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Mon 1 Jan 2007 12:00 AM

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Commercialbank launches mutual fund

Commercialbank Qatar has launched a new mutual fund which will be available to investors in Qatar and overseas.

Commercialbank Qatar has launched a new mutual fund which will be available to investors in Qatar and overseas.

Al Waseela Fund is targeted at both institutional and individual investors who want a professionally managed portfolio with the economy of scale benefits of a mutual fund.

Unlike international mutual funds where the dividends are usually reinvested, Al Waseela Fund aims to pay dividends to its investors annually, subject to the performance of the fund.

Andrew Stevens, group CEO, Commercialbank, said: “We have seen Qatari equity prices floating near the 52- week low and the Doha Securities Market (DSM) has been trading sideways.”

He added: “We at Commercialbank believe it is an opportune time to get back into the DSM with price-to-book value trading at more realistic prices and priceto- earnings at 15 times as compared to the high of 40 times.”

The fund will be available in two different classes: Q-class, for Qatari nationals and Qatari legal entities, and F-class, for foreign investors and foreign legal entities.

Commercialbank is partnering with EFGHermes, which will act as fund manager of Al Waseela.

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