Afkar S&P UAE UCITS ETF (exchange traded fund) or also called as UAETF witnessed record volumes on Wednesday.

Traded value in the ETF jumped to Dh4.59 million on Wednesday or 1.14 million shares were traded by a combination of retail participants and family offices. UBC was the executing broker of the transcation.

“It’s a huge day for us. Today’s achievement was a clear example and is a testimony of a perfect environment for ETF’s in the UAE,” Seif Fekry, chief executive officer of Afkar Capital, told Gulf News over the phone.

They are now working to bring in a second market maker, Fekry said.

The ETF invests in the liquid stocks on all the three local exchanges which are the DFM, the Abu Dhabi Securities Exchange (ADX), and Nasdaq Dubai. The fund currently invests across 32 securities, of which more than half are listed on the ADX, 38 per cent on the DFM, and the remaining 8 per cent on Nasdaq Dubai.