Abu Dhabi is launching a Dh5 billion ($1.3bn) IPO Fund to help encourage and support private companies to list on the local stock market.
The fund will be overseen by the Supreme Council for Financial and Economic Affairs and managed by the Abu Dhabi Department of Economic Development (Added), the Abu Dhabi Government Media Office said on Tuesday.
The IPO fund will invest in five to 10 private companies a year, with a special focus on small and medium enterprises, and will aim to have ticket size of between 10 and 40 per cent of the float.
“The Abu Dhabi IPO Fund will incentivise more private companies, including SMEs, to list, by providing liquidity and by building additional confidence around IPOs through encouragement of additional private sector investment," said Mohammed Al Shorafa, chairman of Added and ADX.
"It will also promote a shift from relying on debt financing to fostering a greater use of equity instruments."
ADX is the second-biggest exchange in the Arab world after Saudi Arabia's Tadawul. The exchange, which is owned by state holding company ADQ, said this year it planned to double its market capitalisation over the next three years through its new ‘ADX One’ strategy that aims to increase market liquidity and improve market efficiency.
The Abu Dhabi stock exchange has seen record trading performance this year, with its market capitalisation rising beyond Dh1.4 trillion. It is among the best-performing global bourses, with its benchmark index gaining more than 51 per cent since the beginning of this year.
The exchange has attracted various high-profile listings in the last few months, including those by Al Yah Satellite Communications and Adnoc Drilling. Abu Dhabi Ports Company, which operates ports, industrial cities and free zones in Abu Dhabi, is also expected to list before the end of this year.
The new IPO fund will work closely with banks to help companies through their listing process and will aim to add additional capital from private co-investors.
The fund and private co-investors will hold the shares post-IPO for a reasonable period of time, the Government Media Office said.
"By deepening financial markets and promoting an investment culture across the UAE’s economy, the launch of the Abu Dhabi IPO Fund will further strengthen ADX’s position as a leading stock exchange,” Mr Al Shorafa said.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
