By: Ramy Sameeh

Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) is currently in negotiations with a number of banks to conduct market-making activity, according to the bourse’s CEO Rashed Al Balooshi.

“We will announce any updates in this regard when available,” the CEO added.

“The National Bank of Abu Dhabi (NBAD) resumed its activity as the market maker after shutting down its services for technical reasons,” Al Balooshi noted.

The bank began offering market-making services for four Abu Dhabi-listed stocks from February 2015.

NBAD shut its equity market-making operations less than a year after launch, according to a statement released in January.

“There are many companies seeking to go public, but they are waiting until regional and global markets improve,” the CEO highlighted.

Al Balooshi declined to comment on the date when the initial public offerings (IPOs) will resume, adding that such issue is subject to the decision of companies’ boards.

Many companies like Jannah Hotels and Resorts, Gulf Capital and Path Solutions are preparing for possible IPOs on the Abu Dhabi bourse, according to Mubasher.

Translated by: Julian Nabil