Abu Dhabi stock exchange looks to foreign investors as pandemic hits trading

Abu Dhabi stock exchange looks to foreign investors as pandemic hits trading

The Abu Dhabi bourse is making a fresh pitch to international investors, as it seeks to reverse a decline in first-half trading value linked to the coronavirus pandemic.

Abu Dhabi Securities Exchange (ADX) said its total trading value fell to AED 40.7 billion ($11.08 billion) in the six months to June 30, compared to AED 54.7 billion in the same period a year ago. Volumes were less impacted, with 14.2 billion shares traded in the first half, down from to 14.6 billion.

"We hope to see trading values and volumes picking up to their levels of 2019 or better," ADX Chief Executive Khalifa Al Mansouri told CNBC's Capital Connection. The exchange said the year-on-year decrease was inevitable given Covid-19, and was similar to the experience of other exchanges around the world.

The Abu Dhabi Exchange is the second-largest exchange in the region, behind Saudi Arabia's Tadawul. It plays host to the UAE's largest listed institutions including First Abu Dhabi Bank and Etisalat, and had a market capitalization of more than AED 600 billion at the close of trade on Monday.

Like its regional rivals, the exchange is now trying to attract more foreign investors, find high quality listings and develop a more varied domestic