Middle East Financial Investment Company (MEFIC Capital) announces an update of the terms and conditions of MEFIC Saudi Freestyle Funds as of (28/10/1443 H.), corresponding to (01/06/2022 G.)” A summary of the main updated items are as follows:
-Investments of the fund manager: the fund manager can invest in the fund.
– Types of securities that cannot be included in the fund’s investments: the fund does not invest in sukuk, derivatives, or markets outside the Kingdom.
– Calculation days for management fees, fees, and other expenses: Clarify the calculation of the net asset value of the fund on a daily basis.
– Auditor’s fees: changing the fees from 32,000 to 28,000 due to the deletion of the value-added tax.
The updated terms and conditions can be found in the attached file.