Orascom Construction company to list its shares for trading on the Abu Dhabi Stock Exchange (ADX)
In a significant move for the region, Dubai Holding, a prominent global investment company, listed its Dubai Residential Reit on the Dubai bourse in May, marking the first Initial Public Offering (IPO) in Dubai this year. The listing raised $584 million for the company.
Meanwhile, Orascom Construction, a contractor specialising in infrastructure, industrial, and high-end commercial projects across the Middle East, Africa, and the US, is set to list its shares on the Abu Dhabi Securities Exchange (ADX) next month. The opening price on ADX will be set at the last closing price on the Egyptian Exchange (EGX) on September 10, and the shares will trade under the symbol ORAS on ADX from September 11.
The UAE has been experiencing a listings boom in the past few years, with its economy growing amid diversification efforts. Last year, the highest Gulf IPO volumes on record took place, with 53 listings raising a total of $13.2 billion. The UAE accounted for 47% or $6.2 billion of these total IPO proceeds. Seven IPOs took place in the UAE last year, including notable companies like Talabat Holding, Lulu Group, ADNH Catering, NMDC Energy, and Alef Education.
Looking ahead, Emirates NBD Capital chief executive Hitesh Asarpota predicted that stock markets in the UAE would receive between six and eight IPOs this year, with companies potentially raising up to $10 billion in proceeds. Notable upcoming events, such as ADFW 2025 in Abu Dhabi, are expected to boost economic momentum and may pave the way for future listings.
Interestingly, Hyra Network, a regional player, has expanded its operations in the UAE and aims for a Nasdaq IPO in 2030. Meanwhile, Bullish, a crypto exchange, aims for a listing on the NYSE.
Orascom Construction also announced that it will transfer its incorporation from Dubai International Financial Centre to the Abu Dhabi Global Market after its new listing. The company owns 50% of Besix Group, a company specialising in construction, infrastructure, and marine works. The shares held on Nasdaq Dubai at the time of suspension of trading will be transferred to ADX.
The secondary listing on the Egyptian Exchange (EGX) will remain unchanged for Orascom Construction. The opening price on ADX will be converted into AED (dirhams) using the exchange rate published by the Central Bank of the UAE on the same date.
This series of listings underscores the growing confidence in the UAE's economy and its stock markets, providing exciting opportunities for both domestic and international investors.
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