The Abu Dhabi National Bank is to announce next Saturday the creation of a UAED700 million ($190 million) stock investment fund.
In the first three months, the fund will have $40 million for general stock underwrite to reach $190 at later stage. The fund will be administered by a branch of the Abu Dhabi National Bank in the free market area of Saadyyat. The fund has set a minimum of D10,000 ($2,700) for stock underwrite.
About 40 percent of the stock market transactions are done through the Abu Dhabi National Bank, said Terrence Allen, head of the investment department in the Abu Dhabi National Bank.
Allen said the establishment of the fund came at a time when all indications point to a rise of Abu Dhabi stocks.
Allen said the fund would encourage foreign investors to put their money in Abu Dhabi, which has a strong economy. Abu Dhabi's total production value was $60 billion. In addition, Abu Dhabi's economy is free of foreign debt, some thing that is appealing to foreign investors and companies. – (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
