The National Bank of Abu Dhabi (NBAD) distributed 2.40% dividend to NBAD MENA Income and Growth Fund (MIGF) investors with the option to reinvest the dividend in lieu of a cash payout.
The distribution equals 2.40% of the Fund’s net asset value (NAV) as of August 7, 2014. All those investors who successfully subscribed to the Fund on or prior to August 5, 2014 would be eligible for dividend distribution.
MIGF managers elected to offer investors the Dividend Reinvestment Option allowing investors the choice to convert their dividend to units in the Fund.
“MIGF is a unique fund that offers investors exposure to income generating assets whilst also participating in capital appreciation potential of blue chip equities in the GCC region and UAE real estate,” said Saleem Khokhar, the Head of Equities at NBAD’s Asset Management Group. “Our strategy continues to yield very positive results for our clients.”
MIGF has won a number of accolades over the years including being named as the Best Regional Investment Fund in the prestigious Banker Middle East Products Award.
“Our primary goal is to optimise benefits for our investors; we believe one way to do that is by giving them the choice to reinvest their dividend into the fund and increase their share in MIGF,” said Mr. Khokhar.
MIGF, created in 2006, is managed by NBAD’s Asset Management Group which aims to provide investors returns by investing in a blend of fixed income, real estate, and equities, with emphasis on dividend growth and stable recurring income streams. MIGF managers seek returns over the medium-term via active management of asset classes, sector rotation and stock picking. MIGF managers invest in the UAE and across the GCC region.
NBAD’s Asset Management Group manages assets in excess of AED10.4 billion, making it one of the largest of its kind in the UAE.