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Sun 8 Dec 2013 05:32 PM

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GCC-only equity fund raises $32m

National Bank of Oman’s GCC Fund becomes one of the largest in Gulf state

GCC-only equity fund raises $32m

The National Bank of Oman has raised RO12.4m ($32m) through its recently launched GCC Fund in what the bank said was one of the largest equity funds in Oman.

The open-ended equity fund will target investments in GCC-based companies expected to achieve significant growth as well as offer a high dividend yield.It also will invest in fixed income securities in the GCC market.

“The strong response received from investors from Oman and the wider GCC States despite high market volatility reflects their belief in the fund’s investment strategy combined with strong investor confidence in the bank’s asset management products,” the bank said in a statement on Sunday.

The bank’s deputy general manager and head of investment banking, Sayyid Wasfi Jamshid Al Said, said, the GCC Fund was set-up based on a strong belief in the growth fundamentals of the GCC business landscape and the long-term growth potential of the companies invested in.

“It is important to note that 30 per cent of public-listed GCC companies that are actively traded on regional bourses have distributed dividends even during the heights of the financial crisis,” Al Said said.

“With the launch of the GCC Fund, we are optimistic that our investors will reap a range of benefits, supported by the diverse portfolio that our platform offers.” 

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