The BMA approved the Fund on 1 June 2005. The Fund is open-ended with a target capital of US$ 100 million and will actively invest in listed and unlisted Shari'ah compliant equity and equity related securities in the GCC countries.
Detailing the strategy behind the launch of the Fund, Mr. Hassan Salim AlAmmari, CEO of Al-Tawfeek said, "The new Fund reflects Al-Tawfeek's confidence on the outlook of the GCC economies. It will broaden Al-Tawfeek's range of investment funds and provide investors with an opportunity to invest in an exciting era of the GCC countries, dominated by ongoing economic reform and a period of extraordinary growth reminiscent of the seventy's oil boom".
Elaborating on the GCC focus of the Fund, Mr. AlAmmari added: "The region is at the center of attention, in 2004 the region posted its highest growth in a decade; corporate earnings for 2004 recorded growth of over 50%, following a 40% growth in 2003 and the combined net oil exports of the GCC countries exceeded $180 billion in 2004, an increase of $35 billion from 2003. With over US$ 765 billion in market capitalization and a number of new entrants (new IPOs) expected to come to the market, for example National Commercial Bank and Al Marai in Saudi Arabia, there will be a number of new investment opportunities. Furthermore with the new capital market law in Saudi Arabia & Qatar, the introduction of Bahrain's Financial Harbor and the launch of the Dubai International Financial Center, the region is aiming to position itself on par to international financial markets creating further depth and diversity."
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Al-Tawfeek launches Shari'ah compliant GCC equity fund
- Saudi Arabia: Saturday, June 18 - 2005 at 09:31
- PRESS RELEASE
Al-Tawfeek Company For Investment Funds Ltd., a member of the Dallah AlBaraka Group, one of the leading providers of Shari'ah compliant investment funds in the region, today announced the launch of the Al-Tawfeek Gulf Equity Fund (the "Fund"), an open-ended investment fund, incorporated in the Kingdom of Bahrain and regulated by the Bahrain Monetary Agency (BMA), that offers an attractive investment opportunity to invest in the GCC equity markets.
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About Al-Tawfeek Company For Investment Funds Ltd.Al-Tawfeek is a specialist financial investment company incorporated in 1992 in the Cayman Islands. Al-Tawfeek is one of the financial arms of Dallah AlBaraka Group, one of the largest conglomerates in Saudi Arabia with total assets in excess of US$ 12 billions, and with companies operating from more than 40 countries. Al-Tawfeek is a leading provider of Shari'ah compliant investments funds. Al-Tawfeek's strategy is primarily aimed at providing investors with superior Shari'ah compliant investment opportunities in an increasingly competitive market.
Since inception Al-Tawfeek has launched a number of Shari'ah compliant investment funds covering variety of asset classes including equities, corporate debt, real estate, private equity, venture capital, leasing and reconstruction. Al-Tawfeek has yielded high returns for its investors in a number of Shari'ah compliant investment funds.
Al-Tawfeek Gulf Equity Fund
The Fund is an open-ended collective investment scheme, established in the Kingdom of Bahrain with the objective of achieving long-term capital appreciation, whilst adhering to the principles of Shari'ah. The Fund will seek to achieve this objective by investing in listed and unlisted Shari'ah compliant equity and equity related securities in the GCC countries. The Fund offers bi-monthly liquidity after 3 months with a minimum subscription of US$ 15,000 for individuals and US$ 100,000 for institutions.
Al-Tawfeek Company For Investment Funds Ltd. is the Sponsor and Placement Agent of the Fund.
SHUAA Capital PSC, based in Dubai, UAE has been appointed as the Investment Manager of the Fund. SHUAA Capital has a 25-year history and a strong track record in investing in the GCC equity markets. Recently SHUAA Capital won the 2004 EuroMoney award for excellence for being the 'best equities house in the UAE'. Funds currently managed by SHUAA Capital include: Arab Gateway Fund (investing in pan-Arab listed equities), Emirates Gateway Fund (investing in UAE listed equities), The Arab Income Fund (investing in Arab debt instruments), Al Mahfatha Qatari Investment Portfolio (investing in Qatari listed equities), and Oman Gateway Fund (investing in Omani listed equities).
In addition SHUAA Capital has successfully completed a variety of transactions for a number of institutions in the UAE, including acting as co-lead manager and book runner for the initial public offering of Arab International Logistics Company for AED 550 million; financial advisor, lead manager and book runner for the initial public offering of Arab Technical Construction Company for AED 220 million which was established for the sole purpose of acquiring Arabtec; and lead manager for the initial public offering of Amlak Finance for AED 412.5 million.
Gulf Clearing Company (GCC) in Bahrain has been appointed as the Custodian and Administrator of the Fund. GCC is one of the leading fund custody and administration service providers with total assets under custody exceeding US$ 5 billion.
For further information please contact:
Mr. Dhafer Salih AlQahtani
Al-Tawfeek Company For Investment Funds Ltd.
Tel.: +966 (02)-6705689, +966-50-3673797
Fax: +966 (02)-6705791
Posted by Christine H. Andersen, Assistant News EditorSaturday, June 18 - 2005 at 09:31 UAE local time (GMT+4)
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