JEDDAH, 27 April 2005 — The National Commercial Bank (NCB) organized a seminar on the Saudi stock market in Madinah on Monday. NCB Chief Economist Dr. Said Al-Shaikh addressed the seminar, which was aimed at increasing the stock market’s awareness among the citizens.
“We see a growing demand among the citizens to invest in the Saudi stock market,” Al-Shaikh said and explained the importance of the stock market in the overall domestic economic growth.
His presentation also referred to the Saudi economy and its relationship with the Saudi stock market.
Beshr Bakheet, managing partner of Bakheet Financial Advisors, in his lecture detailed the growth of the Saudi stock market and the benefits that it holds for investors.
The NCB’s Shariah-compliant Al-Ahli Mutajara Fund launched in July 1998 is claimed to have yielded maximum returns to the investors. “By April 21, the fund’s returns reached 51.75 percent,” the bank stated.
The market share of NCB’s funds exceeds 41 percent of the total investment assets in the Kingdom for 2004, the bank said quoting a Saudi Arabian Monetary Agency survey.
The NCB currently offers 28 investment funds that are Shariah-compliant. They include 23 open-ended funds and 5 close-ended funds.
AlAhli “Mutajara” Saudi Riyal Fund and the AlAhli “Mutajara” International Stock Fund achieved first rank internationally in size for the year 2004. The size of the first fund reached SR8 billion and the second fund SR 1.3 billion.
