Dow Jones Indexes to launch first Middle East blue-chip index

Published October 7th, 2003 - 03:00 GMT

Dow Jones Indexes plans to 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 (DIFC) in collaboration with the Dubai based investment bank SHUAA Capital.

Once launched, the Dubai Regional Exchange, a core component of the DIFC, 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.

DIFC is being established to position Dubai as a universally recognized hub for institutional finance and as the regional gateway for capital and investment to in the Middle East. A critical component of this is the Dubai Financial Services Authority (DFSA). The Authority is an independent unitary regulatory authority responsible for the oversight of asset management, banking, securities trading, Islamic finance, re-insurance and a regional financial exchange. — (menareport.com)