Dow Jones Indexes to launch first Middle East blue-chip indexPress Release 06 Oct 2003 01:20 pm
Dow Jones Indexes and Dubai International Financial Centre Cooperate to Create Index for Arab Region
Dow Jones Indexes today announced that it will launch the Dow Jones DIFC Arabia Titans 50 index, a regional blue-chip index that covers Arab countries in the Middle East, in the first quarter of 2004. The index, which is based on the stock prices of 50 leading companies in the region, was developed jointly by Dow Jones Indexes, a leading global index provider, and the Dubai International Financial Centre in collaboration with the Dubai based investment bank SHUAA Capital.
Once launched, the Dubai Regional Exchange, a core component of the Dubai International Financial Centre, would be able to list financial products that will be based on the index. SHUAA Capital, is the first investment bank who has expressed an interest to license and introduce a financial product based on the index.
Lars Hamich, executive director, global business development at Dow Jones Indexes pointed out, "The index was developed due to the growing demand for a blue-chip index covering the whole Arab region, which is unique. With the Dow Jones DIFC Arabia Titans 50 we will provide an investable index, a transparent index concept and a methodology consistent with all indexes in our Dow Jones Titans family. The index is designed to underlie investment products such as funds, exchange-traded funds, structured products and derivatives."
Hussain Al Qemzi, chief operating officer at DIFC, said:
"The launch of this new unique benchmark will greatly enhance the attractiveness of the Middle East for emerging market investors. Historically, global investors have been reluctant to maintain, let alone exceed, their portfolio weightings in this fast growing region because of liquidity and other concerns. We are confident that in the future funds linked to this new index and traded on an efficient financial exchange such as the Dubai Regional Exchange, will attract widespread investor interest."
The Dow Jones DIFC Arabia Titans 50 will be part of the Dow Jones Titans series of indexes. The series comprises the Dow Jones Global Titans 50, Dow Jones Sector Titans 30 with 18 global sector indexes, Dow Jones Asian Titans 50, 14 Dow Jones Country Titans indexes (that cover Europe, Asia, and North America), Dow Jones Tiger Titans 50 and Dow Jones Islamic Titans 100.
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