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Abu Dhabi Commercial Bank (ADCB) launched first local equity fund
ABU DHABI — Abu Dhabi Commercial Bank (ADCB) announced yesterday the launch of its first local equity fund "Al Nokhitha" which involves investing in UAE listed securities, and other GCC financial markets.
The Fund will also participate in initial public offerings and other private equity opportunities. The fund will be listed on Abu Dhabi Securities Market (ADSM).
Ala'a Eraiqat, Head of Consumer and Private Banking at ADCB, said "Believing in the strength of the local economy and the abundant investment opportunities, we have launched "Al Nokhitha" Fund with the aim to provide investors with solid medium to long-term capital appreciation, while outperforming the UAE equity indices. The Fund's performance should be a reflection of the aggregate performance of the UAE financial markets and economy."
Hassan Al Sayed Al Hashimi, the fund Manager said: "Al Nokhitha" Fund is open to UAE and non-UAE nationals, including UAE based companies, with a minimum subscription amount of as little as Dh10,000. "Al Nokhitha" is another example of ADCB superb leadership amongst others in providing its valuable clients and the public with practical financial solutions and tools."
Driven by a passion to be one of the most modern, dynamic and customer focused banks in the UAE, ADCB is well on the way to becoming the UAE's leading financial institution and to set the standard within the banking industry. The Bank's main ambition is for each customer to walk away with an unrivalled banking experience.
Innovative, customised products, dedicated service and outstanding financial performance make up the fundamentals of ADCB's future success.
ADCB is of a paid up capital of Dh1.250 m. (USD 340 m.) the largest in UAE. Abu Dhabi Government, represented by Abu Dhabi Investment Authority (ADIA), owns 65pc of the Bank's shareholdings and the remaining is held by other UAE institutions and nationals.
ADCB is one of the top three banks in the UAE with deposits of Dh38.393 and profit of Dh801 m. as at 31 December 2004.
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