19 September 2005
Abu Dhabi Commercial Bank (ADCB) announced today it's flagship Mutual Fund 'Al Nokhitha' has crossed AED 1 billion in customer subscriptions, being one of the largest ever start up local mutual funds to be offered to the public in the UAE.
"This is great news, illustrating ADCB's clients loyalty to firstly our bank and secondly the UAE economy and investment potential." Said Hassan Al Sayed Al Hashemi, Al Nokhitha's Fund Manager.
It also announced that the advisory committee of the fund, approved to remove the AED 1 billion cap that was initially set for the fund size and change it's present redemption policy from a monthly duration to a weekly, giving it's clients more flexibility in redeeming more frequently.
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