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Assets of UAE’s domestic funds hit AED 1.5bn in 2018

Assets of UAE’s domestic funds hit AED 1.5bn in 2018
The number of foreign investment funds registered at the SCA reached 171

UAE – Mubasher: Net assets of local investment funds registered at the UAE’s Securities and Commodities Authority (SCA) amounted to AED 1.53 billion at the end of 2018.

First Abu Dhabi Bank (FAB) was ranked first with total AED 621 million as net assets of six affiliated funds, followed by Invest AD with a net asset worth AED 416 million of two funds.

Meanwhile, assets of three funds affiliated to Al Hilal Bank amounted to AED 215 million and assets of three funds for Abu Dhabi Commercial Bank (ADCB) stood at AED 167 million.

The number of foreign investment funds registered at the SCA reached 171, capped by 95 funds in Luxemburg, followed by Ireland and India with total 35 and 17 funds, respectively, according to state-run Emirates News Agency (WAM).

Over the course of 2018, the UAE’s SCA settled the conditions with 70 foreign funds and registered another 101 new foreign funds, as well as approved the promotion for 395 foreign investment funds to 19 domestic promoters.

The number of registered foreign investment funds reached 158 last year, while funds registered for the purpose of private offerings amounted to 13, according to the SCA’s annual report.