Makaseb's new investment fund targets stock growth

Makaseb Funds Company has launched a new investment fund targeting the UAE's buoyant capital markets through the Makaseb Emirates Opportunities Fund (MEOF).

Available to both expatriates and nationals, the fund enables investors to participate in the combined Abu Dhabi (ADSM) and Dubai (DFM) stock markets, which have this year already grown by over 100 per cent relative to their 2004 close.

"The markets have been growing since 2003 and strong corporate earnings expected for the first half of this year will underpin growth," said Nabeel Waheed, chairman of MFC.

The MEOF will complement MFC's existing Makaseb Emirates Equity Fund (MEEF) launched last March by employing a more dynamic investment strategy.

Since its launch last March, the net asset value (NAV) of MEEF has more than doubled to 114 per cent.

"While all mutual funds seek long term growth, some are more dynamic than others. A balanced investment portfolio should contain elements of both, and we recommend MEEF as a core component of the UAE portfolios and the more dynamic MEOF as a complement," said Waheed.

The MEOF fund will be listed on the Bahrain Stock Exchange and has been approved by the Bahraini Monetary Agency (BMA) and UAE Central Bank.