Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Lunate has launched the Chimera Solactive GCC Shariah Dividend ETF, a Shariah-compliant exchange-traded fund that is scheduled to list on the Abu Dhabi Securities Exchange on June 23, 2026.
The new ETF, with the symbol GCCDIV, is designed to track the Solactive GCC Shariah Dividend Index, which comprises dividend-paying, Shariah-compliant equities from across the Gulf Cooperation Council region.
The subscription period for the ETF runs from June 8 to June 16, 2026. The offering price is set at Dh3.71 per unit, comprising Dh3.67 plus Dh0.04 in issuance charges. The price will reflect market movement after the initial offering period has ended.
The ETF will give investors diversified exposure to high-dividend-yielding companies across the UAE, Saudi Arabia and Qatar. The underlying index currently includes 20 companies spanning sectors such as materials, telecommunications, energy and industrials.
By country, UAE-listed stocks account for 41.2% of the index, followed by Saudi Arabia at 31.9% and Qatar at 26.9%, according to the investor material.
The top 10 holdings of the index include Air Arabia with a weight of 11.2%, followed by du at 10.7%, Industries Qatar at 9.8%, Yanbu National Petrochemicals at 8.8%, Jarir Marketing at 8.2%, WOQOD, or Qatar Fuel, at 8.0%, Borouge at 7.2%, Barwa Real Estate at 4.9%, Sharjah Islamic Bank at 4.8% and Dana Gas at 4.6%.
The index has an indicative dividend yield of 6.2%, according to the investor material. It combines Shariah screening, dividend-focused selection and a 12-month momentum overlay to target financially strong companies with more sustainable income characteristics.
GCCDIV is an AED income share class. Dividends received by the fund are intended to be distributed semi-annually when available. The ETF has a total expense ratio of 0.50% and will be traded in dirhams.
The ETF will passively replicate the Solactive GCC Shariah Dividend Index and hold stocks in the same percentages as the index. The index excludes companies involved in non-compliant business activities or with excessive leverage, in line with recognised Islamic screening standards.
The fund’s net asset value will be calculated daily by the administrator. The indicative net asset value, or iNAV, will provide an updated intraday measure of the ETF’s value during ADX’s trading session.
Investors may use the iNAV as an indication of the ETF’s intraday value while trading. Units of the ETF may be bought and sold on the secondary market through brokers on ADX.
The ETF is open-ended, meaning there is no set limit to the number of units that can be created. There is also no maximum ownership limit on the ETF. Investors will need an Investor Number, or NIN, as the ETF will be bought and sold like any other share listed on ADX.
Lunate said the ETF will be managed by Lunate Capital LLC. The Bank of New York Mellon will serve as global custodian. Authorised participants for the fund include International Securities, BHM Capital Financial Services, EFG Hermes, Arqaam Securities, FAB Securities, Daman Securities, HSBC and QMM.
Sherif Salem, Partner and Head of Public Markets at Lunate, said the product is the first Shariah-compliant ETF globally to offer investors access to multiple GCC markets in a single dividend-paying product.
“It is a natural extension of our platform, complementing our existing single-market equity exposures and fixed income and thematic offerings while giving investors a more diversified way to access the region,” Salem said.
He added that the listing on ADX also marks Lunate’s 20th ETF listing on the exchange.
Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX Group, said the launch expands the range of financial instruments traded on ADX and supports ETF trading on the exchange.
He said ETF trading on ADX more than tripled year on year to Dh155 million in the first quarter of 2026, as investors increasingly sought diversified exposure to different indexes and themes.
The launch brings Lunate’s total ETF listings on UAE exchanges to 22.
