Charlemagne Capital, a U.K.-based emerging markets hedge fund manager, has launched a Middle East and North Africa fund which will invest in companies that have a significant presence in the Arabic-speaking world.

The Magna MENA Fund will employ Charlemagne’s bottom-up approach to stock picking, and will focus on the banking, industrial, real estate and telecommunications sectors. Its portfolio managers are Gabor Sitanyi and Sharat Dua.

The Gulf countries are embarking upon a US$800 billion investment program over the next five years, approximately equal to their combined current gross domestic product, which can be financed from existing reserves, according to the firm.

The fund will offer dealing daily except Fridays and will have euro, pound sterling and U.S. dollar share classes.