Abdullah Salem Al Nuaimi, CEO of the Abu Dhabi Securities Exchange Group, anticipates a new listing on the market before the end of 2024. This expectation is fueled by the ongoing momentum of new initial public offerings and subscriptions, reflecting robust confidence in the capital's financial market.
Al Nuaimi noted that the market has seen four new IPOs this year, including Alef Education, NMDC Energy, ADNH Catering, and Lulu, which marked the 100th listing on the Abu Dhabi Securities Exchange. He added that Lulu Retail is the ninth offering of its kind and the 24th listing in 2024, underscoring strong market confidence as a preferred platform for companies seeking growth opportunities both within and outside the UAE.
The Abu Dhabi Securities Exchange holds a prestigious position among the top six global stock exchanges in terms of funds raised through IPOs. Additionally, it successfully attracted three of the 20 largest IPOs worldwide in 2023. The four IPOs this year generated nearly Dh12.3 billion in revenues and proceeds, with record requests totaling Dh310 billion, and a market value of about Dh46.7 billion for the new companies.
Al Nuaimi also highlighted the recent listing of the “Chimera Standard & Poor’s Germany Justus ETF,” the fifth fund listed this year and the fifteenth overall. These listings align with Abu Dhabi's strategic vision for economic diversification, reinforcing the exchange's position as the most active and liquid ETF market in the MENA region.
The year 2024 has been successful for the Abu Dhabi market in terms of listings and new products, confirming its role in providing innovative investment opportunities. The market continues to enrich its listed sectors, with notable listings like Lulu in the retail sector and the merger of Yahsat and Bayanat to form Space 42 in the technology sector.
The market is also open to dual listings with other financial markets, having already listed companies like Ooredoo, Sudatel, Americana, and Agility. Al Nuaimi mentioned the “Tabadul” platform, which now includes six stock exchanges and recently signed an agreement with the Armenian Stock Exchange to enhance global network capabilities and attract international investments.
The CEO confirmed that the market currently has one type of financial derivative and plans to introduce new products in the derivatives market next year, alongside other plans for new stock, ETF, and other financial product listings.
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