Europe’s domiciles still dominant in UAE

European domiciles supply the majority of foreign funds licensed for distribution in the UAE, according to new figures.

Luxembourg is the domicile for 314 of the funds incorporated by the Securities and Commodities Authority, a local regulator, while Ireland is the domicile for 85 of the funds, according to the report by the Emirates News Agency.

In total, there were 633 foreign funds incorporated in the country in 2016, a rise of nearly 6% compared with the previous year.

The figures show that established domiciles continue to dominate the UAE funds market despite efforts to encourage asset managers to domicile funds within the region. There were only 15 funds domiciled in Saudi Arabia incorporated by the authority last year and only four from Bahrain.

The biggest number of funds from a non-European domicile came from the Cayman Islands, which was the base for 81 products.

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