The IFA Khaleeji Fund, the first offering from three of the Gulf's leading financial institutions has announced that it has successfully completed its initial offer period on March 31, 2004.
Kuwait's International Financial Advisors (IFA), Univest Group and the United Arab Emirate (UAE)'s Daman, are the promoters of IFA Khaleeji Fund. The fund has already gone into operation and has begun investing in its target markets as of April 1, 2004.
Markets covered by the cross-border financial joint venture are those of the six Gulf Cooperation Council (GCC) countries, which include Kuwait, UAE, Saudi Arabia, Bahrain, Oman and Qatar; in addition to the highly promising market of Iraq.
The IFA Khaleeji Fund will now open for subscription at the published net asset value (NAV) twice every month. The first NAV of the fund will be published on April 15, 2004 and thereafter, it will be published every fortnight.
One of the main objectives of the three partners was to attract global foreign investment flows into the as yet under-exposed GCC and Iraq markets, which are considered promising emerging markets that hold high potential. For this purpose, the IFA Khaleeji Fund was carefully designed specifically for these investors, bearing in mind their expectations of a certain level of transparency and corporate governance.
The IFA Khaleeji Fund targets institutional and high net worth investors. It was launched with a $100 per unit price and minimum subscription set at $500,000. The fund aims to pay dividends of up to half the realized gains every quarter. The fund is open-ended and is registered in the Cayman Islands. It invests in the equities of the Arab Gulf markets. — (menareport.com)
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