WAM Abu Dhabi, Aug 6th, 2012 (WAM) -- The latest set of regulations on fund transfers issued by the Securities and Commodities Authority (SCA) last month is a welcome move although long overdue as the country has already been attracting large investments, some of which have been channeled through investment funds, commented Gulf News.

"Dubai had already become a hub of financial services, following the establishment of the Dubai International Financial Centre in 2005, where a large number of investment banks and fund managers opened offices to tap the growing opportunities. Besides, the Gulf region is host to a large number of wealthy individuals and families with high disposable income. Their wealth could be channelled through new investment funds that could help create more wealth and employment. These funds could be deployed in the sectors that need investment, and help the economy," the paper said in its today's editorial.

So, the fund management market needed a proper set of directions. The SCA's latest move will help regulate fund development, management, transfer and increase transparency and accountability of the fund managers, to ensure that none can walk away with other people's money, the paper noted.

WAM/AM