Mashreq Capital to set up $ 100m Islamic equity fund



REUTERS

Published — Thursday 25 April 2013

Last update 25 April 2013 2:03 am

| نسخة PDF Print News | A A

DUBAI: Dubai-based Mashreq Capital plans to set up an Islamic equity fund of up to $ 100 million in the third quarter of this year to invest in stocks across the Gulf region, given lower returns in the bond market, the company’s chief executive said.
“We think there is demand in high-dividend sharia equities,” particularly with interest rates currently very low, Abdul Kadir Hussain said at Zawya’s MENA Asset Management conference in Dubai.
“Equities have very attractive yields in this region,” he added.
The investment unit of Mashreq bank hopes to raise between $ 75 million and $ 100 million for the fund, and will seed it with a $ 20 million investment from the bank.
Hussain said the fund would be Mashreq Capital’s fourth as it now manages two fixed income funds and one conventional equity fund, with a total of $ 800 million of assets under management.

What's happening around Saudi Arabia

RIYADH: Foreign Minister Adel Al-Jubeir has denounced “aggressive statements” by Iran, after Tehran accused Bahrain of stoking Gulf tensions by making unfounded allegations against it.“This is unacceptable to us,” the minister said at a joint news co...
DAMMAM: A wanted terrorist was killed during a gunfight in the town of Al-Qudayh in the Eastern Province on Sunday, police said.Qatif police received a report that a Saudi man suffered gunshots and was taken to Modhar Dispensary in Al-Qudayh by his b...
JEDDAH: The Saudi security forces have thwarted nearly 18,000 infiltration attempts on the Kingdom’s border with Yemen since the launch of Operation Decisive Storm in March. “The number of infiltration attempts foiled by the security authorities sinc...
ABHA: Several Saudi businesswomen started traveling with a group of friends after recent regulations which allow women to travel without their mahram. These women said they find great fun to travel as a group with their friends and their children, wh...
RIYADH: The United Nations, Arab League and Gulf Cooperation Council welcomed the Kingdom-led coalition’s announcement of a five-day cease-fire, that took effect at midnight on Sunday, to push humanitarian relief in war-ravaged Yemen to the beleaguer...
ALKHOBAR: Jobless Saudi women constitute 70 percent of the unemployed. The Ministry of Economy and Planning said 58 percent of the jobless have preparatory school level education. According to the statistics, the annual unemployment growth rate among...
RIYADH: Saudi Arabia has found traces of a civilization that was domesticating horses about 9,000 years ago, 4,000 years earlier than previously thought. The discovery has shed new light on the origin of the Arabian horse, which has remained a great...
RIYADH: The Ministry of Labor in the Makkah region found 250 laborers working on various construction projects during restricted hours of the day. Punitive measures will be taken against the employers of these workers. According to a ministerial decr...
JEDDAH: When poverty is your guest for 15 years, gardens, parks, streets and pavements become your abode under the unavoidable scorching sun. One has to face hardships of hunger and survive on breadcrumbs. This is the situation of a 60-year-old Saudi...
JEDDAH: The negative attitudes of society in dealing with harassment and abuse cases prevent victims from reporting a great number of such cases to the authorities.Despite this, about 3,982 cases reached the country's criminal courts in 1435 and 1436...
AL-QATIF: The Omani security forces have arrested a man who, they said, accidentally fired a bullet that hit a young Saudi girl in a hotel in Musandam on Saturday. Four-year-old Zainab bint Mohammed Labad of Al-Awamiyah was playing in the hotel lobby...
Ramon Corvera, deputy chief of mission at the Argentinian Embassy in Riyadh.* Which particular aspect of Saudi Arabia you like the most? The natural beauty of the desert.* What is your favorite and oft-repeated Arabic word? Masha’Allah.* Which book i...
JEDDAH: The creativity and entrepreneurship community program of Umm Al-Qura University brought together 80 creative entrepreneurs to exchange their experiences and knowledge on Monday. Fawaz Saad, the dean of the institute for innovation and entrepr...
RIYADH: The August issue of ‘Nature’, the monthly magazine of King Abdulaziz City for Science and Technology (KACST), will focus on Middle East Respiratory Syndrome (MERS) corona, which has affected 1,055 people in the Kingdom since June 2012.The to...
LILLE, France: Saudi Arabia’s firm stand against the phenomenon of violence as well as religious, ethnic and cultural fanaticism came in for praise at an international symposium, which concluded here.The participants of the symposium on "Media Covera...

Stay Connected

Facebook