(MENAFN - Muscat Daily) National Bank of Oman announced on Sunday that its recently launched National Bank of Oman GCC Fund' successfully raised over RO12.4mn, becoming one of the largest equity funds based in Oman.
The strong response received from investors in Oman and the wider GCC, despite high market volatility, reflects their belief in the fund's investment strategy combined with strong investor confidence in the bank's asset management products, a press release said.
An open-ended equity investment fund, the NBO GCC Fund will target investments in GCC-based high-impact companies, which are expected to achieve tremendous growth coupled with their ability to offer high dividend yield.
Actively managed to provide maximum returns, the fund will also seek to invest selectively in fixed-income securities in the GCC market.
Commenting on the successful fund raising, Sayyid Wasfi Jamshid al Said, deputy general manager and head of investment banking said, ''National Bank of Oman's investment in high-impact businesses through our GCC Fund was predicated on a strong belief in the growth fundamentals of the GCC business landscape, the long-term growth potential of these companies, proven business models and track record, and their ability to deliver impressive high yield dividends. It is important to note that 30 per cent of public-listed GCC companies that are actively traded on regional bourses have distributed dividends even during the heights of the financial crisis. With the launch of the GCC Fund, we are optimistic that our investors will reap a range of benefits, supported by the diverse portfolio that our platform offers.''<