A key Saudi financial firm has launched a new investment fund to take advantage of emerging business opportunities in the fast-growing economy of the world’s dominant oil producer.
Bakheet Investment Group, a firm licensed by the Capital Markets Authority, said it decided to launch the Bakheet IPO Fund to invest in stocks and public offerings.
“The fund may also invest in stocks of publicly traded companies during their first year of listing only,” the statement quoted Beshr Bakheet, CEO and Chairman of the group, as saying.
This is the firm’s second investment fund following last year’s launch of the Bakheet Saudi Trading Equity Fund.
“The timing is ideal since the IPO market is expected to boom in the near future. The fund will benefit from daily valuation, while subscription to and redemption will be monthly,” said Hisham Abu Jamee, Head of Asset Management, Bakheet.
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