Planned stock market listings in Abu Dhabi held back by conditions

Bourse chief exec Rashed al Baloushi says new listings may take a while until market conditions improve
Planned stock market listings in Abu Dhabi held back by conditions
By Reuters
Mon 26 Oct 2015 03:28 PM

New listings on the Abu Dhabi Securities Exchange may take a while until market conditions improve, its chief executive said on Monday.

Low oil prices and regional turmoil are keeping volumes low on Abu Dhabi's stock market. Even so, private companies in Abu Dhabi and elsewhere in the United Arab Emirates have appointed advisors to help them go public.

"There are companies who want to go public," Rashed al Baloushi told reporters at a conference. "These companies are waiting for the right time, right conditions."

He did not say how many companies want to issue shares or when they expect market conditions to get better. Currently, 68 securities are listed on the Abu Dhabi exchange, he said.

The exchange is in talks with private firms for listing on Abu Dhabi's secondary market, where two companies are now listed. ADX is also in talks with two institutions, one a bank, to act as market makers, he said, and hopes to settle the details by the end of the year. He declined to name them.

National Bank of Abu Dhabi in February became the first company to begin market-making, in an effort to boost trading volumes.

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.