Dubai, United Arab Emirates, February 28, 2007 – 3iC Group announced today the extension of the public offering of Enmaa’ (Dubai Growth Fund) Class A shares through Emirates Islamic Bank branches throughout the UAE until March 21st to accommodate subscriber demand.
The group also announced that starting next month, Enmaa’ will be available for subscription in the Kingdom of Saudi Arabia, positioning the fund as a regional fund not only from an investment standpoint but also in terms of subscription base as well.
“We are excited about the market reception of Enmaa’ as average investors are finally offered the same investment tool that institutional investors have been enjoying for years. Entering the Saudi market puts us a step closer from achieving our long term objective of being one of the leading mutual funds in the region” said Mr. Yousef Saeed Amin, Managing Partner of 3iC Group who is in charge of Enmaa’ in the Saudi market and head of European operations.
Mr. Tarek Heiba, Associate Partner and Senior Vice President of 3iC Group added “with a Middle East market where our target segment is millions of potential investors, Enmaa’, as the 1st affordable public shariah-compliant fund, is positioned well to fill in a huge vacuum over the next few years”.
Enmaa’ (Class A shares) is a Shariah-compliant open-ended public fund with a total size of US$100,000,000. The minimum investment amount per customer is US$1000. It is first of the three classes of shares that form the AED 1 billion Dubai Growth Fund announced by the group last quarter during the GCC stock market conference in Dubai.
Emirates Islamic Bank PJSC, a leading Islamic bank of the UAE, is the receiving bank and also in charge of processing subscriptions and redemptions for the fund. HSBC Bank Middle East Ltd is the custodian and administrator of the fund while The National Investor (TNI), a leading UAE asset manager, is the portfolio manager.
3iC Group, an international investment firm licensed by the Financial Services Commission of the British Virgin Islands with operations in Malaysia and the United States, is the sponsor and manager of Enmaa’. The fund will primarily invest in high growth equities and pre-IPO opportunities in the Middle East and selected international markets and shall be following the Dow Jones Islamic Indexes criteria.