Dubai: The total number of foreign investment funds registered with the Securities and Commodities Authority (SCA) for public offering and private placement purposes hit 171 in 2018, according to the authority’s annual report.

Ninety-five of the foreign investment funds were from Luxembourg, 35 from Ireland, 17 from India, nine from the Cayman Islands, six from Saudi Arabia, three from Pakistan, two from the Dubai World Trade Centre, two from United Kingdom, one from Mauritius and one from Jersey

The authority has also issued 395 promotion approvals for 19 local promoters.

According to the annual report, the total net asset value of local investment funds reached Dh1.54 billion, with First Abu Dhabi Bank ranked first at Dh621 million followed by Invest AD (Dh461 million), Al Hilal Bank (Dh215 million), ADCP (Dh167 million), Al Mal Capital (Dh62 million), The National Investor (Dh49 million) and Union National Bank (Dh8 million).

The report revealed that the authority has automated the process of receiving registration applications from foreign investment funds in the UAE, in addition to limiting the ownership of local investors in foreign investment funds on a quarterly basis through local promoters and representatives of these funds. It has also limited foreign ownership in local investment funds on a monthly basis.