Abu Dhabi's Invest AD launches Iraq equities fund

Abu Dhabi’s Invest AD launches Iraq equities fund

Government-owned Invest AD will seed the fund.

October 4, 2010 8:55 by Reuters

Abu Dhabi’s Invest AD has launched an Iraq equities fund to meet growing interest in the country from institutional and high net worth investors, it said on Sunday.

Government-owned Invest AD will seed the fund, which will invest in listed equities and pursue non-listed entities, the company said in a statement. It did not disclose the value the fund.

“As Iraq stabilises, it should take its place as one of the major economies in this vibrant region,” Invest AD Chief Executive Officer Nazem Fawwaz Al Kudsi said in the statement.

Invest AD, established by the Abu Dhabi government in 1977, said it is among a handful of companies to offer global investors access to Iraqi equities, and the only one based in the Middle East.

“They see the growth potential, whether through fixed or portfolio investments. The Iraqi equity market is still quite small by regional standards, but from small beginnings come big opportunities,” Al Kudsi said.

Iraq’s economy is expected to grow by over 7 percent annually in the next couple of years, according to the International Monetary Fund (IMF).

(Reporting by Nicolas Parasie; Editing by Jason Benham)