Abu Dhabi: Abu Dhabi-based Noor Capital will launch a $100 million Middle East North Africa (Mena) fund and some sector-specific funds early next year to tap the excess liquidity in the region, top company officials said yesterday.
"The fundamentals of the region are very good, there is excess liquidity and a real need for quality regional investment products," said CEO Hani Shammah.
"The company plans to launch five new initiatives that include four funds whose combined estimated value could be a minimum of Dh1.5 billion," he said.
Among the planned funds are the $100 million Mena Fund, a Building Materials Fund with an estimated size of Dh250-500 million, an Enhanced Income Fund of Dh500 million and an Asian Equity Fund whose size is yet to be finalised.
Noor Capital, which was established late last year and is currently capitalised at Dh350 million, is also launching a raft of financial services in areas such as asset management, private equity, structured products, wealth management and investment banking, said managing director Fouzi Al Sabeeh.
"By middle of next year, most of the funds will be operational along with custom-made products that are region-specific. The funds will be targeted at institutional investors and high net worth individuals," he said. "Most of the products will also be Shariah-compliant."
Noor Capital provides brokerage services in Abu Dhabi and Dubai.
Shammah said the potential for investment funds and products is huge in the region where most economies are growing rapidly on the back of high oil revenues.
"There's excess liquidity chasing few quality investment products and there is clearly room for more. Ours is a genuine GCC company with some 245 shareholders from across the GCC. Besides, there are very players in investment banking in Abu Dhabi, a city with massive wealth."
The company's approach is to invest into its funds along with outside investors, said Shammah.
