JEDDAH — NCB Capital has become the first local institution to establish a non-Saudi registered range of funds under the Undertakings for Collective Investment in Transferable Securities (UCITS) platform registered in Ireland. The firm is also launching the first two funds on this new platform – the NCB Capital Saudi Arabian Equity Fund and the NCB Capital GCC Equity Fund – this month. The objective of the two funds is to generate long-term capital growth by investing in listed companies in the Saudi Arabian and Gulf Cooperation Council (GCC) markets, in line with Shariah guidelines. NCB Capital will use a mix of strategies covering mid-cap, blue chip, income-generating stocks and a diversified range of selected sectors with solid growth credentials. All strategies will be in line with the UCITS regulations. The two Shariah-compliant funds will be marketed internationally in conjunction with Amundi, with a focus on institutional investors in Europe and Asia. The firm already manages the worlds largest Shariah-compliant family of funds and the worlds largest Shariah-compliant fund ($3.93 billion). Jawdat Al Halabi, CEO of NCB Capital, said international investors are increasingly looking for new growth opportunities and nowhere are those better reflected than in the strong companies and sectors that we track in Saudi Arabia and the Gulf. With our local knowledge and significant presence we are a natural gateway for international access to a dynamic new market. NCB Capital believes that these new funds will be particularly attractive to investors in Europe and Asia, who have a traditional preference for the regulated structures and strong risk framework that UCITS offers, he added. — SG
