INVESCO Asset Management Limited, part of INVESCO PLC one of the largest independent investment management organizations, today announced that it has signed a distribution agreement with Mashreq. All INVESCO’s off-shore funds will now be available to Mashreq customers.
“At Mashreq, we are dedicated to providing our customers with the very best possible suite of investment products. INVESCO’s off-shore fund range will now be available to our customers from any of our 47 branches throughout the UAE,” said Nabeel Malik, Retail Banking Group in Mashreq.
“Our role as investment advisers to our customers is one we take seriously. We are a team of dedicated investment professionals who seek to understand our customer’s unique investment criteria through in-depth risk profiling. Now that we are able to offer the INVESCO off-shore fund range, we are confident that we are in a position to even better meet the demands of our customers.” continued Mr. Malik.
Nick Savastano, Associate Director, INVESCO Dubai, said: “I am delighted to confirm that the INVESCO off-shore fund range will now be available to Mashreq customers. We are receiving considerable local interest for products such as the INVESCO Capital Shield 90 Fund and our Asian funds which, along with our entire range, will be available through Mashreq.”
He adds, “The continuing apathy in local stock markets, combined with the increasing investor sophistication apparent in the region, is driving savvy investors to consider fund products that can bring greater diversification to their portfolios. I believe our agreement with Mashreq will benefit investors greatly in this way.”
INVESCO opened its office in Dubai in September 2005 and has a license from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC) as an authorised firm.
INVESCO is part of INVESCO PLC, one of the largest independent investment management organizations. INVESCO PLC is dedicated to helping people worldwide build their financial security. Operating principally through the AIM, AIM Trimark, Atlantic Trust, INVESCO, Invesco Perpetual, PowerShares and WL Ross & Co. brands, INVESCO PLC strives to deliver outstanding performance and service across a comprehensive range of investment products for individuals and institutions around the world.
About Mashreq
mashreq is the largest private bank in the UAE and also the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts it was the first to launch such products as travellers’ cheques, credit cards and ATMs.
It is invariably among the highest performing banks in the region. Last year it recorded a Net Profit of over US$470 million from a Total Operating Income of $844 million. At the end of last year its Total Assets stood at $15.2 billion
mashreq has received numerous international awards, particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin.
As a leading financial Institution in the UAE mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
Tidalmarine Engineering Secures Contract To Build Marina for the AED 600 Million Luxurious Mountain-Sea Resort in Fujairah
Mina Al Fajer Real Estate LLC, a leading property developer in the UAE announced that construction for what is envisioned to be a world-class marina in its AED600 million Mina Al Fajer Resort in Fujairah will now commence following the appointment of Tidalmarine Engineering (TME), a well-reputed Malaysian firm engaged in dredging, reclamation, coastal protection, port and harbour activities all over the world.
The selection of TME comes shortly after the launch of the project which underscores the unwavering commitment of Mina Al Fajer to complete the project on time by the end of 2009.
The deal was signed by Mr. Ahmed Ali Khalfan Al Dhaheri, Vice Chairman, Mina Al Fajer Real Estate LLC and Eng. Nik Abdullah Kamel, Regional Manager ME, Tidalmarine Engineering SDN. BHD. in the presence of top executives from both companies and the project consultants Erga Progress.
Abdulrahman Al Awar, Managing Director of Mina Al Fajer Real Estate LLC and Director of Development and Investment in the private office of HH Dr. Sheikh Sultan bin Khalifa bin Zayed Al Nahyan said the marina was an important aspect of the entire Mina Al Fajer resort and that it was critical to have a partner that had the international expertise to complete the project on time and up to standards. “The marina at Mina Al Fajer Resort is one of the main attractions of the entire development, and so we have taken great care to select a company that will build it the way we envisioned it. TME’s long-standing credential speaks highly of its quality of work, and commitment to delivering projects on time so we are extremely pleased to be working with them.”
Established in 1993, TME is a Malaysian-based company known internationally for its expertise in dredging, reclamation, coastal protection, civil engineering works, as well as port and harbor activities. Commenting on TME’s appointment as contractor for Mina Al Fajer Resort’s marina, Nik Abdullah Kamel, Regional Manager ME, Tidalmarine Engineering SDN. BHD said: “We’re delighted to be working with Mina Al Fajer on such a landmark development in Fujairah. The marina will be a challenging work, but we’re confident that with our experience and expertise we will be able to deliver a truly world-class marina for this breath-taking property.”
Construction for the Mina Al Fajer Resort will start before the end of the month and is expected to be completed by the end of 2009. It is the first of what is expected to be a growing number of world-class, distinctive and exclusive real estate projects in Fujairah.
Mina Al Fajer is a superb sea-front community that will include a marina, 48 mountain villas, 13 solarium villas, and 80 marina apartments, in addition to a 200-room five-star hotel that will be managed by the Fairmont Hotels and Resorts.
With nature providing a dramatic backdrop to an upscale and exclusive resort, Mina Al Fajer promises contemporary, luxurious living experience that is unlike any other in the region.
About Mina Al Fajer Resort:
Offering the discerning homeowner a unique lifestyle community, Mina Al Fajer Resort is a ground breaking development situated in the picturesque emirate of Fujairah. Located at the foot of the Hajar Mountains, the 777,025 sqft mix-use project is the brainchild of Mina Al Fajer Real Estate LLC; a leading property development firm specializing in quality projects and luxurious resorts developed to the highest International standards. With His Highness Dr. Sheikh Sultan bin Khalifa bin Zayed Al Nahyan as chairman, the company is looking at diversifying its portfolio of leading real estate developments to the entire Middle East, across Europe and the Indian Ocean.
