Shuaa Capital has listed its new managed fund the Arab Income Fund (TAIF) on the Dubai Financial Market (DFM). This move achieves the DFM Goal of offering a wider variety of investment products to investors, a DFM priority for the coming period, according to DFM Director General Essa Kazim.
TAIF was launched in May 2002 in the Gulf Cooperation Council (GCC). It gives exposure to most Arab markets through one single liquid investment and provides a professional investment process and active management, while taking advantage of major price distortions and providing diversification and low-to-negative correlation with other asset classes, according to a company press release.
TAIF is an open-ended fund incorporated in the Cayman Islands, with monthly subscription and redemption. SHUAA Capital will be investing its own money in the fund and its objective is to provide high total returns through investing primarily in US Dollar-denominated debt securities issued by governments of the Arab world.
“We have seen a strong demand for investments in this fund among our institutional and private clients,” commented Ziad Makkawi, SHUAA Capital’s executive managing director. “The TAIF Fund was started on May 13, and posted 1.19 percent return by the end of May, i.e. in 18 days. This return is considered to be very strong, especially when compared to the performance of other asset class in the same period (Dow Jones—1.8 percent, Nasdaq—2.2 percent, EMBI+ _ the JP Morgan benchmark for Emerging Market Debt_ +0.77 percent).”
Subscription orders may be given to Emirates Commercial Center, a DFM broker, or Shuaa Capital directly. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
