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UAE: Abu Dhabi Securities Exchange expects new listing before year end

Lulu Retail is the ninth offering of its kind to investors on the Abu Dhabi Securities Exchange, and the 24th listing in 2024

Abdullah Salem Al Nuaimi, CEO of the Abu Dhabi Securities Exchange Group, expects the market to witness a new listing before the end of this year 2024, with the momentum of new initial public offerings and subscriptions continuing during the coming year, reflecting strong confidence in the capital's financial market.

Al Nuaimi said that the market has witnessed four new initial public offerings since the beginning of this year, including Alef Education, NMDC Energy, ADNH Catering, in addition to Lulu, which represents the 100th listing on the Abu Dhabi Securities Exchange.

He added that Lulu Retail is the ninth offering of its kind to investors on the Abu Dhabi Securities Exchange, and the 24th listing in 2024, reflecting the strong confidence in the market as the preferred platform for companies seeking growth opportunities inside and outside the UAE, in addition to the market’s commitment to meeting the evolving needs of investors by providing diverse investment opportunities.

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He stated that the Abu Dhabi Securities Exchange has a prestigious position among the top six stock exchanges in the world in terms of the amount of funds raised through initial public offerings, in addition to its success in attracting 3 of the 20 largest initial public offerings in the world during the past year 2023.

The four initial public offerings witnessed by the Abu Dhabi market during the current year collected revenues and proceeds of nearly Dh12.3 billion amid record requests worth Dh310 billion, and the market value of the four new companies reached about Dh46.7 billion, which reflects the great confidence in the strong economic approach that Abu Dhabi is adopting in its major companies and institutions.

The CEO of the Abu Dhabi Securities Exchange Group said that the listings on the market during the current year also included exchange-traded funds after the recent listing of the “Chimera Standard & Poor’s Germany Justus ETF”, which represented the fifth fund to be listed on the market this year, and the fifteenth ever.

Al Nuaimi stressed that these listings are in line with the strategic vision of the emirate of Abu Dhabi towards economic diversification, noting that the Abu Dhabi Securities Exchange has strengthened its position in recent years as the most active and liquid exchange-traded funds market in the Middle East and North Africa region, driven by a remarkable growth in both trading value and volume since this year.

Successful year

He explained that the year 2024 was successful for the Abu Dhabi market in terms of listings and new products that were offered to investors, which confirms its role in providing innovative investment opportunities and developing a solid and comprehensive market.

He stated that the Abu Dhabi Market continues to work on enriching the sectors listed in the market, pointing to the listing of "Lulu" in the retail sector, in addition to the merger of "Yahsat" and "Bayanat" to establish the company "Space 42", which is currently listed in the technology sector.

He pointed out that the market is open to dual listings with any other financial market, especially since the market has several listings of this type, including Ooredoo, Sudatel, Americana, and Agility.

Al Nuaimi pointed out that the “Tabadul” platform currently includes six stock exchanges, in addition to the recent signing of an agreement with the Armenian Stock Exchange to join the platform, which enhances the Abu Dhabi Market’s network at the global level, and increases its ability to attract international investments to Abu Dhabi, especially since it allows investors strategic access to new markets, noting that it is planned to sign soon with a new market to join the platform.

The CEO of the Abu Dhabi Securities Exchange Group confirmed that the market currently has one type of financial derivatives and plans to add new products to the derivatives market during the coming year in parallel with the market’s other plans regarding new listings of stocks, exchange-traded funds and other various financial products.

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