Awards & Ratings
Markaz Real Estate and Equity funds now available to Gulf Bank clients
Kuwait 07 June 2010 – Markaz and Gulf Bank announced today the signing of a distribution agreement by which Gulf Bank will act as a Selling Agent of Markaz investment funds through its Priority Banking network located in selected branches throughout the country.
Manaf Alhajeri, Chief Executive Officer of Markaz said, “We are glad to be offering our investment products to Gulf Bank’s Priority Clients, our various funds are suited to meet investors' needs in this rapidly changing and challenging investment climate. Gulf Bank is a leading financial services provider with a large network of branches. We think this agreement will help Markaz reach a wider base of investors.”
Michel Accad, Chief Executive Officer & Chief General Manager of Gulf Bank said, “We look forward to working with Markaz and distributing their award-winning investment products to our customers. This agreement is the culmination of a long mutual understanding between the two institutions and highlights Gulf Bank’s commitment towards offering our clients a wide range of investments products to suit their needs and build their wealth.”
The agreement will commence with the marketing of two unique investment products to Gulf Bank’s Priority Banking Clients, the products are: Markaz Real Estate Fund “MREF” and Markaz Fund for Excellent Yields "Mumtaz".
MREF is an income generating and Shari'ah-compliant fund that invests in real estate properties within the State of Kuwait. It has achieved 10.2% CAGR, making it the highest performing funds in its class. MREF was established in 2002 and its net assets of KD26.8 million are invested across a diverse real estate portfolio. The fund distributes stable monthly cash returns of 7% on the par value per annum, or 5.8 fils per share per month. Subscription and redemption are monthly/bi-annually, respectively. The NAV as of April 30, 2010 is KD1.327.
"Mumtaz" is a multi-award winning and actively managed Kuwaiti equities fund. Its objective is to outperform the KIC index. It has achieved 22.0% CAGR since inception in 1999. Its net assets are worth KD65.6 million and the fund's investment decisions rely heavily on research driven top-down considerations. Subscription and redemption are weekly. The Net Asset Value (NAV) as of May 31, 2010 is KD4.017.
Markaz’s experience in real estate and asset management extends back to more than three decades. Today, Markaz is the leading fund manager in Kuwait in terms of market share.
Gulf Bank Personal Bankers are available on Priority floors at the following branches: Adan, Audiliya, Dahiyat Abdullah Al Salem, Fahaheel (Alghanim Electronics), Fahaheel (Nayef Al Dabbous Complex), Farwaniya, Jabriya, Mubarak Al Kabeer (Head Office), Nuzha, Salmiya (Co-op), Shaab, Sharq, Al-Mansouriya, Surra, Shuwaikh Main and Shuwaikh Port, or call 1 805 805 to arrange for a personal visit by a Gulf Bank Personal Banker.
Manaf Alhajeri – CEO of Kuwait Financial Centre “Markaz” and
Michel Accad, CEO & CGM of Gulf Bank