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Fund in Abu Dhabi Tracking Saudi Shares Is a First for Gulf ETFs

The Dubai Financial Market in Dubai, United Arab Emirates.
The Dubai Financial Market in Dubai, United Arab Emirates.Photographer: Christopher Pike/Bloomberg

The Persian Gulf’s nascent exchange-traded fund industry took another step forward this week with the launch of the first vehicle that invests in stocks from a neighboring country.

Chimera Capital LLC has listed the Chimera S&P KSA Shariah exchange-traded fund in Abu Dhabi. The product will allow traders in the UAE to track Saudi stocks via a local bourse -- a first for the Gulf’s fledgling ETF market.