Union National Bank’s Itihad Fund posts 12.66% gains

Dubai: Union National Bank said on Monday its Al Itihad Fund posted a performance of 12.66 per cent as of December 31, 2014.

The Fund’s objective is to achieve capital appreciation by investing in best of breed collective investment vehicles in the UAE, mainly in publicly traded equities.

Al Samaha Islamic Fund, which invests in Sharia compliant large caps across the Middle East region, achieved a growth of 3.30 per cent as of December 31, 2014. Strategic investment policies and risk diversification backed by fundamental and technical analysis placed Al Samaha Islamic Fund among the best performing Islamic Funds in the UAE for 2014.

Union National Bank strives to provide its clients with fully customised investment solutions, offering them tailor-made portfolios to suit an individual’s risk profile and investment objectives. UNB’s strategic and tactical asset allocation is applied to meet the return and risk objectives of each investor and to take advantage of market opportunities, while preserving capital. Conventional UAE Discretionary portfolios’ performance reached on average 4.2 per cent for the same period ending December 31, 2014.

“The last quarter of 2014 witnessed a sharp fall in the GCC equity markets mainly because of the severe fall in oil prices. Most of the Gulf Countries started economic reforms since two decades to diversify their economies to minimise the dependence of the oil as it represented the major element in their annual budgets. UAE is one of the leading countries that has diversified its economy to create alternative channels in an attempt to decrease the dependence on the oil and to open new sources of revenues through enhancing banking, tourism, trading and manufacturing sectors,” said Galal E. Khadr, senior vice president — head of treasury & investment division at UNB.