Assets managed by the Chimera S&P UAE Shariah Exchange Traded Fund climbed to more than Dh50 million ($13.6m) just six months after the UAE’s first ETF started trading on the country’s two stock exchanges.
The ETF now ranks as the third-largest in the Middle East and North Africa region, Abu Dhabi-based asset management firm Chimera Capital said in a statement on Monday.
The net asset value of both share classes of the ETF increased by more than 19 per cent since listing, Chimera Capital, which manages the fund said.
“Strong performance and robust inflows have accelerated Chimera S&P UAE Shariah ETF’s rise, helping us to reach this significant milestone in such a short space of time,” Seif Fikry, chief executive of Chimera Capital, said.
“There is a growing appetite for diversified investments among GCC investors and we are enabling them to capitalise on the economic prospects of the UAE with this ETF.”
Chimera S&P UAE Shariah ETF – Share Class A and Class B started trading on the Abu Dhabi Securities Exchange and the Dubai Financial Market, respectively in August. It had AUMs of less than Dh2m when it began trading and a market capitalisation of Dh234bn. Its total market capitalisation has now climbed to Dh338.6bn, according to Chimera's website.
Both share classes are designed to replicate the S&P UAE Domestic Shariah Liquid 35/20 Capped Index, made up of some of the country's most prominent companies including telecoms operator Etisalat, Dubai Islamic Bank and developer Aldar Properties.
The Chimera S&P UAE Shariah ETF is structured and built by S&P and monitored by a Sharia board that reviews and re-balances the index on quarterly basis.
The ETF's Class-A shares, its primary listing in Abu Dhabi, reinvests income into the fund. The Class-B shares listed on Dubai bourse distributes dividends to investors.
"Our primary focus right now is to grow the existing product," Mr Fikry told The National on Monday.
"[In the future] we look forward to growing ETF ecosystem in the GCC, and we would like to be a part of creating an ETF hub in the Middle East, using Abu Dhabi as a springboard."
ETFs are bought and sold much in the same way as shares but operate as index-tracking funds, passively following indexes such as the S&P 500 or the FTSE 100 and a vast range of smaller exchanges and commodities such as gold, silver, copper, sugar, coffee and oil.
Compared to more than 6,970 ETFs globally, holding more than $7 trillion in assets from more than 400 providers, ETFs in the Middle East are currently only worth about $285m, according to Chimera Capital.
“While there are still a number of challenges to address in the Gulf’s ETF landscape … we are excited about the future of ETFs in the region,” Sherif Salem, chief investment officer of capital markets at Chimera Capital, said.
The company, a subsidiary of Chimera Investments, has doubled its staff in recent months and is planning to launch other products "across asset classes" to grow its asset management business, Mr Fikry said.
Bourses in the region are expanding their product offerings, encouraging asset managers to list ETFs and real estate investment trusts, or Reits, as part of efforts to attract more investments and boost trading activity. Net flows into GCC markets by foreign investors increased by $6.36bn last year, according to a report published last week by Oman's Ubhar Capital.
Al Mal Capital, an asset management subsidiary of Dubai Investments, last month raised Dh350m through the public float of its Reit, on the DFM.
Khaleefa Al Mansouri, the former chief executive of Abu Dhabi's exchange, told The National in July that several Reits were also considering listing on the ADX.
COMPANY%20PROFILE%20
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
UAE currency: the story behind the money in your pockets
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
Global state-owned investor ranking by size
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More on Quran memorisation:
Madrid Open schedule
Men's semi-finals
Novak Djokovic (1) v Dominic Thiem (5) from 6pm
Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm
Women's final
Simona Halep (3) v Kiki Bertens (7) from 8.30pm
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
West Indies v England ODI series:
West Indies squad: Jason Holder (c), Fabian Allen, Devendra Bishoo, Darren Bravo, Chris Gayle, Shimron Hetmyer, Shai Hope, Evin Lewis, Ashley Nurse, Keemo Paul, Nicholas Pooran, Rovman Powell, Kemar Roach, Oshane Thomas.
Fixtures:
1st ODI - February 20, Bridgetown
2nd ODI - February 22, Bridgetown
3rd ODI - February 25, St George's
4th ODI - February 27, St George's
5th ODI - March 2, Gros Islet
KILLING OF QASSEM SULEIMANI
Disturbing%20facts%20and%20figures
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
COMPANY%20PROFILE
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Masters%20of%20the%20Air
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MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
