A cross-border alliance of three prominent Gulf financial institutions, has announced the launch of the IFA Khaleeji Fund.
The three promoters and managers of the Fund – International Financial Advisors (IFA), Univest Group and Daman Asset Management – said the Fund was purposely created for IFA by Daman and Univest, to attract global foreign direct investment (FDI) flows into the high potential, but as yet under-exposed markets of the six GCC Gulf Cooperation Council (GCC) countries and Iraq.
The Arab - and especially Gulf - governments are in high gear to attract FDI – which at present is less than one percent of total global flows. The fund has a level of transparency in the private placement memorandum that is seldom seen in the region and a seven-member Board of Directors that reflects the diversity of the fund's investors. It also has the ability to automatically reinvest dividends to avoid taxation and the publication of the Fund's net asset value (NAV) in the London-based Financial Times.
The promoters are launching the fund with a seed capital of $10 million. The IFA Khaleeji Fund will invest in Gulf stocks as well as in Iraq - where Daman Asset Management was the first to enter with its Daman Iraq Fund launched in January 2003. Daman has experience and an extensive infrastructure in place, which would be available to the fund. — (menareport.com)
© 2004 Mena Report (www.menareport.com )