Public offering of foreign funds prohibited in the UAE from the 1st of April, 2023

According to the Chairman of the Authority’s Board of Directors Decision No. (04/R.M) 2023, the public offering of foreign funds (including UCITS and AIF) will be prohibited in the UAE from the 1st of April, 2023; foreign funds will only be permitted to be privately placed to professional investors, subject to appropriate SCA approval.

As a consequence, the promotion of foreign funds to the public in the UAE shall terminate by the 31st of March, 2023 at the latest.

However, the SCA granted a grace period until the 30th of June, 2023 on the express condition that a foreign fund is legally bound by a written agreement with a local promoter.


Foreign funds may at any time before the 31st of March, 2023 apply to the SCA for renewal of the authorisation in the form of a conversion to a private offer.

As of the end of the public offer, the existing involved retail investors in the fund may remain as such or redeem their units.


Foreign asset managers wishing to continue raising monies from the public in the UAE may also consider alternatives requiring local or regional substance – e.g. launching an UAE/domestic feeder fund investing into a European master fund.


FundGlobam will be happy to assist you should you require any further information.