Dubai's Emirates NBD raised around $52mln for Saudi equity fund: officials | ZAWYA MENA Edition

Dubai's Emirates NBD raised around $52mln for Saudi equity fund: officials | ZAWYA MENA Edition:

Emirates NBD, Dubai’s largest lender, is planning to focus on exploring equity investments in Saudi Arabia and Egypt between now and the end of 2019, according to senior officials at the bank’s asset management division.

“At the end of last year, we have identified Saudi as the story for this year and we converted an existing fund of ours into a Saudi fund,” Salman Bajwa, CEO of Emirates NBD Asset Management, said in a media roundtable event held in Dubai on Wednesday.

Bajwa said the Saudi fund had raised around $52 million and a return on investment of 18 percent so far this year. The bank’s asset management division hopes to end the year on $100 million, according to previous reports by local media.