Dubai - Shuaa Capital recently launched a new Sharia-aligned equity fund under the Incorporated Cell Company (ICC) umbrella, registered in Abu Dhabi Global Market (ADGM) and administrated by SHUAA GMC Limited, according to a bourse statement.

The new fund is called SHUAA Saudi Equity Fund and will basically invest in Sharia-compliant equities in Saudi Arabia, with a limited allocation to other GCC members.

It will further invest in different industries and will be available for regional and global institutional as well as high-net-worth individual (HNWI) investors to invest in.

Being the sixth launched under the ICC fund platform, the equity fund has an objective to achieve long-term and risk-adjusted capital appreciation.

SHUAA Saudi Equity Fund will likely invest in a portfolio of value and growth stocks across established and emerging business models.

Meanwhile, the assets under management (AuM) of the ICC platform surpassed $350 million.

Managing Director and Head of Public and Private markets at Shuaa Capital, Ajit Joshi, said: “Given the rising investor interest in Sharia-compliant investments, Shuaa's specially designed managed funds within the ICC framework serve these demands efficiently, while tapping into market-specific opportunities.”

Joshi added: “The Saudi Equity Fund offers timely avenues for investors to take advantage of the region's growth potential.”

It is worth noting that Shuaa Capital sold a land plot in Business Bay to Danube Properties for AED 190 million earlier in July 2023.

In the first quarter (Q1) of 2023, Shuaa Capital generated net profits attributable to the owners worth AED 14.71 million, compared with AED 5.61 million in Q1-22.

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