Thursday, March 2, 2023 – 8:01 PM
From / Ramy Samih.
ABU DHABI, 2nd March, 2020 (WAM) — His Excellency Sameh Al Qubaisi, Director General of Economic Affairs at the Department of Economic Development – Abu Dhabi, said that there are 50 local, family and regional companies that have expressed desire and interest to be listed on the Abu Dhabi Stock Exchange.
In statements to the Emirates News Agency, WAM, on the sidelines of the activities of the second edition of the “Investopia 2023” conference in Abu Dhabi, Al Qubaisi expected the inclusion of 8 companies among these companies during the current year 2023.
He explained that the companies that aim to be listed in the Abu Dhabi market operate in various sectors, including food and beverages, cars, oil and gas, construction and real estate investment funds, in addition to new technology sectors, as we are working to help and encourage companies operating in these new sectors to be listed in our local markets.
He mentioned that the Emirate of Abu Dhabi recently launched the Abu Dhabi Fund for Subscriptions, with an initial value of 5 billion dirhams, and operates under the supervision of the Supreme Council for Financial and Economic Affairs, and is managed by the Department of Economic Development – Abu Dhabi, with the aim of strengthening the leadership position of the Abu Dhabi Securities Market.
The Abu Dhabi Fund for IPOs seeks to invest in 5 to 10 companies from the private sector annually, with a focus on small and medium-sized companies, by targeting between 10 to 40% of the total shares available for subscription, in addition to working closely with various local banks to benefit from their expertise. in the company listing process.
The Director General of Economic Affairs at the Department of Economic Development – Abu Dhabi indicated that the Abu Dhabi Subscription Fund signed with 4 high-level family companies in the Emirate of Abu Dhabi, in addition to 3 local companies owned by foreigners, while negotiations are underway with more other companies to benefit from the fund’s services.
He said that the UAE has now become a global destination for investments, internally and externally, in light of the world’s confidence in the national economy thanks to the UAE’s foreign policies and its distinguished international relations with various entities in the world, and therefore we are currently working on making the UAE a destination for these companies to be listed in our local markets.
Sameh Al Qubaisi added: “We will continue to work to encourage companies and attract them to be listed in our local markets, and we will also continue our efforts to help local and family companies to explore local markets in preparation for their listing.”
In another context, the Director General of Economic Affairs at the Department of Economic Development – Abu Dhabi said that the UAE’s economy has made a strong start since the beginning of this year 2023 in terms of trade exchange, investment and the entry of new foreign direct investments, despite the economic conditions the world is going through due to high inflation rates.
Sameh Al Qubaisi added that the UAE economy will continue to achieve further growth, with the main support of the right plans, accelerators, incentives and policies that support sustainable growth and development.
Al Qubaisi explained that the “Investopia” conference is a global event that brings together capital owners, investors, thought leaders and decision makers to discuss various topics including modern technology and artificial intelligence, emerging markets, digital assets, and mobility, in light of the fundamental transformations taking place in the global economy.
Ahmed Al Botli / Ramy Samih
