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Tue 23 Mar 2010 10:24 AM

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Abu Dhabi bourse to list ETF by end of week - paper

Bourse expects to launch instrument in cooperation with an Abu Dhabi-based bank.

Abu Dhabi bourse to list ETF by end of week - paper
STOCK WATCH: ETFs usually track an index and can be traded like securities.(Getty Images)

The Abu Dhabi Securities Exchange (ADX) will list its first exchange-traded fund by the end of this week, a newspaper reported on Tuesday, citing an interview with the bourse's deputy chief.

Last week, Saudi Arabia approved the kingdom's first exchange-traded fund, accessible to foreigners as part of efforts to open up the biggest Arab bourse.

"We have readied well for the launch of the Exchange Trading Funds (ETFs)," Rashid Al Baloushi, ADX's deputy chief executive officer told Business 24-7.

The bourse expects to launch the instrument in cooperation with an Abu Dhabi-based bank, the business daily said.

The ETF listing is expected to boost investment opportunities and attract more liquidity to the exchange, the newspaper said.

ADX officials were not immediately available for comment.

Baloushi said the bourse had planned to list the funds in 2008 but the listing was postponed due to market circumstances.

ETFs usually track an index and can be traded like securities. (Reuters)

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