Abu Dhabi’s ADX expects increased listings in 2023

Abu Dhabi’s ADX expects increased listings in 2023

The Abu Dhabi stock exchange expects an increase in listings this year, even as global economies grapple with high inflation and rising interest rates, its chairman said.

“We have a healthy pipeline of IPOs and listings with aspirations to surpass 2022. There will always be challenges, but also opportunities,” Hisham Khalid Malak, chairman of the Abu Dhabi Securities Exchange (ADX) told Reuters on Wednesday.

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The global picture is “starting to look better than expected, with a soft landing now forecast in the United States”, he said, adding that “Europe is also starting to look better and China is opening up.”

The Gulf’s second-biggest market last year featured five initial public offerings (IPOs) and two dual listings, as well as listings for six exchange-traded funds and one blank-cheque company. It also had one listing on its secondary market, which connects investors with smaller privately owned businesses.

Abu Dhabi National Oil Company’s gas business and Abu Dhabi-headquartered supermarket chain Lulu Group International are among those planning listings this year.

The Gulf region became a bright spot for public share sales last year, boosted by high oil prices and government-led privatization programs.

Gulf issuers raised