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The Abu Dhabi Stock Exchange (ADX) achieved its fifth dual listing, with Kuwait-based financial services firm Gulf Investments (GIH) listing on Friday.
Dual listing on ADX allows GIH to expand its investor base and stock liquidity. The company invests in real estate and direct investment and has been listed on the Kuwait Stock Exchange since May 2002 with a market capitalisation of AED 1.96 billion.
Abdulaziz Asaad Alsanad, Chairman of the Board of Gulf Investments, said: “GIH has opened a new historical milestone in its journey, represented by the inclusion of the company’s shares in the ADX, one of the most important and prominent regional markets where the With a market capitalization of over AED 2.2 trillion, it is the first Kuwaiti company to be listed in Abu Dhabi since the Kuwait Stock Exchange was established.
Alsanad emphasized that our ambitions for the GIH Board are high, as Abu Dhabi represents an opportunity to integrate into a dynamic and diverse investment and economic environment characterized by a high degree of flexibility for growth and a broad economic outlook full of opportunities. This expects us to develop economic partnerships with the private sector there, to contribute to the growth and development of the economy, and to participate in various projects.
As GIH has subsidiaries and associates covering a wide range of economic activities, it provides us with flexibility and openness to various sectors of Abu Dhabi’s economy and benefits from keeping pace with an effective transformation plan for the country’s economic base, which The plan is firmly committed to building a sustainable, diversified and value-added economy. We are encouraged to enter a market that reflects a quality economy that seeks diversification and capacity building in modern economic sectors.
Alsanad said the listing of GIH shares on the ADX will benefit our partners and shareholders. He noted that the board aims to put the company on the path of regional growth in order to attract more investors and enhance the company’s financial position, while maximizing the company’s investment portfolio and increasing levels of efficiency, transparency, integrity and integrity. Increase credibility through presence in multiple markets.
Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said: “We are delighted to welcome Gulf Investments to ADX. This dual listing is very much in line with our strategy to significantly increase our product and service offering. Providing issuers and investors with a full Vibrant exchange. We are actively building deeper connections in the region through dual listing as well as the Tabadul trading hub plan, which will facilitate investment across markets. The increase in trading of dual listing companies that we are seeing reflects the fact that ADX is becoming The preferred dual listing destination for companies in the region.”
ADX has seen a significant increase in market capitalization and liquidity over the past year, a strong IPO and listing pipeline, and increased participation from international and institutional investors.
This year, ADX has been one of the best performing markets in the world, with the exchange reaching its market cap target milestone of AED 2 trillion, making it the second largest exchange in the Middle East.
In the first half of 2022, the exchange’s transaction value (buy + sell) reached AED 422.5 billion, up 45% from AED 291.2 billion in the same period last year. Trading volume over the same period increased to 68.5 billion shares from 47.3 billion shares in the first half of 2021.
The listing of Gulf Investments on the ADX brings the number of dual listings on the exchange to five. Shares in Oooredoo, Sudatel Telecom Group, Oman and UAE Investment Holding Company and Gulf Financial Corporation are also undergoing secondary listings on the exchange. ADX dual-listed companies have a market capitalization of AED29 billion as at 29 September 2022, up from AED23 billion a year ago. In the first nine months of 2022, total securities traded nearly quadrupled year-on-year to AED118 million.
ADX is also one of the driving forces behind the Tabadul Exchange Hub initiative, which is deploying a mutual market access model that enables investors to trade on the onboard exchange through local authorized brokers.
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