Abu Dhabi taps its own funds
By Mark Ford
Stock markets in the United Arab Emirates have suffered dramatic falls over recent weeks after a sustained period of sharp gains. This provides an appropriate background for the launch by an Abu Dhabi-based bank of a locally focused hedge fund whose objective is even, long-term returns and a hedge against market volatility.
First Gulf Bank claims it now has the first open-ended, macro-strategy hedge fund managed by a UAE-headquartered bank. Known as Al Saqer, Arabic for ‘falcon’, the FGB fund launched on January 23 2006 and...
