Abu Dhabi, 6 May 2013:  UNBs Private Banking Division announced that the performance of both "Al Itihad and Al Samaha Islamic" Funds was steady & consistent with the relevant benchmarks during the last year. Their performance since inception was commendable compared to other funds in the same category.

Al Itihad Fund achieved an impressive +18.2% net returns for 2012 and +33.8% in 2013 up to 25th April. The Fund was launched with an objective to achieve long-term capital growth by investing in publicly traded companies. The fund's prime focus is on UAE markets and to a lesser extent on other GCC markets

Al Samaha Islamic Fund achieved consistent growth of +5.40% as net annual returns for the year 2012 and +9.06% as of April 2013. Al Samaha fund's performance is considered one of the least volatile in the region. The performance was achieved as a result of a diversified selection of Islamic equities across major GCC markets, with a focus on blue chip companies which constitute the highest weights in the regional stock exchanges

Meanwhile Discretionary Portfolio Management successfully achieved an average performance of +38% as of April 2013, outperforming the S&P UAE index by over than 3% in the same period. These Portfolios aim to maximize the returns on investments by adopting a blend of both fundamental and technical approach, customized to each investor's profile individually. The Manager will seek to take the advantage of the capital appreciation through rigorous stock selection, as well as active trading to benefit from short-term opportunities.

Mr. Galal Khadr, SVP & Head of Private Banking & Wealth Management Division at UNB commented: "UNB followed a conservative investment strategy taking into account all risk factors and available investment opportunities which resulted in consistent and strong growth for both Funds".

The UNB asset management team main aim is to preserve fund's capital especially during high periods of highly uncertainty across the globe while capturing potential opportunities in the regional stock markets." Added Mr. Khadr.

Mr. Khadr also said: "Global equities witnessed positive rally throughout 2012 following optimism across US and some of the selective emerging markets, but continued pessimism in Europe showed signs of worry. Meanwhile GCC equity markets witnessed a reasonable recovery on global and domestic issues. 

Experts at UNB - private banking believe that the current MENA valuation discount creates a significant investment opportunity for the year 2013 and beyond; the expectation of 10% - 15% average performance within MENA markets which would result equities to outperform other asset classes. Markets like UAE, Saudi and Qatar are our top picks for 2013.

UNB Private Banking Division offers its clients a variety of attractive investment options in the UAE market, GCC as well as the MENA region which provides comparative returns on their investments.

-Ends-

About UNB
Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.   

For more information
Mona Zayati
Corporate Communications Manager - UNB
Tel: +971504108400
Email: mona.zayati@unb.ae

© Press Release 2013