Emirates NBD announces second income distribution of Emirates Mena Opportunities Fund

The Board of Directors of the Fund announced the Fund's second income distribution for the three month period ending September 30th 2009 with an income distribution totaling 1.71%, equating to an annualised return of 7.00%.

With $3 Month Libor currently at 0.28%, this distribution is higher than the targeted return of USD Libor + 300 - 500 basis points per annum. Since January 2009, the Fund has achieved a return of 19.80%.

Commenting on the distribution, Deon Vernooy, Senior Executive Officer of EIS, said:

"The Fund's strong performance this year, coupled with relatively low volatility, is evidence of the Fund Manager's ability to structure a balanced Mena portfolio that has the potential to generate strong risk adjusted returns."

Vernoy added, "The Emirates Mena Opportunities Fund is a Shari'a compliant investment fund that was launched in April 2006 and aims to achieve long-term capital growth through investments in a range of growth orientated assets, including equities and real estate. At the same time the Fund seeks to minimize downside risk, by investing in Murabaha and fixed deposits, Sukuk, international trade and finance along with other investment opportunities. In addition to the quarterly income distributions, the Fund also aims to provide capital growth."