First Saudi mutual fund to be launched from Dublin

The first international mutual funds run by a Saudi Arabian manager will be launched from Dublin this month.

NCB Capital, the investment banking arm of Saudi Arabia's largest bank, will launch equity funds investing in Saudi Arabia and the wider Gulf Co-operation Council (GCC) region, the Financial Times reported. They will be run in accordance with the principles of Islamic Sharia law.

"This is a continuation of our strategy to be a sizeable player in the sharia market," Faysal Badran, chief investment officer at NCB Capital, said.

"The macroeconomic story in the GCC is quite compelling in the current slow global economic environment."

Last month, Islamic finance company Amanie Advisors announced plans to set-up an operation in Dublin.

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