Abu Dhabi’s holding company ADQ has appointed Hisham Malak as the new chairman of Abu Dhabi Securities Exchange (ADX), the company said on Friday.
Mr. Malak is also undersecretary of the Ministry of Finance, according to an ADQ press release.
Saeed Al Dhaheri, the current chief executive of ADX, will be the new chief executive of the exchange, the statement said.
ADX, which is part of ADQ, is the second largest stock exchange in the Arab world after the Tadawul Stock Exchange in Saudi Arabia with a total market capitalization of $ 1.48 trillion. The stock market has risen by over 60% in the past 12 months thanks to initial public offerings, rising foreign investment and rising oil prices.
In October, Fertiglobe, the world’s largest exporter of urea and ammonia by sea, raised about $ 795 million through its listing on ADX. The offer follows Adnoc Drilling, which raked in $ 1.1 billion on its listing the same month. In July, Al Yah Satellite Communications, better known as Yahsat, a unit of Mubadala Investment Company, raised around $ 730 million through its listing.
The stock market has also introduced a number of other new initiatives to make it attractive to investors. In November, it launched a derivatives market that will trade single stock futures contracts as part of the exchange’s strategy to develop the emirate’s capital markets and align its products and services with those of its global peers.
It also removed the minimum commission fee on trading of all listed securities in order to stimulate trading by small investors.
The stock market is expected to continue to grow as Abu Dhabi plans to launch a Dh 5 billion ($ 1.3 billion) IPO fund to help encourage and support private companies to register on the local stock market.
The IPO fund will invest in five to 10 private companies per year, with a particular focus on small and medium enterprises, and will aim to have a ticket size between 10% and 40% of the float, according to Abu Dhabi. Government Media Office.
Aldar Properties, First Abu Dhabi Bank, the country’s largest lender in terms of assets, Dana Gas and Adnoc Distribution, among others, are listed on the stock exchange.
Updated: January 7, 2022, 13:42