The first international Ucits funds run by a Saudi Arabian manager will be launched from Dublin this month.
Wealth manager NCB Capital will launch equity funds investing in Saudi Arabia and the wider Gulf Co-operation Council region. Both will be run in accordance with sharia principles. “This is a continuation of our strategy to be a sizeable player in the sharia market,” said Faysal Badran, chief investment officer at NCB Capital, which has SR45.5bn ($12bn) under management.
“The macroeconomic story in the GCC is quite compelling in the current slow global economic environment,” added Mr Badran, who argued the financial infrastructure was more than adequate for international investors. “We have a well-functioning market with a supportive regulator.”
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