The Lyxor ETF Kuwait (FTSE Coast Kuwait 40) offers the ability to access the Kuwait market through one single share traded on the London Stock Exchange with an annual total expense ratio of just 0.65%. Kuwait is ranked the world's sixth richest country with a GDP per capita of $65,000. It has the fifth largest oil reserves in the world and is undertaking a $200 billion infrastructure programme to support growth and diversification of the economy.
Sulaiman Al-Abduljader, vice president, corporate finance and investment services group, Coast Investment & Development Company said: "For the first time, UK and global institutional investors will have direct access to the Kuwait stock market. While performance has been strong (up 600% since 2000), the fundamental and economic indicators reveal strong potential for growth in the near and medium time horizons for investors. With the ETF, investors are assured independence, transparency and an internationally recognised product with direct exposure to the growing region."
The new ETF will be linked to the FTSE Coast Kuwait 40 Index. The Index, established in February 2007 and representative of the Kuwaiti market, is calculated by FTSE on behalf of Coast Investment and Development Company.