Mena-invested funds rocketed in the first half of 2008 while funds registered for sale in the Gulf Cooperation Council region, including Shari'ah compliant funds investing elsewhere, were not spared the problems of current global markets, according to Lipper's first-half GCC fund market report.
Equity funds registered for sale in the GCC returned -12.8% in the first half of 2008, with only seven of the nearly 70 equity categories listed by Lipper posting positive average performance. Yet regional funds invested in the Middle East and North Africa, including the GCC, did particularly well. According to the research, funds invested in the Mena region skyrocketed by an average 19.70%. Qatar Gate N, a Qatari-domiciled fund managed by Amwal, topped the category with a half-year performance of 30.25%. It is the first fund launched in Qatar that is simultaneously open to nationals and f...
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