UAE: ADX achieves fifth dual listing as Gulf Investment House makes market debut

Abu Dhabi Securities Exchange (ADX) achieved its fifth dual listing with the market debut on Friday of Gulf Investment House (GIH), a Kuwait-based financial services company.

The dual listing on ADX allows GIH to expand its investor base and liquidity in its shares. The company, which invests in real-estate properties and direct investments, has been listed on the Kuwait Boursa since May 2002 and has a market capitalisation of Dh1.96 billion.

The Chairman of the Board of Directors of Gulf Investment House, Abdulaziz Asaad Alsanad said: "GIH inaugurates a new historical milestone in its journey represented in the inclusion of the company's shares on ADX, one of the most important and prominent regional markets, which has a market capitalisation of more than Dh2.2 trillion. It is the first Kuwaiti company since the inception of the Kuwait Boursa to be listed in Abu Dhabi."

Alsanad stressed that our aspirations in the Board of Directors of GIH are large and high, as Abu Dhabi represents an opportunity towards integration into a dynamic and diversified investment and economic environment characterised by high flexibility of growth and vast economic horizons full of opportunities. Which aspires us to establish an economic partnership with the private sector there, contribute to the growth and development of the economy, and enter into various projects.

With GIH having subsidiaries and associates covering various economic activities, it gives us flexibility and openness to various economic sectors in Abu Dhabi and benefit from keeping pace with the effective transformation plan in the economic base of the country, which has a firm commitment to building a sustainable, diversified and value-added economy. We were encouraged to be present in a market that reflects a qualitative economy that seeks diversification and capacity building in modern economic sectors.

Alsanad expressed that the listing of GIH shares on ADX will provide benefit to our partners and shareholder. He pointed out that the Board of Directors aims to place the company on the path of regional growth to attract more investors, enhance the financial position of the company, while maximising the company's investment portfolio, and enhance the level of efficiency, transparency, integrity and credibility through presence in multiple markets.

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said: "We are pleased to welcome Gulf Investment House to ADX. This dual listing is very much in line with our strategy to significantly increase our offering of products and services to build a vibrant exchange for issuers and investors. We are actively forging deeper ties across the region through dual listings as well as the Tabadul exchange hub initiative, which will facilitate investment across markets. The increase we have seen of trading in dual listed companies reflects the fact ADX is becoming a dual listings destination of choice for companies from the region."

ADX has experienced a significant uplift in market capitalisation and liquidity over the last year, with a robust IPO and listing pipeline as well as increased participation from international and institutional investors.

This year, ADX has been one of the best performing markets globally and the exchange reached the Dh2 trillion market capitalisation target milestone to become the second largest exchange in the Middle East.