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Dalma Capital Management Limited, a Dubai Financial Services Authority regulated Fund Manager, announced today that H.E. Dr. Nasser Saidi has joined the Board of Directors of Quencia Open Ended PCC Limited as a non-executive director. The fund is available to professional investors only and serves as the umbrella under which Quencia Saudi Equity Open Ended PC, the first DIFC domiciled fund focused on investing in the Saudi stock exchange, was launched in April 2018.
Zachary Cefaratti, CEO, Dalma Capital, said: "Our entire team at Dalma Capital are delighted to welcome Dr. Saidi to Quencia's board, particularly at this transformative time for the Saudi equity market. We believe the fund is well positioned to capitalize on the opportunities presented by the largest remaining market to be included in EM indexes and Dr. Saidi's expertise will be invaluable in better understanding the impact of the ongoing transformation beyond the EM upgrade and looking into Saudi Vision 2030."
Dr. Nasser Saidi commented "It is a great pleasure to be joining as non-executive director of the board of Quencia, the first DIFC domiciled Saudi equity fund managed by Dalma Capital and led by Majed Kabbara, a Saudi market veteran and top-tier portfolio manager. The major transformation currently underway in Saudi coupled with its upgrade to emerging market status should create attractive investment opportunities and I look forward to working with the fund's team to help investors capitalize on such opportunities."
Majed Kabbara, Managing Director – Asset Management, Dalma Capital said: "We are thrilled to have Dr. Saidi joining our Quencia fund's board. His extensive macroeconomic and corporate governance experience will provide a lot of insight to the fund's team and help shape our top down and bottom up views. We are very excited to work with Dr. Saidi on developing the fund and adding value to investors."
Mishal Kanoo, non-executive director of Dalma Capital and Chairman of the Kanoo Group, which has invested in Saudi Arabia since the 1930's said, "I am very glad that Dr. Saidi has joined the board of the Quencia fund managed by Dalma Capital. Saudi Arabia remains an attractive market and ongoing reforms in the Kingdom, including the opening of its capital markets to foreign investors, are likely to bolster equity prices to better reflect their fundamental value."
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