Dubai-based investment bank Shuaa Capital has launched a new Shariah-compliant fund focused on Saudi Arabia equities.

The new fund, SHUAA Saudi Equity Fund, will capitalise on the growing potential of Saudi and GCC equities, allowing regional and global institutional and individual investors to invest in the Saudi public market with a small allocation to other GCC equities, the bank said in a statement on Monday.

The fund is managed under the Incorporated Cell Company umbrella, domiciled in Abu Dhabi Global Market (ADGM) and managed by SHUAA GMC Limited, a subsidiary of SHUAA.

(Writing by Brinda Darasha; editing by Seban Scaria)