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DFM welcomes Amanat listing Sunday

DFM welcomes Amanat listing Sunday
Photo Credit: Arabianeye-Reuters
Amanat
AMANAT
-0.93% 1.07 -0.01
DFM
DFM
0.00% 1.48 0.00

The Dubai Financial Market (DFM) announced today the listing of Amanat Holdings, as trading on the company’s stocks commenced under the trading symbol “AMANAT”, which appears on DFM screens, trading system and publications within the Services sector.

“The successful listing of Amanat further strengthens the prominent position of DFM as the most favoured listing venue for leading local and regional companies, and lifts its total number of listed companies to 57,” a statement by the DFM highlighted, adding that Amanat is the first company in the healthcare and education services sectors to list on DFM. Investor surveys conducted by the DFM have revealed that healthcare and education are amongst the three top most favoured sectors investors want to see represented in the market through initial public offerings (IPOs).

DFM Chairman Essa Kazim and Amanat Board Chairman Faisal Bin Juma Belhoul along with senior representatives from both sides attended the bell-ringing ceremony on the DFM trading floor earlier today.

Commenting on the listing, Kazim stated “We are delighted to welcome the listing of Amanat on DFM, which offers domestic and international investors efficient access to the GCC’s fast-growth healthcare and education sectors for the first time. For instance, the education sector in Dubai has registered an annual growth rate of 7.5% on average between 2012 and 2014, and is poised to maintain this momentum based on the high population growth. Dubai’s population is expected to grow 7.2% annually to 3.6 million by 2020, from 2.2 million in 2013, and this will be positively mirrored in the demand for education and healthcare services.”

Moreover, “With the listing of Amanat, DFM assumes a unique position as a gateway for investors wanting to participate in the dynamic Gulf healthcare and education sectors. Moreover, a listing from these two sectors further boosts DFM’s efforts to realise its strategic objective of achieving the fullest representation of Dubai’s economy by attracting companies from strategically important sectors, including retail, tourism, healthcare and education. A listing will also assist these companies in achieving their growth strategy with the support of the capital markets,” he noted.

It is worth highlighting that healthcare spending in the GCC is expected to increase by more than 10% annually over the next three years to reach $86 billion. Similarly, enrolment in private K-12 education in the Gulf is forecast to double by 2020 to 10 million students, while higher education students are expected grow by 14% per annum to reach nearly 4 million by the end of the decade.

Amanat Board Chairman stated “Today represents both a major milestone in the journey of Amanat and a pivotal moment in the development of the healthcare and education sectors in the GCC. Amanat will enable many investors to participate in these two vibrant sectors for the first time, while our partnerships with governments, companies and entrepreneurs will help to positively transform healthcare and education services for generations to come.”

Amanat was founded by a group of 37 prominent local and international investors with a mandate to utilise its total capital of AED 2.5 billion to establish, acquire and incorporate companies working in the healthcare and education sectors, and develop, manage and operate these companies within the GCC. The company’s AED 1.375 billion IPO was nearly 10 times oversubscribed, with over 3,650 individual investors applying for shares in the region’s largest integrated healthcare and education company.