Abu Dhabi Securities Exchange aims for more bond listings

The Abu Dhabi Securities Exchange (ADX) is working on attracting more primary and dual bond listings as part of plans to develop the Dh205 billion exchange, the chief executive Rashid Al Baloushi said.

“We are trying to meet with the stakeholders and convince them of two things. One is the dual listing process and pri­mary listing,” Mr Al Baloushi told the Global Financial Markets Forum in the capital yesterday.

Currently there are only two bonds listed on the exchange.

Most bonds in the UAE are listed on Nasdaq Dubai.

The exchange is also talking to companies to list on the exchange, which has not had a listing since 2011 when Eshraq Properties joined.

Last year, shareholders in Abu Dhabi-based transport com­pany Massar Solutions postponed an initial public offering.

“As we talk today we are already in talks with some com­panies that want to go public to facilitate the process,” said Mr Al Baloushi, refusing to be drawn on the number of companies or when they may go public.

“Companies are waiting for the right time.”

Companies from the private sector and family offices are looking to list, he said.

Shares on the benchmark Abu Dhabi Securities Exchange General Index have been hit by the oil price rout and global stock market volatility. It is up 1.8 per cent so far this year.

“We at ADX have found out that the market itself is not reflecting the conditions of the economy,” Mr Al Baloushi said.

He said he wants more companies from the petrochemicals, healthcare, education and retail sectors to list to better reflect the make-up of the economy.