The Abu Dhabi Securities Market (ADSM) is planning to introduce Exchange Traded Funds (ETFs) in the UAE, thereby becoming the first in the GCC region to do so.
Rashed Al Baloushi, Acting Director-General of Abu Dhabi Securities Market (ADSM) explained on Wednesday that ETFs are a kind of collective investment instrument which minimises the risk to investors. These instruments have become increasingly popular in the US and European countries.
"It is a cost effective way to minimise risk of investors. ADSM would like to introduce such kinds of instruments and be a pioneer in the Gulf region," revealed Baloushi.
ADSM announced that it will host its first leadership forum on March 7, 2007 titled 'Exchange Traded Funds — Challenges and Opportunities', which will take place at the Emirates Palace Hotel, and will be the first of its kind to be held in Abu Dhabi. Designed to promote the concept of ETFs in the UAE, the ADSM Leadership Forum will bring together fund managers, institutional investors, lawyers, regulators, and other experts with senior Arab and GCC officials, to debate the challenges and opportunities for the establishment of ETFs in the UAE.
Baloushi explained that in the six years since the UAE exchanges were established, ADSM had shown leadership in the areas of regulation, corporate governance and education. Now it was time to show leadership in a public forum that would debate ideas to secure the future growth of Abu Dhabi and its financial market, he argued.
"As part of Abu Dhabi's diversification programme, ADSM has an important role to ensure the financial market is operated with international standards of best practice and continues to evolve and meet the needs of all investors," Baloushi noted.
"The ADSM Leadership Forum is an initiative designed to introduce new concepts in a public forum and in the presence of international experts. This will allow us all to share our knowledge and experience and ultimately find solutions to help our financial markets develop and grow," he added.
Baloushi pointed out that for some time now, ADSM has been encouraging the establishment of more collective investment schemes in the UAE. At the same time, however, rules and regulations need to evolve to meet the demands of a more mature financial market.
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