London – Mubasher: The negative impact of the slide in oil prices on Abu Dhabi’s capital market does not reflect by any means the strength of the market, said Rashed Al Baloushi, the chief executive of the Abu Dhabi Securities Exchange (ADX).

The statement came during the official’s participation at a roadshow that was inaugurated today in London for capital markets in the MENA region.

The contribution of the oil sector in the UAE’s economy does not exceed 5%, noted Al Baloushi.

UAE’s capital markets have been suffering steep declines since early 2016 due to the drop in oil prices, as ADX main gauge fell by 12.53% year-to-date.

The CEO also said financial results for the fourth quarter of last year would show ‘remarkable’ improvement according to estimates by a financial institution.

The number of foreign investors in ADX rose in 2015, said Al Baloushi, declining to give specific figures for such number.

The two-day event, which is organised by Frontier Exchange, is bringing together investors with representatives of bourses of Abu Dhabi, Jordan, Lebanon, Tunisia and Morocco.