Attijariwafa Bank, the largest publicly traded bank in Morocco, and Invest AD, an Abu Dhabi-based financial services firm, plan to start a managed fund that will invest in African equities.
Attijariwafa’s asset management unit, Wafa Gestion, and Invest AD will jointly provide the initial capital and manage the fund, according to an agreement signed in Casablanca yesterday. Financial details weren’t provided.
“Africa’s economic emergence is being driven by rising incomes and living standards across a broad cross-section of society and across the continent,” Nazem Al Kudsi, chief executive officer of Invest AD, said in the statement.
Africa will be the most attractive emerging market for investment over the next decade, according to a recent survey of 158 global institutional investors by Invest AD and the Economist Intelligence Unit, the statement said.