NBAD’s local funds swept Gold, Silver and Bronze medals as they outperformed the market and other local funds in 2007, according to a study by Zawya-Dow Jones.
NBAD UAE Growth, Trading, and Distribution Funds were the first three in the top 10 list of all funds in the UAE based on their performance in 2007 while NBAD Islamic Fund also featured in the top 10 list. In addition, NBAD UAE Growth Fund features in the top 10 list of all funds in the Middle East and North Africa (MENA) as the 6th best fund in the entire region last year.
“Our newly formed research and portfolio management team was able to put together some outstanding performance numbers in 2007. In fact, our Growth fund, the top performing fund in the UAE, was up almost 63% on a total return basis and beating the market by nearly 18% or 1,800 basis points” Mr. Nazem Al Kudsi, Chief Investment Officer, Asset Management Group, NBAD, said.
“Our other products, newly restructured after our portfolio management team came on board, performed with similar success – all beating their respective indices and market benchmarks significantly” Mr. Al Kudsi added.
NBAD UAE Trading Fund, the second top performing fund in the UAE, was up 60.31% while NBAD UAE Distribution Fund, the third top performer in 2007, was up 59.23%.
“We are very optimistic on the GCC and MENA region due to accelerating liberalization of markets and economies, more privatization, more regional integration, sustainable and strong organic domestic growth. Our newly formed internationally credentialed team will be launching a very exciting GCC equity fund in the first quarter of 2008” Al Kudsi revealed.
“We expect 2008 and 2009 will be positive years as well but we caution investors to be patient. The UAE, GCC and MENA markets are relatively new and are emerging. Hence, just like any growing market there will be huge growth spurts, followed by slowdowns and consolidations. It will not be a straight line up. But, for the patient, non-emotional investors who can ignore the day-to-day coughs and sneezes of the market – the rewards should be plentiful. We think the outlook for IPOs in 2008 and 2009 is very good, the broad economy is still strong and there is still an appetite from foreign investors for an attractive investment in the region” he concluded.
Fund Name 2007 Performance* Benchmark Index * Out performance
UAE Growth Fund 62.97% 44.50%** 18.47 %
UAE Trading Fund 60.31% 44.50%** 15.81%
UAE Distribution Fund - Mizaat 59.23% 44.50%** 14.73%
UAE Islamic Fund - Al Na’eem 40.43% 33.64%*** 6.79%
About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, was incorporated in 1968. NBAD has a network of 74 branches in the UAE in addition to Cash offices that are spread out at remote locations to provide banking services to customers stationed at offshore oil operations and in desert locations as well as other government organizations. NBAD also has three Shift offices inside the security areas of the Abu Dhabi International Airport providing currency & traveler’s cheques exchange services.
The branch network is widened further with 187 ATMs through which customers perform a variety of transactions.
Besides brick & mortar branches, NBAD provides 24 hour internet banking accessibility through NbadOnline and NbadDirect, as well as account access and personalized customer support through the 24-hour Call Centre.
NBAD’s overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C., Egypt and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A.
The bank provides its customer with a wide variety of financial services targeted at all segments of the retail and corporate market in addition to Fund Management, Brokerage, Leasing, Property Management businesses and Private Banking.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor’s, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution.
NBAD is an award winning leader in the UAE and GCC financial services industry. Awards won by the bank include ‘Best Bank in UAE’ from Euromoney and Banker publications, ‘Human Resources Development Award’ from the Emirates Institute for Banking & Financial Studies, the ‘Middle East e-Banking Country Award’, the ‘Outstanding use of IT in Financial Services Award, and excellence award for ‘Best use of Technology’ from Banker Middle East.
