News

Alkhabeer targets $266m for Islamic fund launch

Saudi arabiaSaudi-based alternative asset manager, Alkhabeer Capital, has set a fundraising target of US$266 million (1 billion riyal) for its latest fund launch. The Alkhabeer Diversified Income Traded Fund, which Alkhabeer claims is the first of its kind to be launched in the region, will be listed on the Saudi stock exchange. The firm was granted approval for the fund by the Capital Market Authority back in September. The subscription period will last 15 days, starting from December 6. “[The fund] aims to issues a maximum value of [1 billion riyals] to provide investors with the opportunity to generate periodic income through investing in income-generating assets, diversified across asset classes, sectors and geographies,” according to a company statement. ©2019 funds global mena

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