This strategic move comes in accordance with the Fund’s investment vision to develop and expand investment opportunities for both short and long-term investments, and to play an active role in Abu Dhabi-based investments in particular, and UAE-based investments in general.
Commenting on this investment initiative, Mubarak Rashed Al Mansouri, the Fund’s Director General said:
“This decision was taken in light of the recent broad decline in share prices in the UAE, as the current valuations represent a good entry point for long term investment by the Fund.”
Previously, due to the persistent rise in market valuations in 2004 as well as in 2005, local investments were allocated to founders’ shares in Initial Public Offerings (IPO), and private placements that were deemed to be more attractive than listed shares. But “the current share prices are comparatively attractive and the economic outlook for the UAE and regional economies is very positive,” Mubarak Rashed Al Mansouri noted.
Abu Dhabi Retirement Pensions and Benefits Fund had approved investment allocations to Global Equities, Global Fixed Income, Real Estate, Hedge Funds and Private Equity.
The Abu Dhabi Retirement Pensions & Benefits Fund (Fund) was established pursuant to Law No. 2 of year 2000, with a vision to become a leading regional provider of civil retirement pensions and benefits for UAE nationals employed in the government, semi-government and private sectors. The Fund’s mission is to offer UAE nationals who have worked in Abu Dhabi – or for entities incorporated in Abu Dhabi but operating in other Emirates – a secure future and a stable retirement through the sound management and investment of future pensions and retirement benefits in a client-focused and a cost-effective environment.
Tuesday, May 30- 2006 @ 15:51 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.