By: Ramy Sameeh

Abu Dhabi – Mubasher: Eshraq Properties, listed on the Abu Dhabi Securities Exchange (ADX), is still working on finalising all the necessary demands and procedures for a dual-listing on the Saudi Stock Exchange (Tadawul), according to the company’s general manager, Suleiman Al-Dalaan.

Tadawul, whose current market value exceeds $550 billion, is the largest stock market in the Gulf and enjoys higher liquidity and trade volume than any other market in the region. The Saudi market is set to open its doors to direct foreign investments on 15 June, a step seen by experts as a means of attracting billions worth of investments.

“We are currently working on meeting all demands by Banque Saudi Fransi (BSF) related to the listing,” Al-Dalaan told Mubasher on the sidelines of CityScape Abu Dhabi.

BSF is the financial consultant on Eshraq’s stock listing on Tadawul.

Dalaan refused to pinpoint a specific date for the listing; however, he said that any public subscription requires several months to be completed, which means that a dual listing may require more time, particularly as Eshraq is the first UAE company to list its stock on the Saudi market.

Eshraq, whose capital amounts to AED 581 million, was listed on the ADX in 2011 and its stock currently trades for AED 0.99. The developer announced its plans to list on Tadawul in 2013.

The Abu Dhabi-based company incurred losses of AED 538 million in 2014 against profits of AED 319 million in 2013.

Eshraq’s real estate projects are spread across Al-Reem Island and Zayed Bay. The company said it plans to launch new projects in other Gulf states and Arab countries in the future.

Translated by: Nada Adel Sobhi