Mashreq’s funds first class

by Christina Corbett Thursday, 01 November 2007

Mashreqbank's Makaseb Arab Tigers Fund has been awarded an AA, very high quality, rating by the independent credit ratings agency Standard and Poor's. The bank's Makaseb Qatar Equity Fund and Makaseb Emirates Equity Fund both received A, high quality ratings.

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Standard and Poor's report comments on the funds' "well defined investment approach." The Arab Tigers Fund focuses primarily on investments in equities listed in Middle Eastern and North African countries. The fund has yielded returns in excess of 28% to date this year.
The ratings come just days after Mashreq announced profits of US$367m in the first nine months of 2007. This marks a 21% rise on the US$300m recorded for the same period last year.

Standard and Poor's growing presence in the Middle East market mirrors that of rival ratings agency, Moody's. Their increasing involvement in the region reflects the expansion of the financial markets and the growing interest of potential investors.



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