Media ININ Economy We Trust
MEDIA IN – Abu Dhabi 20 June 2018 WAM
The number of local funds registered with the Securities and Commodities Authority reached 22 in 2017 with net assets of AED 1.3 billion.
These funds, which are owned by local banks or financial institutions, are invested in local equity markets along with some other GCC markets.
Abu Dhabi First is the most active financial institution in the management of mutual funds with 6 funds with assets of AED 692 million, while Al Hilal has 5 funds with assets of AED 235 million.
Abu Dhabi Commercial Bank ranked third with 3 funds with assets of AED 204 million and Al Mal Capital 5 with assets of AED 87 million and National Investor with AED 54 million.
Union National Bank manages two investment funds with a value of AED 12 million, both of which are for Invest AD but with assets of AED 2 million.
Since its establishment, the Securities and Commodities Authority (SCA) has been encouraging the establishment of investment funds to increase institutional investment in financial markets where individual investment predominates in most of its transactions.
