Shuaa Capital has distributed a 5.31 percent dividend to Arab Income Fund (TAIF) investors, representing a yearly-annualized profit of 8.4 percent.
The TAIF fund, which invests solely in Arab government debt issues, has grown 8.31 percent with very low volatility, since its inception in May 2002, achieving an annualized return of 13.07 percent.
“Arab governments are increasingly realizing the importance of tapping the international markets for funding their deficit and mega-infrastructure projects as opposed to solely depending on syndicated banking loans,” says Executive Managing Director of Shuaa Capital, Ziad Makkawi.
Some $4.66 billion worth of Arab debt was issued during the course of 2002, of which $3.25 billion was in government bonds. Lebanon's $750 million issue was the latest yielding 10.5 percent and maturing in four years.
TAIF is a Cayman Island based open-ended fund with monthly subscription and redemption. The fund offers exposure to Arab sovereign debt through a single liquid investment backed by a rigorous investment process that is managed actively.
Shuaa Capital was established in 1979 as an investment house focused on investing and promoting investment into the Arab World. It has since pursued a strategy based initially on private equity investments and proprietary trading in Arab listed securities and subsequently on investing in the United Arab Emirates (UAE) and Gulf Cooperation Council (GCC) markets. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
