Response Plus Medical, a UAE-based provider of on-site healthcare services, has listed its shares on the Abu Dhabi Securities Exchange’s secondary market.
The company, a unit of ADX-listed Alpha Dhabi, has a paid-up capital of Dh200 million ($54.45m), Alpha Dhabi said.
“By taking RPM public, we can share this exciting growth prospect with a broader base of investors,” Hamad Al Ameri, managing director and chief executive, said.
RPM, which has grown rapidly into healthcare management space, is launching new services and is “executing a well-defined five-year strategy to expand”, he said.
RPM is the 13th company to list on ADX’s Second Market since it was established in 2014. Its market capitalisation at the end of August climbed to Dh38 billion, a 273 per cent surge from the same period last year.
ADX has outperformed most of it global peers, with its benchmark index rising more than 50 per cent since the beginning of the year, pushing its market capitalisation to almost Dh1.4 trillion.
The Abu Dhabi bourse has attracted a string of initial public offerings this year as well, including Alpha Dhabi, which started trading in June. Yahsat, the satellite operator majority owned by Mubadala Investment Company, also floated its shares on the ADX.
Adnoc Drilling, a unit of state-controlled Abu Dhabi National Oil Company, is set to raise more than $750m from its IPO in Abu Dhabi and expects to start trading on the ADX next month. ADQ, one of the region’s biggest holding companies, also plans to list Abu Dhabi ports on the ADX by the end of the year.
“[The] ADX is becoming increasingly vibrant due to a strong pipeline of listings and [its] broadening offering of products and services,” Saeed Hamad Al Dhaheri, chief executive of ADX, said. “By connecting growth companies such as RPM to significant pools of regional liquidity and major global investors, the exchange will play a key role in the region’s economic development in the coming years.”
Established in 2010, RPM specialises in medical emergency transfers from remote work sites with more than 260 medical facilities, as well as a fleet of more than 160 ambulances. It provides medical support for the oil and gas sector, chemical industries and construction sites.
The company operates in the UAE, Saudi Arabia and Oman, and plans to expand into other GCC countries, Africa and India over the next five years.
“Listing on ADX is a major milestone in RPM’s development,” Shamsheer Vayalil, chairman of RPM, said. “We are now expanding geographically … ensuring that the company benefits even further from economies of scale and opportunities to grow our client base significantly.”
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
UAE currency: the story behind the money in your pockets
