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03/04/2018 08:19 AST
Amwal, the Qatar Financial Centre (QFC) authorised firm, has succeeded in listing and management of the largest exchange-traded fund (ETF) in the Gulf Co-operation Council (GCC) region, according to a top official of the QFC Authority (QFCA).
Being traded under the symbol QETF on the Qatar Stock Exchange (QSE), it is the first of its kind in the country that will measure price performance of the top 20 largest and most liquid companies on the local bourse. Established by Doha Bank and managed by Amwal, QETF has already surpassed the size of any other ETF in the GCC with an initial open-ended capital of QR150mn.
"One of the key points in our strategy was to increase growth in assets for QFC firms and we are doing just that. As Qatar's growth continues, we are expecting the ETF market to further expand, with added opportunity for more of our firms to take part in trading," QFCA chief executive Yousuf Mohamed al-Jaida said.
Qatar First Bank was the first QFC entity to be listed on the QSE. The QFC is aiming to corner at least 5% market capitalisation through the listing of its registered firms on the QSE.
Unveiling the 2017-22 roadmap, the QFC had said it would allow more sukuk, real estate investment trusts and family-owned companies to seek local listings.
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