Al-Rajhi Capital launches flagship ‘passive’ fund

Updated 22 January 2019
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Al-Rajhi Capital launches flagship ‘passive’ fund

Al-Rajhi Capital (ARC), one of the largest asset managers in Saudi Arabia and a regional investment firm, has launched the “Al-Rajhi MSCI Saudi Multi-Factor Index Fund.” This fund is classified as an open-ended fund that aims to achieve medium- to long-term capital growth by tracking performance of the MSCI’s Saudi Multi-Factor Index, which complies with ARC’s Shariah board rules. 

As Al-Rajhi Capital’s first “passive” fund, it has been designed and built to have low-cost structure and provide investors easy access to the broader Saudi market. 

Megren Al-Kulaibi, head of asset management at Al-Rajhi Capital, said: “This fund was created to meet growing investor needs for a low-cost and efficient way to access the Saudi equity market from a long-term perspective. As a provider of innovative investment solutions, we are pleased to offer this rules-based, transparent alternative to investors. The fund targets both institutional and retail investors who are looking for a broader allocation to Saudi equity market from a strategic allocation or savings perspective.”  

Robert Ansari, head of Middle East coverage at MSCI, said: “MSCI is pleased to have developed the MSCI Saudi Multi-Factor Index. Global interest from investors in multi-factor investing continues apace as they seek an alternative approach to the Saudi Arabian equity capital market and transparent routes to efficiently access this emerging market via various financial instruments.”


Role of Indian engineers in KSA lauded at IEF meet

Updated 17 July 2019
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Role of Indian engineers in KSA lauded at IEF meet

Indian Engineers Forum (IEF) Jeddah Chapter recently held its 13th annual general meeting at Hotel Ramada Continental.

Ambassador of India to Saudi Arabia Dr. Ausaf Sayeed graced the event as chief guest and Consul General of India Noor Rahman Sheikh was guest of honor. IEF President Mohammed Sayeeduddin presided over the function.

Expressing appreciation for the activities of the forum, Ambassador Dr. Sayeed recalled its foundation in 2016 during his tenure as consul general of India in Jeddah.

He lauded Sayeeduddin, Amir Khan, Shuja Sheriff and other members and engineers for the activities of the forum and their contribution to the development of Saudi Arabia. Dr. Sayeed highlighted scarcity of water as an acute problem in the world in general and in India in particular. He shared his experience of interacting with engineers in the US, who developed a water condensation machine to extract water from humid air.

Consul General Noor Rahman Sheikh applauded IEF for its services to the engineering community in Saudi Arabia. He highlighted how the excellence of Indian engineers in each sector has impacted society. 

“Our zeal to be the best in whatever we do was demonstrated during last year’s Hajj. The mobile app developed by the Consul General of India is going to help the 200,000 pilgrims expected to come this year,” he said.

Amir Khan, founder and chairman of IEF, said IEF provides a platform for networking, career advancement, community service, and technology exchange. He urged Indian engineers to play a vital role in the development of Saudi Arabia, which he said would help strengthen the relations between India and the Kingdom.

Sayeeduddin thanked Dr. Sayeed for his support in the foundation of IEF. He announced that, having served as founding president for the last 13 years, he is now stepping down and the new president, unanimously elected, will be Khan Mustafa.

Nadeem Ahmed Ali, executive member of IEF, delivered a presentation on digital disruption.

Syed Nasir Khursheed, IEF general secretary, conducted the program.

Indian real estate advisory firm/ institutional channel partner 360 Realtors LLP participated in the event and were the main sponsors. A presentation covering major construction, residential and commercial projects in India was made by S. K. Vivek Kumar, head of international sales, 360 Realtors. Amit Hariyal also delivered a presentation on residential projects across the Indian cities of Bangalore, Chennai, Hyderabad and Pune. 

Abdul Rahman, general manager of TA Infra Projects, expressed happiness to be part of the IEF.

Khader Memon made a presentation titled “Special Investment Plan.”

The chief guest, guest of honor and sponsors were presented mementoes as a token of appreciation by the IEF president and executive committee. This was followed by the release of the annual magazine of the forum, Spectrum 2019, edited by Muazzam Sayeed.

A lively session of quiz was conducted by Munnawar Amafh. 

The event was attended by a number of guests from across the Kingdom, including Abdul Haseeb Hazari, Danish Ghafoor, Siadat Ali Khan, Shameem Kausar and Ahmed Omais.

The program started with a recitation of the Holy Qur’an by Talha Khan. Ashraf Nawaz Qureshi, IEF treasurer, welcomed the guests.

IEF Vice President Abu Bakar Sherkhan introduced the chief guest while Mohammed Shoebuddin, IEF chief coordinator, presented a vote of thanks.