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25 Feb 2009

Rasmala Launches 2 Saudi Funds

The Saudi Capital Market Authority has approved Rasmala Investments request to launch two Saudi Equity funds. One of the funds 'Rasmala Saudi Equity Fund' will be managed according to the Shari'a guidelines approved by the fund's Shari'a Committee Jadwa and the other will be a conventional fund.

"The funds will invest in companies and industries that are poised to benefit from continuing opportunities in the Saudi economy. We believe the steep correction the market has witnessed since late last year has created many valuable opportunities, particularly for investors who view the prospects and strength of the Saudi economy favorably," Muhammad Shabbir, Head of Asset Management and CIO, said.

"Both funds will be suitable for investors who seek capital appreciation over the medium to long-term and will focus on adding value through a robust stock selection process relying primarily on the fundamental analysis skills of Rasmala's asset management team." Hamad Al Huthaili, Managing Director of Rasmala said, "Rasmala pioneered the fund-of-funds model in the MENA markets and the Company strives to provide high quality investment products to major segments of Saudi investors."

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