Qannas puts £3.8m into UAE 'Goldilocks Fund'

Qannas Investments announced a fresh investment on Friday, putting $5.45m (£3.77m) in the Goldilocks Fund, which primarily invests in listed equities in the United Arab Emirates.

The investment was being made at a net asset value of AED 1.37 (26p) per unit, the company's board confirmed.

Cayman Islands-incorporated Qannas said the Goldilocks fund is managed by Integrated Capital - a licensed investment firm registered in Abu Dhabi. Jassim Alseddiqi and Mustafa Kheriva - both directors of Qannas - were also directors of Integrated Capital.

Integrated Capital was owned by Abu Dhabi Financial Group, which also owned Qannas' investment manager, ADCM.

"The independent directors of Qannas, being Richard Green, Chris Ward and Richard Prosser, having consulted with the company's nominated advisor finnCap, consider the terms of Qannas' investment in the fund to be fair and reasonable insofar as the company's independent shareholders are concerned," the company's board said in a statement.