UAE’s 1st SPAC ADC Acquisition Corporation starts trading on ADX

UAE’s 1st SPAC ADC Acquisition Corporation starts trading on ADX

UAE’s first special purpose acquisition company (SPAC), ADC Acquisition Corporation (ADC) has started trading on the Abu Dhabi Securities Exchange (ADX).

The SPAC was established by Abu Dhabi-based holding company ADQ and private investment firm Chimera Investments in order to identify and acquire one or more businesses.

The listing of ADC offers target businesses the opportunity to access capital in Abu Dhabi’s capital markets using an alternative method to the conventional IPO process. These companies will also benefit from ADQ and Chimera Investment’s vast multi-sector expertise and combined network.

Mohamed Hassan Al Suwaidi

MD & CEO – ADQ

Chairman – ADC “The UAE’s first SPAC represents a major endorsement of Abu Dhabi as a financial center anchored with strong market principles and capital-raising potential. Not only will ADC strengthen Abu Dhabi’s capital markets, but private companies will also have the ability to capitalize on pursuing further transactions in an easier and much more efficient manner. Ultimately, we aim to enhance the business environment in Abu Dhabi and contribute to establishing the UAE’s capital as a leading hub for private companies seeking to go public.”

Mr. Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX said that, “The listing of ADC on the ADX