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Gulf’s first ETF to launch Thursday
Exchange-traded fund will combine the 25 most-traded stocks on the Dubai and Abu Dhabi exchanges, and the NASDAQ Dubai.
March 24, 2010 5:19 by kippreport
The Gulf’s first exchange-traded fund (ETF) will launch on the Abu Dhabi market on Thursday.
The NBAD OneShare Dow Jones UAE 25 ETF will combine the 25 most-traded stocks on the Dubai and Abu Dhabi exchanges, and the NASDAQ Dubai.
The ETF “will be the first in the region, albeit by just a few days” said Tom Healy, chief executive officer of ADX, quoted by Bloomberg. Another ETF is launching in Saudi Arabia next week.
Dow Jones will also launch the ‘UAE 25 Index’, which will measure the performance of the 25 largest and most liquid securities. As of February 26, the five largest companies in the index are Etisalat, First Gulf Bank, Emaar, National Bank of Abu Dhabi and Dubai Islamic Bank, according to a press statement issued by Dow Jones.