Three prominent Gulf-based financial institutions earlier this month announced the launch of a new mutual fund, designed to attract inflows of foreign capital into the financial markets of the Gulf states.
The new fund, known as the IFA Khaleej Fund is being promoted by International Financial Advisors (IFA), Univest Group and Daman Asset Management, who are hoping to help unlock some of the huge growth potential offered by the six Gulf Cooperation Council states (Kuwait, Bahrain, Qatar, Saudi Arabia, UAE and Oman), as well as Iraq.
"Foreign Direct Investments in the Arab countries particularly in the Gulf region is minimal and hardly represents 1 per cent of the total global flows, hence a creation of such financial channel will help increase the amount of FDI in the near future,” commented Shehab Gargash, Managing Director, Daman Asset Management, at a press conference signalling the launch of the new fund.
He added: "One of the factors behind this dismal record is the lack of avenues for investment in the Arab world and a level of transparency that does not meet the bare minimum standards acceptable to international investors. We created the IFA Khaleeji Fund to pull money into the region's equity markets by acting as a channel for potential global investors."
Meanwhile, Jasim Al Bahar, IFA Group Chairman, observed: "The IFA Khaleeji Fund has been designed with the specific intention of creating an ideal vehicle through which institutional international investors interested in the region could find a perfect single-entry point into the Gulf markets."
“These markets are well-known to Gulf investors, but are a new frontier to investors beyond the region," Al Bahar noted.
The IFA Chairman also explained that the fund will provide an opportunity for investors to participate in the emerging Iraqi equity markets, “with all the promise that such exposure entails so early in the rebirth of this economy."
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