Rasmala Investments Saudi announced yesterday that it has received the approval from the Capital Market Authority to launch two Saudi equity funds. One of the funds 'Rasmala Saudi Equity Fund' will be managed according to the Shariah guidelines approved by the fund's Shariah Committee and the other will be a conventional fund.
Hamad Al Huthaili, Managing Director of Rasmala Investments Saudi said: "Both funds will be suitable for investors who seek capital appreciation over the medium to long-term and will focus on adding value through a robust stock selection process relying primarily on the fundamental analysis skills of Rasmala's asset management team. Rasmala pioneered the fund-of-funds model in the Mena markets and the company strives to provide high quality investment products to major segments of Saudi investors".
Muhammad Shabbir, Head of Asset Management and CIO, said: "The funds will invest in companies poised to benefit from opportunities in Saudi."