ADX and NBAD welcome the launch of the first ETF market in the region
Abu Dhabi Securities Exchange (ADX) today launched the first Exchange Traded Funds (ETFs) trading platform in the region by listing and trading NBAD OneShare Dow Jones UAE 25 ETF, making it the first ETF to be listed on ADX.
The new fund will follow the performance of the ‘Dow Jones UAE 25 Total Return Index’ and provide investors with exposure to 25 blue-chip companies from across the UAE.
The inauguration event was attended by Tom Healy, ADX’s Chief Executive and Michael Tomalin, NBAD Group’s Chief Executive, as well as Rashed Al Baloushi, ADX’s Deputy Chief Executive, Alan Durrant, the Chief Investment Officer of NBAD’s Asset Management Group, and a number of senior officials from both sides.
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About ETFs
An index-tracking Exchange Traded Fund (ETF) is a type of an open-ended investment fund that tracks a specific index, and is listed on a Stock Exchange. ETFs allow investors to gain exposure to a wide range of asset classes, regions and investment themes, through a collective investment scheme which is traded like an equity share.
ETFs are one of the fastest growing products in the investment market; and according to Blackrock, ETF assets exceeded USD$ 1 trillion by the end of 2009, up by 45.7% from USD 711 Billion by the end of 2008.
About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.
Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13 countries on four continents.
NBAD has a network of more than 100 branches and over 330 ATMs to provide banking services to customers all over the UAE .NBAD’s overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE. NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets in addition to fund management, brokerage, financial markets, leasing, property management and private banking businesses.
About Dow Jones
Dow Jones Indexes (www.djindexes.com) is a leading full-service index provider that develops, maintains and licenses indexes for use as benchmarks and as the basis of investment products. Best-known for the Dow Jones Industrial Average, Dow Jones Indexes offers more than 130,000 equity indexes as well as fixed-income and alternative indexes, including measures of hedge funds, commodities and real estate. Dow Jones indexes are maintained according to clear, unbiased and systematic methodologies that are fully integrated within index families. Dow Jones Indexes is part of CME Group Index Services LLC, a joint venture company which is owned 90% by CME Group and 10% by Dow Jones.
About ADX
Established in November 2000, ADX is the official stock exchange of Abu Dhabi, the Federal Capital of the United Arab Emirates (UAE). ADX serves the domestic cash equity market, has 66 listed companies and a market capitalisation of AED 294.5 billion (USD 80 billion) as at 31 December 2009.
In alignment with the Abu Dhabi Government’s Economic Vision 2030, ADX aspires to become the leading stock exchange in the Gulf region by leading the development of the UAE capital market through a well-regulated marketplace in a lawful environment that ensures integrity, transparency and disclosure. Investors can trade securities listed on ADX through any of its registered brokers and ADX has custody agreements with HSBC, National Bank of Abu Dhabi, Standard Chartered Bank, Deutsche Bank and Citi. Please visit www.adx.ae for more information.
For further enquires, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Mob: + 971508126799
Email: ehab.khairi@nbad.com
Web: www.nbad.com
Adel Maktoom
Media Relations Manager
Abu Dhabi Securities Exchange
P.O. Box 54500, Abu Dhabi
Tel: +971 26128774
Mob: +971506221266
Email: adelm@adx.ae
© Press Release 2010
