Al Tawfeek Company for Investment Funds Ltd, a member of the Dallah Al Baraka Group of Saudi Arabia, launched Al Tawfeek Gulf Equity Fund, an open-ended investment fund, incorporated in Bahrain, the company said in a statement.
The fund offers an opportunity for individuals and institutions to invest in the GCC equity markets and is approved by the Bahrain Monetary Agency.
The open-ended fund with a target capital of $100 million (Dh367 million) will actively invest in listed and unlisted Sharia-compliant equity and equity related securities in the GCC countries, it said.
The fund offers bi-monthly liquidity after three months with a minimum subscription of $15,000 for individuals and $100,000 for institutions.
Hassan Salim Al Ammari, CEO of Al Tawfeek, said, "In 2004 the region posted its highest growth in a decade; corporate earnings for 2004 recorded growth of more than 50 per cent, following a 40 per cent growth in 2003, and the combined net oil exports of the GCC countries exceeded $180 billion [Dh660.6 billion] in 2004, an increase of $35 billion from 2003."
Al Ammari said more than $765 billion (Dh2.80 trillion) in market capitalisation and new IPOs, which were expected to reach the market, would create a number of new investment opportunities.
"With the new capital market law in Saudi Arabia and Qatar, the introduction of Bahrain's Financial Harbor and the launch of the Dubai International Financial Centre, the region is aiming to position itself on par with international financial markets creating further depth and diversity."
Al Tawfeek is a specialist financial investment company incorporated in 1992 in the Cayman Islands. Dallah Al Baraka Group is one of the largest conglomerates in Saudi Arabia with total assets in excess of $12 billion (Dh44 billion), and companies operating from more than 40 countries.
