HSBC launches Mena fund

11th September 2008 17:06
Banking giant HSBC has launched a Middle East and North Africa (Mena) fund as part of its existing Global Investments Funds SICAV.

The fund will be made available for sale in upwards of 35 nations around the world and will be run by Andrea Nannini at Halbris.

Nannini’s team the New Frontiers fund, almost 50 per cent of which is exposed to the Middle East and North Africa region. The HSBC Gif Mena fund will look to invest in Mena companies with a market value greater than $100 million, with potential business opportunities in countries including Oman, Egypt and Lebanon.

Mr Nannini said: “Many of these countries are positioned to benefit from high and sustained commodity prices, in particular those within the Gulf region. Additionally, ambitious infrastructure development programmes are underway within the region, which provides an exciting investment theme.”

With many businesses across the Mena region beginning to flourish, and the surging price of oil spurring additional infrastructural investment, the market should prove fertile in the coming months and years.

HSBC has announced rate cuts on its fixed-rate mortgages, which should ease the credit crunch of many customers.

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