Dubai: Five major Indian mutual funds have tied up with a leading stockbroking firm in the United Arab Emirates (UAE), to make a major push in the Gulf, marketing among others, special investment options tailor-made for the non-resident Indians (NRIs) here.

The IDBI-Principal Asset Management Company from India, HDFC Templeton, Sudaram Mutual Fund and Unit Trust of India have firmed up agreements with Barjeel, the only brokerage house licenced by the UAE Central Bank to deal in Indian capital markets.

The strategic alliance will enable the Indian mutuals to introduce a host of innovative investment schemes including mutual funds, cumulative investment schemes, and comprehensive retirement plans for NRI investors based in the Gulf through Barjeel, a joint venture of the al-Saud group of the UAE and Geojit Securities, Kochi.

"In order to leverage the new association with Barjeel, the five Indian mutual funds will design and market new products aimed at the NRIs in the new year," Geojit Securities managing director C J George said.

A seminar organised by Barjeel in association with its associates to mark the new tie-up generated enthusiastic response from the investor community in the UAE despite the listless market conditions prevailing in India.

PTI