15 June 2011
Dubai, UAE, June 15, 2011, Rasmala Investment Bank Ltd. (“Rasmala”), in partnership with the Palestine Investment Fund (“PIF”), held today the launch of the Rasmala Palestine Equity Fund (“Fund”). The event was attended by various officials, businessmen and regional and country executives.
The event highlighted recent trends and developments in the Palestinian economy, the evolution of the Palestinian Stock Exchange (“PEX”) and the opportunities presented by the Fund. Guest speakers included Dr. Mohammad Mustafa, Chairman and CEO of PIF, Ahmed Aweidah, CEO of Palestine Stock Exchange and Mr. Eric Swats, Head of Asset Management at Rasmala.
“The Palestinian economy has been shaped recently by the current political stability, the tremendous energy by the educated youth, the considerable growth considering we started from a low base, the development of the financial sector and foreign aid,” said Dr. Mustafa Mr. Aweidah added, “The Palestine Stock Exchange is the only exchange in the region that added a number of new companies this year and expects an additional 10 new companies by the end of the year.”
“The Fund represents attractive valuations, an opportunity to capitalize on frontier emerging markets and acts as a dynamic player on the PEX by providing capital and liquidity,” said Mr. Swats.
The Fund is domiciled in Luxemburg and is dedicated to investing in listed securities on the Palestine Stock Exchange. It will target local and foreign investors interested in gaining investment exposure to the Palestinian equity market. The Fund has been seeded with US$ 15 million by the PIF and is managed by Rasmala. Rasmala has pledged to donate 10% of the Management Fees to the Welfare Association from May 2011- May 2012.
Rasmala has a proven track record in asset management, having one of the largest asset management teams in the region, and won a number of awards for several of its existing Funds which include the Rasmala GCC Fixed Income Fund, Arabian Markets Growth Equity Fund and the Rasmala Saudi Equity Fund.