The Abu Dhabi Securities Exchange (ADX) has posted a double-digit growth in its market cap following a series of international public offerings (IPOs) and listings by some large businesses in the UAE.
The market capitalization of the local bourse jumped 25 percent year-to-date to close to 2 trillion dirhams ($545 billion), bolstered by more than $5 billion in share offerings and listings over the past one year, including Abu Dhabi Ports, Fertiglobe, ADNOC Driling, Alpha Dhabi and Multiply Group.
Last week, Borouge, a joint venture between Abu Dhabi National Oil Company (ADNOC) and Borealis, made its debut on the ADX after raising $2 billion in one of the largest IPOs on the UAE capital’s stock market to date.
In a statement on Monday, ADX said it is 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 United Kingdom next week.
ADX said it aims to showcase the progress of its strategy to significantly increase liquidity and market capitalisation.
Over the past 12 months, the bourse has made major achievements, including the launch of a derivatives market and exchange-traded funds. It has also introduced a regulatory framework for special purpose acquisition companies.