Dubai-listed asset management firm Shuaa Capital has confirmed plans to launch two additional funds before July this year, as it seeks to further tap into high-net-worth individuals (HNWIs) and institutional and corporate investors. 

The funds will be rolled out by the company’s wholly-owned subsidiary Shuaa GMCC under the umbrella of its Incorporated Cell Company (ICC), which is domiciled in the Abu Dhabi Global Market (ADGM). 

The first fund is expected to launch in the first quarter of the year and focus on Saudi Arabia and the rest of the GCC, according to a disclosure on the Dubai Financial Market (DFM) on Monday. 

A dedicated Shariah-compliant money market fund will also be launched in the second quarter of the year. 

“The new funds will expand the choices available to institutional investors, high-net-worth individuals and corporate investors, and will provide additional investment opportunities to diversify their investments across geographies and asset classes,” Shuaa said. 

Past fund performance 

The company’s Shariah-compliant funds under the ICC umbrella outperformed global benchmarks last year, with assets under management (AUM) on the Shariah-compliant platform growing by 210% over a two-year period to more than $230 million.  

Shuaa expects AUM under the product platform to exceed $400 million. 

“Our funds have significantly outperformed their composite benchmarks and peers despite market headwinds,” said Ajit Joshi, Managing Director and Head of Public & Private markets at Shuaa Capital. 

One of the Shuaa ICC multi-asset funds, the Nujoom Aggressive Fund, capped its performance at -0.5% last year, while the Nujoom Balanced Fund ended the year at -9.8%, both beating the global benchmark of -12.3%. 

Shuaa’s Global Sukuk Fund, launched in September 2022, closed the year at 0.5% versus the benchmark at -10.8%. 

“The sukuk fund outperformed almost all its peers, with an average outperformance of more than 600 basis points (6%),” Shuaa said. 

(Reporting by Cleofe Maceda; editing by Seban Scaria)