ADX leads in Middle East IPO revenues, landmark agreements

Robust market witnessed six IPOs in 2023 valued at $5.57 bn
ADX leads in Middle East IPO revenues, landmark agreements
Abu Dhabi Securities Exchange (ADX)

 The Abu Dhabi Securities Exchange (ADX) achieved significant milestones in the Middle East region in 2023, raising 50 percent of IPO revenues. The ADX, known for its rapid growth, experienced a year filled with noteworthy events and accomplishments. Six IPOs with a combined value of $5.57 billion (AED21 billion) were welcomed, with three of them ranking among the top 20 largest IPOs worldwide.

According to WAM, The market’s overall value saw a 13 percent increase, reaching $817 billion by the end of last year. Additionally, the number of institutional investors joining the market grew by 10 percent, and there was a remarkable annual growth of approximately 37 percent in investors throughout 2023.

Furthermore, foreign ownership of listed companies rose by 35 percent in 2023, indicating the appeal of these companies and the robustness of Abu Dhabi’s economy as a whole.

Read more: ADX collaborates with UAE’s leading brokers, launches Investment Outlook Report

Foreign ownership surge

Additionally, ADX witnessed in 2023 a significant increase of 35 percent in the foreign ownership of shares in listed companies. This rise underscores the appeal of these companies and the overall robustness of Abu Dhabi’s economy.

During the same period, ADX forged a partnership with HSBC Middle East to offer fixed-yield digital securities. Additionally, ADX collaborated with ICE Global Network to pioneer a groundbreaking initiative in the Middle East’s financial market, granting global institutional investors immediate access to the market.

MoU with NYSE for dual listings

One of the notable achievements was the signing of a memorandum of understanding (MoU) with the New York Stock Exchange (NYSE) to facilitate dual listings in both markets. Additionally, the FTSE ADX ESG was launched to promote growth and sustainable business practices among listed companies.

Looking ahead to 2024, ADX aims to empower investors with new investment opportunities and provide support throughout their investment journey. The exchange also seeks to reinforce its commitment to Abu Dhabi’s economic diversification and sustainability agenda while striving for higher levels of performance.

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