VOL. XLVI

No 22

2-June-2003

CAPITAL MARKETS

BMA Authorizes First Ever Iranian Fund

The Bahrain Monetary Agency (BMA) announced on 28 May that it had authorized the first-ever Iranian mutual fund to be offered to GCC and foreign investors. The First Iran Fund will be marketed by The First Iran Fund Company (Fund Company), which has been incorporated in Bahrain. The $50mn fund will invest in equities and equity-related securities of companies listed on the Tehran Stock Exchange (TSE), as well as in...