Abu Dhabi Securities Exchange appoints new chief executive

Abdulla Al Nuaimi played a key role in helping to establish the first application of blockchain technology in the UAE's financial sector

Abdulla Al Nuaimi will seek to accelerate ADX’s range of products and services. Photo: ADX

The Abu Dhabi Securities Exchange (ADX), the Arab world's second-largest bourse by market value, has appointed Abdulla Al Nuaimi as its new chief executive.

Mr Al Nuaimi, who was previously the ADX's chief operating officer, will focus on taking advantage of digital technology to help investors access market opportunities, which in turn will boost the bourse's investor base, market liquidity and competitiveness, the ADX said in a statement on Tuesday.

He succeeds Saeed Al Dhaheri, who the ADX said helped to "shape Abu Dhabi’s capital market position in the region".

Mr Al Nuaimi played a key role in the development of the ADX's trading platform, helping establish the first application of blockchain technology in the UAE's financial sector.

“Abu Dhabi’s capital markets have witnessed significant growth over the past several years. I am honoured to have been entrusted to further cement the ADX’s position amongst market leaders by delivering on its growth targets and value creation plans," Mr Al Nuaimi said.

His appointment comes at a time of heightened market activity on the ADX. The exchange has experienced a rush of initial public offerings (IPOs) in recent years.

Companies that listed on the bourse last year include Borouge, the Abu Dhabi Ports Group, Abu Dhabi healthcare provider Burjeel Holdings and Bayanat, a geospatial data products and services provider owned by artificial intelligence and cloud computing company G42.

Americana, the largest quick-service restaurant operator in the Middle East and Africa region, raised $1.8 billion from its IPO in November when it did a dual listing on the Abu Dhabi and Saudi stock exchanges.

This year, Adnoc Gas and Presight AI, a G42 company focused on data analytics and artificial intelligence, were listed on the ADX.

Supermarkets operator Lulu and Pure Health, a unit of Abu Dhabi-listed International Holding Company, have also announced plans to list in Abu Dhabi this year.

On a broader scale, the IPO drive in the Middle East has continued to gather pace in 2023 after the region registered 48 listings in 2022 that raised more than $23 billion, compared with $7.52 billion from 20 offerings in 2021.

In 2022, foreign investment on the ADX jumped 54 per cent annually to a record Dh24 billion, with the number of new institutional investors registered on the bourse growing 12 per cent, the exchange said.

Mr Al Nuaimi has more than 20 years of experience in the financial services sector. He also sits on the advisory board of Abu Dhabi University's College of Business and Economics and on the board of trustees of the Professional Training and Examinations Centre at the Securities and Commodities Authority.

He will seek to further accelerate the range of products and services at the ADX, the statement said.