Azimut Group (“Azimut”) and Al Mal Capital PSC (“AMC”) have signed a partnership agreement to jointly
launch a Middle Eastern equity fund (the “Fund”). The Fund will be established by AZ Fund Management
S.A., Azimut Luxembourg fund management company, within its UCITS umbrella fund. The Fund will
integrate the distinctive investment advisory capabilities of AMC with the Group’s global portfolio
management team, comprising more than 100 professionals across its international network. The Fund will
be branded AZ Fund Al Mal MENA Equity to reflect the strategic partnership between the two companies.
Azimut will add the Fund to its global franchise, including third parties distribution channels.
The MENA region diversity between oil exporters in the Arabian peninsula (Saudi Arabia, UAE, Bahrain,
Qatar, Oman and Kuwait) and oil importers in the Levant (Eastern Mediterranean, Lebanon and Jordan) and
North Africa (notably Egypt and Morocco) offers an untapped investment universe with unique
fundamentals. MENA’s overall GDP of more than USD 2 trillion accounts as a Top 10 economic system
globally. The region is home for more than 300 million people (50% are under the age of 25) and with a
consumption power in excess of around USD 90 billion annually. In addition, it accounts for 47% of proven
global oil reserves and 30% of global oil production. Moreover, the region still enjoys a strong fiscal position
underpinned by around USD 1 trillion in foreign currency reserves (the highest ratio on GDP globally).
MENA equity markets have been historically neglected by international investors mainly as a result of
underrepresentation in mainstream equity indices, thus resulting in being structurally under-owned by
global money managers. Indeed, due to the low level of coverage from global investors, the MENA region
stands as one of the few regional markets where actively managed funds still represent a significant
opportunity to create alpha over passive instruments such as ETFs.
AMC, a subsidiary of Dubai Investments PJSC, is one of the largest independent asset management
companies in the United Arab Emirates and since 2005 manages Middle East and UAE focused stocks
portfolios with AUM of USD 250 million currently, through onshore funds and mandates for local investors.
The AL MAL MENA Market Equity Fund generated returns of +13.9% year to date, or +10% above the
benchmark (S&P Pan Arab large Cap Index). AMC investment process primarily follows a high conviction
deep research approach, maintaining a 3 to 5 years’ investment horizon and focusing on business
performance, effective capital allocation and management quality. The process is also combined with
thorough top down macro analysis enabling a unique coverage of the portfolio varied geographic exposure.
The strategic cooperation signed by the two Companies also includes: 1) establishment of a joint
investment committee between Dubai and Luxembourg; 2) joint marketing initiatives to cater the demand
from the respective commercial franchises; 3) access to Azimut existing range of investment capabilities for
regional investors through AMC’s wealth management platform.
Al Mal Capital CEO, Naser Nabulsi states: “The partnership with Azimut is a major milestone for Al Mal Asset
partner. Thanks to Azimut UCITS umbrella platform and their global distribution footprint, Al Mal highly
Sergio Albarelli, CEO of Azimut Holding, comments: "The strategic partnership with Al Mal Capital is a key
Head of Investor Relations & Corporate Communications
Tel. +39 02 8898 5853
Corporate Communications – Media Relations
Tel. +39 02 8898 5026
exchange on 7 July 2004 (AZM.MI) and, among others, is a member of the main Italian index FTSE MIB and of the Eurostoxx 600. The
shareholder structure includes over 1,400 managers, employees and financial advisors, bound by a shareholders’ agreement that controls
over 15% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and
distribution of financial and insurance products, with Registered Offices in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai),
Monaco, Switzerland, Taiwan, Brazil, Singapore, Mexico, Australia, Chile, USA, UAE and Turkey. In Italy, Azimut Capital Management SGR
sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of
individual investment portfolios. Furthermore, Azimut Capital Management SGR, following the demerger by incorporation of Azimut
Consulenza SIM, distributes Group and third party products in Italy via a network of financial advisors while Azimut Global Counseling
provides consulting services. Overseas main operations are AZ Fund Management SA (founded in Luxembourg in 1999), which manages the
multi strategy funds AZ Fund 1 and AZ Multi Asset and the Irish AZ Life DAC, which offers life insurance products.
Al Mal Capital Contacts:
Investor & Media Relations
Tel: +971 436 01125
48 Burj Gate
Sheikh Zayed Road
PO Box 119930
Dubai United Arab Emirates
CEO of DIFC. The Company was licensed by the Central Bank of the UAE in November 2005, the first investment
company license issued in 17 years. In May 2015, Dubai Investment Company PJSC increased their stake in Al Mal to
61% and became the majority shareholder. This further endorses Al Mal’s strong performance and recognizes the
listed on the Dubai Financial Market with over 19 thousands shareholders and a paid-up capital of AED 4 billion.
Incorporated in 1995, the company has grown exponentially with investments in a number of businesses across three
core sectors – real estate, manufacturing & industrial and financial investments across the UAE and the Middle
East. Dubai Investments currently owns over 40 subsidiaries & joint ventures across a wide array of industries and
continues to seek new investment opportunities in new sectors, locally and internationally, as part of its strategic