Emirates NBD on Tuesday launched a new fund to provide high and rising income streams, coupled with the prospects of generating capital growth, by investing in a range of high-yielding securities in the Middle East and North Africa (Mena) region.
The Emirates Mena High Income Fund, which will be managed by Emirates Investment Services Ltd, will buy equities and fixed income securities issued by companies based in Mena nations or who derive a significant portion of their earnings from the region.
The fund targets annualised distributions of United States Dollar Libor plus 300 to 500 basis points, said Deon Vernooy, senior executive officer at Emirates Investment Services. He did not reveal how much the fund expected to raise.
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