Bank of Ireland Securities Services has launched the world’s first exchange-traded fund listed in the Persian Gulf.
The company worked closely with the National Bank of Abu Dhabi and the Abu Dhabi Securities Exchange to develop the product.
The NBAD OneShare Dow Jones UAE 25 ETF combines the 25 most traded stocks on the ADX General Index, the DFM General Index and Nasdaq Dubai.
The shares must have a daily traded value of USD500,000 to be included in the ETF.
The ETF has an Irish Ucits III wrapper, with Bank of Ireland as custodian.
Fearghal Woods, director of business development at Bank of Ireland Securities Services, says: “As a leading service provider to ETFs, we are delighted to support the National Bank of Abu Dhabi and the Abu Dhabi Securities Exchange on this ground breaking and exciting initiative. We recognise the importance of developing new markets and breaking down barriers which have prevented investors’ access to new products in these regions.”
Alan Durrant, chief investment officer at National Bank of Abu Dhabi, adds: “National Bank of Abu Dhabi is proud to have launched the very first equity ETF to be listed in the Gulf region. We believe that this represents a significant step forward in providing liquid, transparent ways for both local and international investors to access the opportunities that are available in our market. We are very grateful to all of our partners who helped to build this history-making product and would like to thank Bank of Ireland Securities Services for their ongoing support.”
