ABU DHABI 22 June 2017: The number of marketing foreign funds incorporated by the Securities and Commodities Authority (SCA), in the UAE grew 5.6 per cent to 633 funds by the end of 2016, from 599 in 2015.
SCA in recent statistics indicated that the number of foreign marketing funds operating in the country over the past five years jumped from 218 in the year 2012 to 498 in 2013 and then surged to 528 in 2014 then to 599 by the end of 2015, said Wam.
In terms of geographic diversity until the end of 2016, Luxembourg has 314 funds incorporated by the SCA, followed by Ireland with 85 funds, Cayman Islands with 81, Mauritius with 23 and finally Jersey with 18 funds. Saudi Arabia has 15 funds promoting Saudi products in the UAE during 2016 while Bahrain has 4.
A total of 24 licensed local entities are promoting the products of foreign funds in the country in line with the SCA rules and regulations.
By Rajive Singh