Mon, 28/10/2019 - 17:19
Invesco has launched a UCITS ETF that offers investors access to the Kuwait equity market ahead of the country’s inclusion in the MSCI Emerging Markets Index planned for 2020.
The fund provides exposure to approximately 85 per cent of the market capitalisation in Kuwait, including companies involved in the nation’s various economic and cultural development projects.
MSCI has confirmed it would be promoting Kuwait to the MSCI Emerging Markets Index in June 2020, subject to structural enhancements to the Kuwait equity market being completed by the end of November this year. Assuming that deadline is met, Kuwait will enter the index with a weighting of approximately 0.5 per cent.
The Kuwait government has embarked on a seven-pillar program, the New Kuwait Vision 2035, which is designed to diversify the economy and transform Kuwait into a financial, cultural and institutional leader in the region. This includes creating more sustainable housing, developing infrastructure, improving health care services and education and making the government more transparent and efficient.
Chris Mellor, Head of EMEA ETF Equity Product Management at Invesco, says: “With an index comprising financials, communication services, industrials, real estate and materials sectors, our new ETF offers investors the opportunity to gain exposure to those companies at the heart of the long-term transformation taking place in Kuwait. In the shorter term, the inclusion into the MSCI Emerging Markets Index could drive significant inflows from asset managers needing to maintain benchmark weights.”
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