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Middle East Offers Huge Potential For Hedge Fund Industry

by Lorys Charalambous, Tax-News.com, Cyprus

17 December 2003


Dubai plays host to the Hedge Funds World Middle East conference in February 2004, which will seek to explore how this increasingly popular investment vehicle can be developed in a region that offers huge potential for the industry’s growth.

It is estimated that the Middle Eastern market contains some $2 trillion in untapped investment capital, though only a tiny fraction, about 1%, is currently invested in hedge funds. One major reason for this is that the existence of Shari'ah law prohibits the activity of short selling, a tool commonly used by fund managers giving them the ability to profit from a bear as well as a bull market.

This will be one of the main talking points of the conference and Naser Nabulsi, head of the Dubai International Finance Centre will put forward his views on alternative hedge fund strategies aimed at the Middle Eastern market place.

The conference will also be addressed by Ahmed Farid, the Treasurer of the region’s largest bank, the National Commercial Bank with $30 billion in assets.

This year’s event has also attracted sponsorship from high-profile financial institutions such as Credit Lyonnais, Credit Agricole, American Express and the Bank of Bermuda.


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