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National Bank of Dubai's MENA Fund listed on DFM |
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3/27/2006 1:42:00 PM |
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National Bank of Dubai has announced the official listing of its MENA Fund on the Dubai Financial Market. The National Bank of Dubai MENA Fund (NBDMENA) is the second fund to be launched under the Aafaq umbrella of investment funds and is managed in-house.
The fund invests in a diversified portfolio of equities spread across the Middle East and North Africa region (including Turkey) and offers investors the ability to capitalise on the structural reforms in the region’s economies and strong growth in the capital markets by providing access to a broad range of equity investment opportunities. The fund is open to all nationalities subject to certain restrictions on US & UK nationals.
‘This fund is expected to achieve consistent returns over a market cycle with effective management,” said Faranak Foroughi, Head of Private Banking, The Private Office, National Bank of Dubai. “By maintaining a diversified exposure to multiple strategies, we have provided the opportunity for investors to diversify their current exposure and invest in a vehicle professionally managed by a dedicated team of specialists.” The fund managers use three principal investment strategies intended to complement one another – a growth strategy, a value strategy and a market-oriented (trading) strategy employing a top down approach to construct the fund’s portfolio and using a bottom up process whenever necessary. The stock selection is based on a combination of proprietary company research supported by third-party research.
The fund is open-ended with a minimal initial subscription of AED 100,000 and subsequent subscriptions of AED 50,000 each. The fund may invest up to 100% in MENA equities listed on stock exchanges across the region with a wide range of allocation options. In its third month of performance, the NBD MENA fund NAV rose by 1.5% for the month of February, up 3.4% since inception.
The creation of the NBD MENA fund falls in line with NBD’s position as a leading asset manager in the region and addresses gaps in the current bouquet of funds available in the market. The DFM trading screens and bulletins will display the fund’s NAV with the prospectus and other relevant information available on the DFM website.
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