April 2009 DUBAI: Al-Baraka Banking Group Al-Baraka Banking Group plans to launch two funds next month to invest in Gulf Arab equities as the market nears its bottom, its chief executive said yesterday. The bank, one of the largest Islamic finance institutions in the world, expects assets to grow 8 percent this year and will focus on expanding its branch network in Turkey, Algeria, Jordan and Syria to about 52 this year, Adnan Ahmed Yousif told Reuters on the sidelines of a banking conference in Dubai. He did not give a comparative figure. We will launch two equity funds in May, one about $50 million and one about $100 million," Yousif said, adding the funds would invest in the Gulf Arab region. "We believe (the market) has hit the bottom." Al Baraka expects to open its Syrian unit by July after it completes a $100 million initial public offering, Yousif said.

© Kuwait Times 2009 omar 1.1:zy