Al Tawfeek promotes mutual fund in Oman

Saudi-based promoters yesterday invited individuals and institutions in Oman to invest in a mutual fund focused on the region's telecommunications sector.

The Al Tawfeek Company for Investment Funds a financial investment company with a capital base of $304 million (Dh1.1 billion) - is sponsoring the scheme.

Al Tawfeek held a conference yesterday at the Grand Hyatt Muscat, with support from the United Securities Company, to promote the mutual fund scheme.

"The fund is an open-ended investment scheme, established in Bahrain with the objective of achieving long-term capital appreciation, while adhering to the principles of Sharia," said Dhafer Al Qahatan, general manager of the directorate of special funds with Al Tawfeek.

Recent government policy shifts in the region, aimed at liberalising the telecommunication sector, means lucrative investment opportunities are emerging, said Yasmin Hassan, a representative of EFG Hermes, Egypt, the investment management firm. Hassan spoke at the conference.

"There's tremendous potential. This sector offers [more opportunities] than some other booming sectors," she said.

The regional telecommunication sector reports revenues of about $50 billion (Dh183.5 billion).

The fund would invest in telecommunications-related shares traded on the region's stock markets, including the Muscat Securities Market), Hassan said.