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UAE stock markets to see IPOs in 2017

UAE stock markets to see IPOs in 2017
The Abu Dhabi Securities Exchange (ADX) did not witness any listings last year (Photo Credit: Mubasher)

By: Ramy Sameeh

Abu Dhabi – Mubasher: The UAE stock markets are likely to see initial public offerings (IPOs) in 2017, according to Obaid Al-Zaabi, CEO of Securities and Commodities Authority (SCA).

“We received many requests for new listings and there is optimism for the UAE stock markets”, Al-Zaabi added.

The CEO refused to reveal any details about the number of listings and their dates, yet he said that “we have a good number of new requests”.

The Abu Dhabi Securities Exchange (ADX) did not witness any listings last year, while the Dubai Financial Market (DFM) is awaiting the listing of Orient UNB Takaful and Kuwait's National International Holding in mid-November 2016.

SCA and the UAE’s ministry of economy are currently working on a programme to facilitate the listing of small and medium enterprises (SMEs) and family companies on the capital markets, Al-Zaabi added.

Many companies including Massar Solutions, Senaat, Jannah Hotels and Resorts, Gulf Capital and Tasweek Real Estate Development are studying the possibility of launching initial public offerings (IPOs) in Abu Dhabi’s market, according to Mubasher’s data.

Al Shafar General Contracting Co., Daman Investments, Emirates District Cooling (Emicool), Al Habtoor Group, Emaar Hospitality Group, Mawarid Finance Rivoli Group and Able Logistics Group also plan to list their stocks on Dubai’s exchange.

Translated by: Julian Nabil