Abu Dhabi Securities Exchange (ADX) announced on Thursday the secondary listing of the Abu Dhabi Development Holding Company’s (ADQ) $2.5 billion bond. The bond was first listed on the London Stock Exchange (LSE) in April 2024.
The dual tranche bond comprises a five-year $1.25 billion tranche and a 10-year $1.25 billion tranche.
The bond issuance saw significant local and international investor demand and saw an oversubscription of 4.4 times.
“We are delighted to host the secondary listing of ADQ’s $2.5 billion bond on ADX and play a part in supporting ADQ’s growth strategy and bolstering the development of Abu Dhabi’s economy. As one of the key pillars of the Emirate’s capital market, ADX will continue to provide an agile and dynamic investment platform and market infrastructure to enable companies like ADQ to achieve their objectives and further Abu Dhabi’s economic diversification agenda,” said Abdulla Salem Alnuaimi, Group CEO of ADX.
ADQ’s portfolio encompasses eight companies listed on ADX. These are TAQA, AD Ports Group, Agthia Group, Emirates Steel Arkan, PureHealth, E7 Group, Modon Holding, and Abu Dhabi Aviation.
As of December 31, 2023, ADQ’s total assets amounted to $196 billion. Moreover, the group has shareholdings in more than 25 portfolio companies, structured into seven economic clusters which cover key sectors of the transforming economy. This includes numerous critical infrastructure assets spanning utilities, transportation, healthcare, agriculture and real estate. Moody’s rates the group Aa2 and Fitch has a AA rating, both with a stable outlook.
ADQ’s key agreements
In April, ADQ agreed to establish a finance and investment framework with the National Treasury and Economic Planning Ministry of the Republic of Kenya to explore intended investments of up to $500 million in priority sectors of the East African country’s highly diversified economy.
The same month, ADQ signed an agreement with Plenary Group. Plenary is independent investor, developer and manager of public-private infrastructure projects headquartered in Australia. The two announced a partnership aimed at expediting the expansion of public and social infrastructure through strategic investments. As a result, ADQ will acquire a 49 percent stake in Plenary.
ADQ also launched a $180 million technology-focused fund, Jasoor Fund, with Oman Investment Authority and represented by ITHCA Group. This commitment was part of broader framework agreement signed in 2022.
In February, ADQ unveiled plans to invest $35 billion in Egypt. ADQ said it will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium. ADQ will also convert $11 billion of deposits. These will be invested in prime projects across Egypt to support its economic growth and development.
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