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The first GCC fund, the Gulf Equity Fund is being launched by the National Bank of Kuwait (NBK) in its bid to maximise returns and strategically allocate assets in the GCC equity markets.
The GCC market has been undergoing vast revolutionary changes and growth brought about by trends of liberalization, deregulation and privatisation. NBK’s Gulf Equity Fund will provide investors a chance to utilise these progressive trends or developments as growth of the listed companies is translated into earnings.
Meanwhile, George Nasra, NBK's general manager investment banking, asset management & treasury, said as the Investment Manager of the Fund that NBK attempted to optimize profits in the long run through an active allocation of assets in the GCC equity markets in addition to other equity markets in the Middle East and North Africa (MENA) region.
He added further that the GCC fund had been devised to serve as an unlimited investment tool in the long-term to achieve capital gains through investments in blue chip GCC and other Arab companies’ equities. The future prospects of the listed equities would determine the kind and amount of investments. These investments will be consistently reassessed and examined as per the Investment manager’s expectations and market rates, according to Mr. Omar Abdullah, Head of MENA Capital Markets at NBK. In addition, very professional and experienced asset managers will be looking after the allocation of the fund to each country.
The minimum investment required in the Fund is USD 100,000, and additional amounts would have to be in multiples of USD 10,000. The first Offering Period begins from May 8, 2005 up to 26 May 2005.
Posted
on : Mon, 09 May 2005 12:40 GMT | Investments News
By : Anne Philips
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