Shuaa Capital lists Arab Income Fund on DFM

The listing of the Shuaa Capital, Arab Income Fund is expected to achieve the Dubai Financial Centre goal of offering a variety of investment products to investors.

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By  Massoud Derhally Published  July 7, 2002

Essa Kazim, director general of Dubai Financial Market (DFM), announced the listing of the Arab Income Fund (TAIF) on DFM. According to Kazim, the listing of the Shuaa Capital managed fund achieves the DFM goal of offering a variety of investment products to investors, a DFM priority for the coming period.

TAIF which was launched in May 2002 in the GCC provides exposure to most Arab markets through one single liquid investment. It provides a professional investment process and active management, takes advantage of major price distortions, and provides effective diversification and low-to-negative correlation with other asset classes.

TAIF is an open-ended fund incorporated in the Cayman Islands, with monthly subscription and redemption. SHUAA Capital will be investing its own money in the Fund and its objective is to provide high total returns through investing primarily in US Dollar-denominated debt securities issued by governments of the Arab world.

Commenting on the listing of the fund, Ziad Makkawi, executive managing director said, “We have seen a strong demand for investments in this fund among our institutional and private clients. The TAIF Fund was started on the 13th of May, and posted 1.19% return by the end of May. This return is considered to be very strong, especially when compared to the performance of other asset class in the same period like the Dow Jones –1.8% and the Nasdaq –2.2%.”

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