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Kuwait-based Gulf Investments (GIH), a leading investor in the real estate sector, announced yesterday (September 30) its successful dual listing on the Abu Dhabi Stock Exchange (ADX).
The company has been listed on the Kuwait Stock Exchange since May 2002 and has a market capitalisation of AED 1.96 billion.
GIH is the first Kuwaiti company to list in Abu Dhabi since the Kuwait Exchange was established, it said.
With this listing, the number of dual listings on ADX now stands at five.
ADX praised the Kuwait group’s move, saying the dual listing will help GIH expand its investor base and stock liquidity.
GIH Chairman Abdulaziz Asaad Alsanad said that with this listing, GIH has created 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 by market capitalization. more than AED 2.2 trillion.
“GIH’s ambitions on the board are large and 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 vast economy full of opportunities Views,” commented Alsanad.
“It wants us to have an economic partnership with the private sector there, to contribute to the growth and development of the economy, and to be involved in various projects,” he added.
As GIH has subsidiaries and associates covering a wide range of economic activities, it provides the Kuwaiti group 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.
“We are encouraged to enter a market that reflects a quality economy that seeks diversification and capacity building in modern economic sectors,” Alsanad said.
Saeed Hamad Al Dhaheri, Managing Director and CEO 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 to build a vibrant exchange for issuers and investors.”
“We are actively building deeper connections in the region through dual listing as well as the Tabadul Exchange Hub programme, which will facilitate investment across markets. We are seeing an increase in dual listing company transactions reflecting the fact that ADX is becoming a dual listing destination is the first choice for companies in the region,” he added.
The GIH listing brings the number of dual listings on the Abu Dhabi 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.
The market capitalisation of ADX dual-listed companies stood at AED29 billion as of September 29, 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.
According to him, 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, we have been one of the best performing markets in the world, with the exchange reaching its market capitalisation target milestone of AED 2 trillion, becoming the second largest exchange in the Middle East,” he added.-TradeArabia News Service
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