Morgan Stanley Allows Foreign Investors in Saudi Equity Fund

Morgan Stanley Allows Foreign Investors in Saudi Equity Fund

Morgan Stanley Investment Management Inc. announced Tuesday launching a Saudi Equity Fund (MSINVF) in Luxembourg.

It described the step as "positive“ and indicates the growth of the local asset management sector in the kingdom.

The MSINVF Morgan Stanley Saudi Equity Fund will give foreign investors access to the company's on-ground investment team, who have experience in the local market, the bank said in a statement.

Founded in 2009, the fund aims to provide long-term capital appreciation and growth by investing in securities listed on the Saudi Stock Exchange (Tadawul) and in securities offered in the course of an initial public offering in the kingdom.

"We are confident that this launch will create great interest amongst investors and support the attraction of capital inflows into Saudi Arabia as it continues to diversify its economy in line with the Vision 2030,“ said Najmul Hasnain, head of Morgan Stanley's Saudi equity team.

"Our active investment strategy aims to determine attractive returns for our investors by analyzing the data of the listed companies and their operating sectors, as well as the Saudi economy in general.“

Sammy Kayello, chief executive of Morgan Stanley's Middle East and North Africa unit, said, "Saudi Arabia continues to be one of the most promising capital