Oman brokerage United Securities to launch Gulf fund

Initial public offering period for the open-ended equity fund will run for a month from April 10
Oman brokerage United Securities to launch Gulf fund
United Securities, a Muscat-based brokerage and advisory firm, is launching an equity fund to tap investment opportunities in the Gulf (Getty Images - for illustrative purposes only)
By Reuters
Tue 05 Apr 2011 03:42 PM

United Securities, a

Muscat-based brokerage and advisory firm, is launching an equity

fund to tap investment opportunities in the Gulf, it said on

Tuesday.

The United GCC fund will be actively managed and will invest

across the Gulf equity markets, the firm said in a statement.

The initial public offering (IPO) period for the open-ended

fund will run for a month from April 10. The minimum

subscription for the fund will be 3,000 units with an IPO price

of OR1.02 ($2.65) per unit, United said.

Several local and international firms have launched equity

funds in the Gulf Arab region, aiming to benefit from

opportunities in the region touted as the next big emerging

market.

The relatively nascent asset management industry in the Gulf

took a heavy blow during and after the global financial crisis,

hit by investor outflows and a sharp drop in fund values.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.