Tuesday 7 April 2009

Dubai, Saudi and Egypt best bets in Mena

Equity fund Frankfurt Trust said it sees solid banks and a rising population as making Saudi Arabia the best investment pick in the Middle East and North Africa (Mena) region, along with Egypt's banks and Dubai stocks.

Redemptions and market falls have slashed the value of the trust's Emerging Arabia fund from some €400 million (Dh1.99 billion) in June 2008 to €25.5m in early April.

Emerging Arabia fund manager Birgit Ebner said she is hoping for a turnaround in the fund's fortunes as emerging markets rally. She has 29 per cent of the fund in Saudi stocks, which fell 49 per cent last year but have gained 14 per cent since March 1.

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