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UAE: Emirates NBD
Asset Management (ENBD AM) has launched two new Shariah compliant funds
under the Emirates NBD SICAV platform in Luxembourg. The funds have been
launched alongside six new conventional options, joining the existing
funds available and increasing the number of sub-funds available to
investors on the Emirates NBD SICAV platform to 10.
The two daily-traded Shariah compliant funds, the Emirates Islamic Global
Balanced Fund and the Emirates Global Sukuk Fund are UCITS (Undertakings
for Collective Investments in Transferable Securities)-compliant and
domiciled in Luxembourg. David Marshall, the senior executive officer at
ENBD AM, commented on the new offerings from the firm: "The
introduction of these new funds under the SICAV structure offers an
excellent value proposition for our clients, providing access to products
managed by our award-winning fund management team under a globally
recognized umbrella. The new funds are open to relevant investors outside
the UAE as well as locally, in keeping with our ongoing growth strategy.
The new range of funds leverage the long standing expertise of Emirates
NBD AM's investment team, with its impressive track record of managing a
range of asset classes both regionally and globally."
Initially launched in September, the two funds are being run by the team
which has managed the Jersey-based feeder funds for the new ENBD AM
offerings, with the new SICAV fund range complementing the firm’s
existing Jersey-domiciled fund range, mirroring their strategy.
Benchmarked against the US three-month LIBOR, Dow Jones Islamic Market
World Index and the HSBC NASDAQ Dubai Sukuk Total Return Index, the
Luxembourg-based Emirates Islamic Global Balanced Fund has an asset
allocation of 67% equity and 33% Sukuk and cash, with a total of 18
holdings for the fund.
The Emirates Global Sukuk Fund has a main geographical focus on Sukuk in
the UAE, Turkey, Saudi Arabia and other countries in the Middle Eastern
market where valuations continue to be attractive, and the funds current
top five holdings are DP World, JAFZA Sukuk, Dubai Islamic Bank, Abu
Dhabi Islamic Bank and Emirates Islamic, with a total of 32 holdings.
Emirates NBD is currently seeking approval from the Emirates Securities
and Commodities Authority (ESCA) for the funds to be distributed in the
UAE, as the firm aims to expand its investor base.
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Continued enthusiasm in UK real estate
There has been continuous strong demand for real estate in the UK. We
have seen unrelenting interest in areas of London and notable escalating
attention being given to the regional markets outside of London,
including areas such as Glasgow, Manchester, Birmingham and Bristol. The
UK real estate market has thus far succeeded in offering prospective
investment opportunities both in commercial property, high-end
residential property, student accommodation and the healthcare sector.
These ventures have attracted substantial inward foreign investment from
various countries, which has lead to an increase in the take-up of
commercial space and rental growth in the UK.
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