• About Us
  • Our Team
  • Editorial Policy
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
The Washington City Times
Thursday, June 30, 2022
  • HOME
  • BUSINESS

    Bill Miller Says Tupperware Brands Is His Best Choice To Experience The Big Market Regime Shift

    European scientists in ‘landmark’ nuclear fusion breakthrough

    European scientists in ‘landmark’ nuclear fusion breakthrough

    Peloton’s Makes Big Changes as Amazon, Nike Consider Acquisition

    Peloton’s Makes Big Changes as Amazon, Nike Consider Acquisition

    Britons brace for perfect storm of tax hikes, rising inflation and energy crisis

  • ENTERTAINMENT

    Firestarter trailer heats up the Stephen King story in Blumhouse

    These are the best Natalie Portman movies, ranked

    Here’s Every Edgar Wright Movie, Ranked

    Netflix Celebrates Ten Years of Original Programming on Lilyhammer Premiere Anniversary

  • LIFESTYLE
    A STORY OF A YOUNG GUY WHO DREAMS TO BECOME THE RICHEST MAN IN INDIA BY MAKING MONEY ONLINE VIA DEALER777

    A STORY OF A YOUNG GUY WHO DREAMS TO BECOME THE RICHEST MAN IN INDIA BY MAKING MONEY ONLINE VIA DEALER777

    Firestarter trailer heats up the Stephen King story in Blumhouse

    These are the best Natalie Portman movies, ranked

    Here’s Every Edgar Wright Movie, Ranked

  • INTERVIEWS
  • Contact Us
The Washington City Times
  • HOME
  • BUSINESS

    Bill Miller Says Tupperware Brands Is His Best Choice To Experience The Big Market Regime Shift

    European scientists in ‘landmark’ nuclear fusion breakthrough

    European scientists in ‘landmark’ nuclear fusion breakthrough

    Peloton’s Makes Big Changes as Amazon, Nike Consider Acquisition

    Peloton’s Makes Big Changes as Amazon, Nike Consider Acquisition

    Britons brace for perfect storm of tax hikes, rising inflation and energy crisis

  • ENTERTAINMENT

    Firestarter trailer heats up the Stephen King story in Blumhouse

    These are the best Natalie Portman movies, ranked

    Here’s Every Edgar Wright Movie, Ranked

    Netflix Celebrates Ten Years of Original Programming on Lilyhammer Premiere Anniversary

  • LIFESTYLE
    A STORY OF A YOUNG GUY WHO DREAMS TO BECOME THE RICHEST MAN IN INDIA BY MAKING MONEY ONLINE VIA DEALER777

    A STORY OF A YOUNG GUY WHO DREAMS TO BECOME THE RICHEST MAN IN INDIA BY MAKING MONEY ONLINE VIA DEALER777

    Firestarter trailer heats up the Stephen King story in Blumhouse

    These are the best Natalie Portman movies, ranked

    Here’s Every Edgar Wright Movie, Ranked

  • INTERVIEWS
  • Contact Us
No Result
View All Result
The Washington City Times
No Result
View All Result
Home BUSINESS

Abu Dhabi Ports Begins Trading After Raising $1.1 Billion in Latest IPO in UAE

by thewashingtoncitytimes
February 8, 2022
in BUSINESS
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

An Emirati woman paddles in a canoe past skyscrapers in Abu Dhabi, United Arab Emirates, on Wednesday, October 2, 2019.

Christopher Pike | Bloomberg | Getty Images

Shares in Abu Dhabi Ports Group opened for trading on Tuesday at its debut at 3.6 dirhams ($0.98) per share, after raising 4 billion dirhams ($1.1 billion) in a share sale, the first. in a series of highly anticipated listings for the United States. Arab Emirates this year.

Abu Dhabi Ports, now trading on the Abu Dhabi Securities Exchange (ADX) as ADPORTS, operates 10 ports in the UAE, a terminal in Guinea and several logistics and industrial zones. Its flagship Khalifa Port in Abu Dhabi was the first deepwater and semi-automated container port in the GCC region.

“The cash proceeds from this primary issuance will be used to fund the company’s organic and inorganic growth plans, enabling the company to accelerate its local and international expansion plans,” the company said in its investor filing.

Abu Dhabi Ports is owned by ADQ, the UAE’s third largest sovereign wealth fund. ADQ remains the majority shareholder with a 75.44% stake in the company. According to documents, ADQ also transferred a 22.32% stake in Aramex and a 10% stake in the National Marine Dredging Company to Abu Dhabi Ports prior to the sale.

Reuters also reported that Abu Dhabi-based conglomerate IHC took a 7.4 percent stake in Abu Dhabi Ports prior to listing through its subsidiary Al Seer Marine, which bought a total of 375 million shares worth 1.2 billion dirhams ($1.2 billion). 326.74 million).

offer spree

The latest offer comes amid a privatization effort now underway in the United Arab Emirates.

ADX has seen a wave of new listings in the past year, with the Abu Dhabi National Oil Company (ADNOC), state investor Mubadala and IHC making a number of public offerings, making the ADX one of the best-performing regional markets last year.

ADNOC Drilling raised $1.1 billion for its IPO last October, the largest IPO ever in the emirate. Rival Saudi Arabia has also seen record interest, with exchange operator Tadawul Group’s IPO raising more than $1 billion dollars. It follows the $1.2 billion float of renewable energy company ACWA Power International, which was the largest in the Kingdom since Aramco’s IPO in 2019.

The performance stands in stark contrast to Dubai, where capital markets have lagged competitors in both Abu Dhabi and Riyadh, despite renewed investor interest in the Gulf region. Poor liquidity and some high profile de-listings – such as port operator DP World, Emaar Malls and Damac Properties – have tarnished investor sentiment in recent years.

In November, Dubai announced plans to reverse the trend, aiming to “increase the total volume of its stock markets” to AED 3 trillion ($817 billion). The government said it plans to privatize 10 state-owned companies, without naming specific companies or setting a date for the lists.

Business park operator TECOM, utility company Dubai Electricity and Water Authority (DEWA), road toll system Salik, and companies within the Emirates Group including dnata and loyalty program Skywards, as well as Dubai Airport’s Duty Free are rumored among those eligible for a public offer.

News of the potential new quotes has sent Dubai’s DFM benchmark index soaring by more than 11% since its announcement.

Previous Post

Reacher is Renewing for Season 2 on Prime Video

Next Post

Hawkeye’s Jeremy Renner Shows Off Mullet in Throwback Prom Photo

Next Post

Hawkeye's Jeremy Renner Shows Off Mullet in Throwback Prom Photo

Latest Post

  • A STORY OF A YOUNG GUY WHO DREAMS TO BECOME THE RICHEST MAN IN INDIA BY MAKING MONEY ONLINE VIA DEALER777
  • Firestarter trailer heats up the Stephen King story in Blumhouse
  • Bill Miller Says Tupperware Brands Is His Best Choice To Experience The Big Market Regime Shift
  • These are the best Natalie Portman movies, ranked
  • European scientists in ‘landmark’ nuclear fusion breakthrough

© 2020 TheWashingtonCityTimes

No Result
View All Result
  • HOME
  • BUSINESS
  • ENTERTAINMENT
  • LIFESTYLE
  • CONTACT US

© 2020 TheWashingtonCityTimes