BlomInvest unveils Saudi fund as first in new fleet

19 Jul 2011

BlomInvest has launched a Saudi equity fund, in the first of an array of new offerings. The fund launched at the beginning of July with $11m, and has a target AUM of $25m.

The new fund will be focused on leading Saudi equities. “We see that there is potential for Saudi Arabia, but we are not just looking at the next two or three years; we want to have a fund that will attract investors over a long period of time,” BlomInvest’s head of asset management Michel Chikhani told Mena FM earlier this year.

The firm has another three launches in the pipeline, one of which will target the Mena region and another which will be an Islamic-focused fund. The final fund is sector-specific, although the target sector has not yet been disclosed. A spokesman added that the strategy of the new Mena fund will be to target financial institutions across the Mena region. It will have an initial target of $50m AUM and is due to launch later this year.