Market cap

Abu Dhabi Stock Exchange’s market capitalization jumps 25% to $545 billion

The Abu Dhabi Stock Exchange (ADX) recorded double-digit growth in market capitalization following a series of international public offerings (IPOs) and listings by some major companies in the UAE.

The market capitalization of the local exchange has jumped 25% since the start of the year to nearly 2 trillion dirhams ($545 billion), bolstered by more than $5 billion in equity offerings and listings over the past year, including Abu Dhabi Ports, Fertiglobe, ADNOC Drilling, Alpha Dhabi and Multiply Group.

Last week, Borouge, a joint venture between Abu Dhabi National Oil Company (ADNOC) and Borealis, debuted on the ADX after raising $2 billion in one of the biggest IPOs on the stock market. of the capital of the United Arab Emirates to date.

In a statement on Monday, ADX said it was looking to further boost portfolio investment in the country’s capital markets by sending a delegation of 25 CEOs, CFOs and other senior executives to the UK next week.

Representatives of companies listed in Abu Dhabi, including ADNOC Distribution, ADNOC Drilling, Abu Dhabi Islamic Bank (ADIB), Agthia, Aldar Properties, Al Yah Satellite Communications Company (Yahsat), Emirates Telecommunication Group Company (Etisalat), First Abu Dhabi Bank (FAB) and Fertiglobe, will meet key institutional investors in London on June 9 and 10.

ADX said it aimed to showcase the progress of its strategy to significantly increase liquidity and market capitalization.

“ADX is a central part of the major transformation underway in the region, which is creating a dynamic, diversified and sustainable economy,” noted Al Dhaheri.

“Access to long-term global capital is central to this ambition and so it is important that we continue to nurture relationships and information flows with international investors.”

Over the past 12 months, the exchange has made major achievements, including the launch of a derivatives market and exchange-traded funds. It also introduced a regulatory framework for special purpose acquisition companies.

(Reporting by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@lseg.com