Wednesday 02, August 2017 by Georgina Enzer

Afkar signs Union Brokerage Company

Afkar Capital has signed Union Brokerage Company as its latest Authorised Participant on Afkar S&P UAE UCITS ETF (UAETF), marking the appointment of Union Brokerage Company as the fifth ETF Authorised Participant based in the United Arab Emirates and GCC.

“We are very happy to collaborate with Union Brokerage Company one of the leading brokerage firms in the UAE as an authorised participant on UAETF. The appointment of UBC as an Authorised Participant furthers the goal of UAETF being offered as one of the most diversified and full fungible product in UAE and GCC. We are proud to take the next step with UBC in their latest venture to provide products like UAETF to their extensive client base and investors,” Afkar Capital’s CEO Seif Fikry said.

The Fund which was launched on the DFM’s new ETF trading platform in March 2017 has quickly grown to become the second largest ETF in the Arab world in less than 3 months of its launch. The DFM ETF platform provides a robust legal and operational model for trading on ETFs.

Listed on June 2016, UAETF (Bloomberg: UAETF UH Equity) was the first physical, in-kind and transparent exchange-traded fund listed in the Middle East under the United Arab Emirates (UAE) regulations. UAETF offers single security like exposure to one of the world’s premier financial and commercial hubs by investing in three UAE markets: the Dubai Financial Market, the Abu Dhabi Exchange and NASDAQ Dubai.

The addition of a new authorised participant will further facilitate the creation and redemption of UAETF’s shares, keep its fair value in check, and will allow the firm to efficiently meet the growing market demand for the ETF.

Yasser Refai, SVP and Head of Private Banking & Asset Management of Union National Bank said: "Our collaboration with UAETF signifies our responsibility to our valuable clients to support them in their trading and investing needs and also to engage with our mission to expand our presence and service offerings in the UAE and the region. UBC has a long-established track record and is one of the leading brokerage firms in the UAE. We hope to serve and engage more with the investor community in the UAE through this innovative and diversified offering."

In addition to Union Brokerage Company’s appointment, the other existing UAETF Authorised Participants include EFG Hermes Brokerage UAE, Al Safwa Mubasher Financial Services, NBAD Securities and Al Ramz Capital.

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