VOL. XL

No. 19

12-May-1997

UAE

EBI Launches Emirates Equity Fund And NewStock Index

The Emirates Bank Group announced on 4 May that it will launch the first mutualfund allowing limited participation by non-United Arab Emirates (UAE) nationals in UAEequities. The open-ended fund, which opens for subscription on 1 June, will allow foreignparticipation to a maximum of 20% of the fund's size. Although the fund will not solicit subscriptionsoutside the UAE, it will accept subscriptions from non-UAE...