A state-run Abu Dhabi financial firm is launching a fund to invest in Iraqi companies. Invest AD said Sunday its Iraq Investment Fund will give investors a way to buy tough-to-access Iraqi stocks and other investments as the country starts to rebuild and ramp up oil production.
It says it will provide an undisclosed amount of seed money for the fund, which is open to institutional investors and wealthy individuals. The firm says it's the first fund in the Middle East targeting Iraq. London-based MerchantBridge and Godvig Capital of the British Virgin Islands have also launched Iraq funds in recent years. Iraq's stock exchange could use more investors. Only about $1 million worth of shares change hands daily.