SHUAA announces dividend for Q4 of 2020

ABUDHABI: SHUAA Capital has announced the first dividend for investors in two of its Sharia-compliant funds, offering one per cent cash dividend for the fourth quarter of 2020.

This is the first dividend from the funds and within three months of their launch and translates to a 6.4 per cent dividend yield for the investors. The Nujoom Aggressive Fund and Nujoom Balanced Fund have both delivered a strong risk adjusted performance in their first three months, achieving an annualized rate of return of 9.0 per cent and 11.9 per cent respectively.

Established on the Abu Dhabi Global Market (ADGM) in October 2020, the Nujoom Aggressive Fund and the Nujoom Balanced Fund invest in a global porfolio of Sharia-compliant equities, fixed income investments and money market instruments.

Having launched with initial commitments of $75 million, the funds have continued to atract significant investor interest in their first three months of operations. Following the launch of the Nujoom funds, SHUAA’S ICC funds and discretionary porfolios under management crossed $100 million mark as of Dec.31, 2020.

Commenting on the performance, Jassim Alseddiqi, Group Chief Executive Officer of SHUAA Capital, said, “We launched these funds as part of our strategic drive to increase our permanent capital vehicles and grow our recurring revenues. It is therefore pleasing that we are already paying dividends only three months ater the launch of the funds and moreover, have increased our AUM across these vehicles and managed porfolios to over $100 million.