Seif Fikry’s Afkar Capital has launched the first exchange-traded fund in the UAE under new Emirati regulations, according to a company statement (pdf) that’s getting wide play in the GCC. “The Afkar S&P UAE UCITS ETF is the first liquid, fully fungible, fully tradeable and transparent exchange-traded fund listed in the Middle East under the UAE’s new regulations,” the statement notes. The UCITS-compliant fund will replicate the S&P UAE BMI Liquid 20/35 Capped Index, which includes the largest stocks by market cap across the ADX, DFM and Nasdaq Dubai. BNY Mellon was appointed fund administrator, Irish trustee, transfer agent and global custodian for the fund. The fund is regulated by the Emirates Securities and Commodities Authority (ESCA), the Abu Dhabi Global Market, the DFM, and the Central Bank of Ireland. The underlying index is up more than 7.5% YTD. Reuters, CPI Financial, Global Investor and Gulf News have coverage.