Abu Dhabi to list 13 new companies in ADX by year-end – ZAWYA

The ADX, which hit Dh1.6 trillion market capitaisation last year, remained one of the best performing exchanges globally in 2021
Abu Dhabi is planning to list 13 new companies on the Abu Dhabi Securities Exchang (ADX) by year-end that will help boost market value to Dh3 trillion ($816.86 billion), according to atop official.
Mohammed Ali Al Shorafa Al Hammadi, chairman of ADX, said the new listings will include four companies from outside the UAE, while others will be government and family-owned businesses.
“We are confident of achieving a Dh3 trillion market value by listing more companies on the exchange,” Al Shorafa told Sky News Arabia on Monday.
The ADX, which hit Dh1.6 trillion market capitaisation last year, remained one of the best performing exchanges globally in 2021. The exchange’s market capitalisation further climbed to Dh1.85 trillion on Monday, according to the ADX website.
The market, which listed nine companies in 2021, is up about 15 per cent since the start of this year. Abu Dhabi Ports Group raised $1.1 billion from its share sale in February and listed its shares on the exchange this year. Local investors accounted for 70 per cent of the ADX’s traded value, while foreign institutional investors accounted for the remaining 30 per cent.
The ADX benchmark index rose 0.62 per cent to 9,829.35 points on Monday as the banking and real estate shares rose in response to the positive developments on Russia-Utraine crisis.
“The Abu Dhabi stock market was also on the rise to a certain extent as investors’ concerns ease while regional geopolitical tensions abate,” said Daniel Takieddine, chief executive of Mena BDSwiss.
Abu Dhabi announced a series of initiatives and incentives to attract the global investors. It not only increased trading commissions by 50 per cent last year but also extended trading hours to enhance market liquidity. Last year, the government also unveiled a Dh5 billion IPO fund to support private companies to list on the local stock market.
The ‘ADX One’ strategy, launched at the start of 2021, aims to bring a broader offering of products and services to market and along with state-of-the-art infrastructure in partnership with global market leaders. It is the second largest market in the Arab region and its strategy of providing stable financial performance with diversified sources of incomes is aligned with the guiding principles of the UAE “Towards the next 50” agenda.
Meanwhile, Dubai’s stock market opened the week on positive note and extended the weekend rally due to strong interest of investors in Dubai Electricity and Water Authority iinitial public offering. The banking and real estate shares also provided support to the main index, which rose 2.1 per cent to 3,484.38 points on Monday.
“The Dubai stock market rose as investors return to the market as Dewa’s IPO makes the bourse more attractive and as global concerns retreat,” said.
 
Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
 

source

Leave a Comment