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Franklin Templeton launches new fund
18 Nov 2008
According to the firm, the fund will allow foreign direct investment in the region and will have Algebra Capital in the position of investment manager.
The long-term approach of the endeavour is to invest in the equity and fixed income securities of companies located in Kuwait, Qatar, Bahrain, Oman, Egypt, Jordan and Morocco.
Joe Kawkabani, head of equity asset management, Algebra Capital, said: "The MENA region is expected to grow at a strong pace in the coming years due to the rise in massive infrastructure spending and the emergence of business sectors, such as logistics, banking, construction, petrochemicals and fertilizers."
He added that even if the price of oil drops, the government spending on utilities should not be deterred.
Franklin Templeton Investments acquired a 25 per cent stake in Algebra Capital in 2007.
Meanwhile, Algebra Capital recently launched the Sukuk Fund in collaboration with the Elaf Bank.
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