GCC member countries are home to about 30% of the world’s proven oil reserves, according to Bloomberg.
Four OPEC member nations – Nigeria, Qatar, Saudi Arabia and the United Arab Emirates – are represented in the world of exchange traded funds by three U.S.-listed, single-country funds. Not surprisingly, these ETFs have been punished as oil prices have plunged in recent weeks.
“The U.A.E. banking sector has lost 56 billion dirhams ($15.25 billion) in government deposits since September last year, National Bank of Abu Dhabi Chief Executive Officer Alex Thursby said last month,” Bloomberg reports.
iShares MSCI UAE Capped ETF