Abu Dhabi: Kuwait-based Gulf Investment Corporation (GIC), which has assets worth $9.2 billion, has said it will be increasing its exposure to the GCC capital markets as they have become more mature and offer the best investment opportunities over the next five to seven years.
“Our long-term aim is to expand our presence in GCC capital markets as they offer more investment opportunities directly and with our clients, which will help develop the profitability of GIC,” Riccardo Ricciardi, head of GIC’s global markets group, told a news conference here. He said the company’s global portfolio helps in diversifying the risks.
Ricciardi said 40 per cent of GIC’s assets are in GCC countries. These include $1.2 billion in bonds issued by GCC entities, $1.5 billion in direct investments and $500 million in public equities.
It manages the Gulf Premier Fund, designed to achieve long-term capital growth through investing in a diverse portfolio of listed equities. The fund currently has $245 million worth assets under management.
GIC also owns two hedge funds that are worth almost $1 billion, the GCC Bond Fund that invests in GCC bonds and Sukuk and Gulf Islamic Fund, a Sharia-compliant equity fund.