Dubai Financial Market (DFM) announced on Sunday the launch of what was claimed to be the region’s first trading platform for exchange traded funds (ETF).
The platform launched with one ETF from Afkar Capital – the S&P UAE UCITS. This invests on the Abu Dhabi Securities Exchange and Nasdaq Dubai as well as DFM itself.
Alkar said it had appointed Egypt’s Beltone Financial as a foreign liquidity partner for the fund. Al Ramz Capital was also appointed as one of four authorised participants.
“Over the past few months, Dubai Financial Market has approved a new set of regulations developed in collaboration with traders to serve as a foundation for its new ETF platform. This follows the 2016 launch of the Afkar S&P UAE UCITS ETF and underscores our drive to further diversify our product offering for both local and global investors,” said Essa Kazim, Chairman of DFM.