The GCC (Gulf Cooperation Council) region needs uniform trading days and hours to develop a pan-Gulf exchange traded fund (ETF) in view of the growing interest for such instruments that have outpaced mutual funds globally, according to BlackRock.
“I think there is the potential to bring more products in this region but we have to make sure that the ecosystem –regulations, tax system and market making – works,” Deborah Fuhr, managing director of BlackRock, said.
Observing that the number of institutions, including family offices (in this region) using ETFs have more than tripled in the last 12 years, she said there is more than one could see because many of the investors in this region have banking relations with private banks in the UK or Switzerland.
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