BNY Mellon plays Afkar Capital UAE ETF role

Abu Dhabi-based asset management firm Afkar Capital Limited has launched the Afkar S&P UAE UCITS ETF. It describes this as the first liquid, fully fungible, fully tradeable and transparent exchange-traded fund listed in the Middle East under the UAE’s new regulations. BNY Mellon has been named fund administrator, transfer agent, trustee and custodian. The ETF will list on the Dubai Financial Market on Wednesday June 29.

“ETFs provide investors with the transparency and simplicity of a stock combined with the diversification of a fund,” said Sylvain Vieujot, founding partner and non-executive chairman at Afkar Capital. “The ETF comprises a wide basket of equities that you can buy and sell with a single click through your brokerage account, just like a stock. We will publish our full holdings online on a daily basis,” he added.

“The UAETF provides investors access to one of the most well-known indices tracking the Abu Dhabi Exchange (ADX), the DFM and Nasdaq Dubai,” said Afkar Capital chief executive officer and founding partner Seif Fikry. “UAETF provides investors with balanced exposure to the second-largest market in the Middle East and North Africa (MENA) in terms of both capitalisation and liquidity.”