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Algebra Capital launches new fixed income fund

Algebra Capital Limited has launched its fixed income business with the opening of the Beta Mena Fund.

Targeting $300 million, the new fund will focus on Mena corporate credit and local currency markets. The fund will be initially offered in UAE dirhams and US dollars, later expanding to include Saudi Arabian riyals and Qatari riyals.

Mohieddine Kronfol, managing director of Algebra Capital, said: This fund will be the first to take advantage of the $100 billion corporate debt market in the Middle East and North Africa region, offering Gulf Cooperation Council and international investors a unique opportunity to benefit from the region’s improving credit profile and developing local currency bond markets.