UAE-based Shuaa Capital introduces Sharia-compliant Saudi fund

UAE-based Shuaa Capital introduces Sharia-compliant Saudi fund

Dubai - Shuaa Capital recently launched a new Sharia-aligned equity fund under the Incorporated Cell Company (ICC) umbrella, registered in Abu Dhabi Global Market (ADGM) and administrated by SHUAA GMC Limited, according to a bourse statement.

The new fund is called SHUAA Saudi Equity Fund and will basically invest in Sharia-compliant equities in Saudi Arabia, with a limited allocation to other GCC members.

It will further invest in different industries and will be available for regional and global institutional as well as high-net-worth individual (HNWI) investors to invest in.

Being the sixth launched under the ICC fund platform, the equity fund has an objective to achieve long-term and risk-adjusted capital appreciation.

SHUAA Saudi Equity Fund will likely invest in a portfolio of value and growth stocks across established and emerging business models.

Meanwhile, the assets under management (AuM) of the ICC platform surpassed $350 million.

Managing Director and Head of Public and Private markets at Shuaa Capital, Ajit Joshi, said: “Given the rising investor interest in Sharia-compliant investments, Shuaa's specially designed managed funds within the ICC framework serve these demands efficiently, while tapping into market-specific opportunities.”

Joshi added: “The Saudi Equity Fund offers timely avenues for investors to take advantage of the region's growth potential.”

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