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Abu Dhabi / WAM
The Tawazun Economic Council announced the closure of Alfia after successfully fulfilling its purpose of serving as an investment fund for defence contractors. Abdul Raheem Al Hosani, Chief Executive Officer of Tawazun Economic Council, said, “Alfia Fund has successfully realisedTawazun Economic Council’s objectives of creating wealth for economic development in the UAE, investing in viable public and private ventures and providing job opportunities to the Emiratis.â€
He pointed out that seven defence contractors, along with Tawazun Economic Council, subscribed to the Alfia Fund. “Alfia Fund has performed well over its period which is reflected in a 13 percent growth in returns to its investors, accounting for AED85 million in total,†he added.
The purpose of the Fund was to maximise returns from a diversified portfolio of investments in local ventures under the TawazunEconomic Programme administered by the Industrial Development Unit of Tawazun Economic Council.