Emirates NBD announces the second income distribution of the Emirates MENA Opportunities Fund (the Fund)

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Emirates NBD Bank PJSC, the largest bank in terms of assets in the region, has announced strong performance and a high income pay out for investors in the Emirates MENA Opportunities Fund, a Shari’a compliant, balanced, regional investment opportunity.
The Board of Directors of the Fund announced the Fund’s second income distribution for the three month period ending September 30^th 2009 with an income distribution totaling 1.71%, equating to an annualised return of 7.00%.
 
With USD 3 Month Libor currently at 0.28%*, this distribution is higher than the targeted return of USD Libor + 300 – 500 basis points per annum. Since January 2009, the Fund has achieved a return of 19.80%**.
 
Commenting on the distribution, Deon Vernooy, Senior Executive Officer of EIS, said: “The Fund’s strong performance this year, coupled with relatively low volatility, is evidence of the Fund Manager’s ability to structure a balanced MENA portfolio that has the potential to generate strong risk adjusted returns.”
 
Vernoy added: “The Emirates MENA Opportunities Fund is a Shari’a compliant investment fund that was launched in April 2006 and aims to achieve long-term capital growth through investments in a range of growth orientated assets, including equities and real estate. At the same time the Fund seeks to minimize downside risk, by investing in Murabaha and fixed deposits, Sukuk, international trade and finance along with other investment opportunities.
 
In addition to the quarterly income distributions, the Fund also aims to provide capital growth”.
 
 
** USD terms, bid to bid, period to September 2009, income reinvested

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