Jawdat Al Halabi, chief executive of NCB Capital

NCB Capital first Saudi manager to launch Shariah-compliant Ucits fund platform

NCB Capital has become the first Saudi institution to establish a non-Saudi registered range of funds under the Ucits platform registered in Ireland.

The firm is also launching the first two funds on the new platform: the NCB Capital Saudi Arabian Equity Fund and the NCB Capital GCC Equity Fund.

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.

These 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 world’s largest Shariah-compliant family of funds and the world’s largest Shariah-compliant fund (USD3.93bn).

Jawdat Al Halabi (pictured), chief executive of NCB Capital, says, “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 across the Gulf region. With our local knowledge and significant presence we are a natural gateway for international access to a dynamic new market.”

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