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Kuwait's CMA approves Markaz to establish $300m fund

Kuwait's CMA approves Markaz to establish $300m fund
MARKAZ
MARKAZ
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Kuwait Financial Centre - Markaz obtained Kuwait's Capital Market Authority (CMA) approval over the establishment of a fund named "Mawazen Global Fund" , reported the daily Arabic AL Anbaa newspaper.

The new fund total capital is estimated to stand at $20 million to $300 million at par value of $10 per unit, noting that the fund's units will be offered for public subscription.

The fund will offer 28.5 million unit for public subscription at total value of $285 million and the minimum number of subscribed units shall be 5000 units , added the news report.

The funds life duration will be 15 years starting from its registarion date at official records at CMA.

Recently Markaz was named "Best Asset Manager in Kuwait - 2014" by a Euromoney publication specialized in finance and investment.

Notably, Markaz’s track record in asset management in Kuwait and the GCC goes back to almost three decades. In 1983, the company started offering portfolio management services in the Kuwaiti Market and in 1999 it entered the fund management field with the launch of the first Kuwaiti equities fund, "Mumtaz Fund".