UAE: Abu Dhabi Securities Exchange hits historic $2 trillion market capitalisation milestone

UAE: Abu Dhabi Securities Exchange hits historic $2 trillion market capitalisation milestone

UAE: Abu Dhabi Securities Exchange hits historic Dh2 trillion market capitalisation milestone

ADX becomes the second largest stock market in the Middle East

Published: Tue 7 Jun 2022, 1:19 PM Last updated: Tue 7 Jun 2022, 1:41 PM

The Abu Dhabi Securities Exchange (ADX)’s market capitalisation opened above Dh2 trillion ($545 billion) on June 6 for the first time in its history, marking a landmark milestone that has made the region’s youngest exchange, the second largest in the Middle East in just two decades.

The 25 per cent year-to-date spike in the exchange’s market capitalisation was bolstered by a spate of IPOs and listings over the past year, including Abu Dhabi Ports, Fertiglobe, Adnoc Drilling, Alpha Dhabi and Multiply Group, a statement issued on Tuesday said.

Most recently, petrochemicals company Borouge raised Dh2 billion in an IPO and listed last week, while ADQ and Chimera Capital launched the first ADX-listed SPAC.

The significant milestone has been supported by ‘ADX One,’ the exchange’s strategy to enhance liquidity through listing incentives, trading fees reductions and rolling out innovative products and services. The exchange’s benchmark index, the FTSE ADX General Index, has gained 16 per cent this year, making it one of the best performing stock markets worldwide.

New initiatives

Since