Morgan Stanley opens Saudi Equity Fund to foreign investors

DUBAI: Morgan Stanley has launched an investment vehicle that allows international investors to access the Saudi Equity Fund.
The MSINVF Morgan Stanley Saudi Equity Fund will give foreign investors access to the company’s on-ground investment team, who have experience in the local market, the bank said in a statement.
Founded in 2009, the fund aims to provide long-term capital appreciation and growth by investing in securities listed on the Saudi Stock Exchange (Tadawul) and in securities offered in the course of an initial public offering in the Kingdom.
“We are confident that this launch will create great interest amongst investors and support the attraction of capital inflows into Saudi Arabia as it continues to diversify its economy through the Vision 2030 framework,” Najmul Hasnain, the head of the Saudi equity team for Morgan Stanley, said.
Saudi shares have attracted increased interest from overseas investors this year amid a wider rise in emerging markets worldwide.
“Saudi Arabia continues to be one of the most promising capital markets in the Middle East having seen the introduction of a number of significant market initiatives that are expected to drive an increase in company listings,” Sammy Kayello, chief executive of Morgan Stanley’s Middle East and North Africa unit, said.