segments. These funds are seen as a valuable tool for individuals to hedge against price fluctuations through participation in organized and secure investments.
By: Delino Gayweh
Serrari Financial Analyst
January 10, 2024
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