Fund in Abu Dhabi Tracking Saudi Stocks First for Gulf ETFs

Fund in Abu Dhabi Tracking Saudi Stocks First for Gulf ETFs

The gauge tracks the top 30 largest and most liquid Shariah-compliant stocks listed in Saudi Arabia.

The Persian Gulf’s nascent trade exchanged fund industry moved forward this week with the launch of the first vehicle that invests into quite a while from a neighboring country. Chimera Capital LLC has recorded the Chimera S&P KSA Shariah exchange-traded fund Abu Dhabi. The item will permit traders in the UAE to follow Saudi stocks by means of a local bourse – – a first for the Gulf’s fledgling ETF market. The fund tracks the S&P Saudi Arabia Shariah Liquid Top 30 35/20 Capped Index, which is up 44% throughout the most recent year.

“The next obvious market was Saudi Arabia — it’s the biggest market in the region,” Sherif Salem, the firm’s chief investment officer of public markets said in an interview.

The fund’s asset under management rose to 70 million dirhams ($19 million) by the end of the week, he said.

Gulf investors can choose between eight different equity-focused ETFs in the region, with three in Saudi Arabia, two in Qatar and three in the UAE. Exchanges in the UAE are stepping up efforts to diversify their product offerings and boost trading activity.

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