UBL Fund Managers, a wholly owned subsidiary of United Bank Limited (UBL), is offering three of its mutual funds in the United Arab Emirates (UAE) with a minimum required investment of only Dirham 1,000.
As of last December, there were an estimated 860,000 Pakistanis working in the UAE, so investor's take up was expected to be strong, a private television channel reported. The aim is to provide "a window of opportunity for large and small investors to invest in Pakistan," said UBL Fund Managers Chief Executive Officer Mir Muhammed Ali.
He said the launch of those funds in the UAE would help in broadening the UBL's growing client base and would offer non-resident Pakistanis and other investors a secure and convenient form of a tax-free investment option in the rapidly growing Pakistani economy.