Al Mal is planning to launch two new funds during the year as it concentrates on growing its asset management division,according to Deputy Chairman Naser Nabulsi.

Al Mal Capital is planning to increase its number of staff by 20% this year in light of Dubai’s economic recovery, the firm has said.

Al Mal is planning to launch two new funds during the year as it concentrates on growing its asset management division,according to Deputy Chairman Naser Nabulsi.

“The recovery is real and will continue.When things are looking good for the economy, we’re going to do just as well,”said Nabulsi. “We’ve seen fierce cash coming into Dubai equities from Saudi, Qatar and foreign funds and into real estate.”Al Mal wants to increase its annual assets by 25% within the next five years.

“Our attention will be on growing asset management,” he said. “We may start to see a lot of family companies going public. A lot of them are waiting for the end of the first quarter to make sure this is a genuine recovery.”

The Dubai-based firm also plans to start wealth management services in conjunction with partners in Turkey, India and the UK to promote third-party funds.Nabulsi said he was confident that “stability, growth and security” are all present in the UAE, and that investors can be sure of solid returns.The company runs eight funds, including three Public Equity Funds: the Al Mal MENA Equity Fund, the Al Mal Saudi Shariah Equity Fund and the Al Mal UAE Equity Fund, recent winner of the 2013 Mena Fund Manager’s UAE Equity Fund of the Year – 3 Year Performance award. Its other five funds cover private equity,real estate and fixed income strategies.

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