FAM Holding joins a growing number of family-owned businesses listing on the Abu Dhabi Securities Exchange. Photo: ADX
FAM Holding joins a growing number of family-owned businesses listing on the Abu Dhabi Securities Exchange. Photo: ADX
FAM Holding joins a growing number of family-owned businesses listing on the Abu Dhabi Securities Exchange. Photo: ADX
FAM Holding joins a growing number of family-owned businesses listing on the Abu Dhabi Securities Exchange. Photo: ADX

UAE developer FAM Holding plans to list on Abu Dhabi exchange's second market


Deepthi Nair
  • English
  • Arabic

UAE developer FAM Holding plans to list its shares on the Abu Dhabi Securities Exchange (ADX) Second Market, joining a growing list of family-owned companies looking to tap into the listings boom in the Arab world’s second-largest stock market.

FAM Holding will use the listing proceeds for expansion, particularly amid increasing demand from real estate investors to capitalise on high rental returns, the company said on Sunday.

The company has been converted into a private joint-stock company with a capital of Dh50 million
Faisal Ali Mousa,
chairman of FAM Holding

“The company has been converted into a private joint-stock company with a capital of Dh50 million [$13.6m] after previously receiving approval from the ADX, and we hope to receive the final approval shortly,” said Faisal Ali Mousa, chairman of FAM Holding.

“Since its establishment in 2009, FAM Holding has expanded rapidly. In recent years, it has further expanded operations in northern Emirates covering Ajman and Ras Al Khaimah.”

The UAE’s property market has recovered strongly from the coronavirus-induced slowdown on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme.

FAM Holding focuses on developing properties at affordable prices for middle-income families, with payment terms ranging from six to 10 years.

It has an investment portfolio worth Dh2bn and 5,750 residential apartments in the UAE.

The company, which primarily operates in the Northern Emirates, plans to expand into other markets in the Middle East and North Africa region and Europe as part of its long-term strategy.

Meanwhile, the ADX, which is owned by state holding company ADQ, more than doubled its market capitalisation last year to a record Dh1.6 trillion — making it one of the best performing exchanges globally in 2021.

It is pressing ahead with its ADX One strategy, which was launched in 2021 to “significantly" increase market capitalisation, strengthen corporate governance and "meet the evolving needs of global issuers and investors". The Abu Dhabi bourse aims to reach a market value of $816.7 billion in the next few years.

Nine companies listed on the ADX last year. They include Adnoc Drilling, which raised $1.1bn in October, and Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, which reaped about $795m.

The exchange has continued with listings this year, too. Abu Dhabi Ports Group raised $1.1bn from its share sale in February to expand operations globally and boost growth.

The ADX could host 13 more listings before the end of this year, Mohammed Al Shorafa, chairman of ADX, told Sky News Arabia last month.

Abu Dhabi also unveiled a Dh5bn IPO fund last year to help encourage and support private companies to list on the local stock market.

“Listing in the ADX Second Market is the beginning of a new period of growth and development for FAM Holding,” Mr Ali Mousa said.

“FAM Holding’s primary goal is to maximise income and sales and its plan to list shares will create long-term value for shareholders.”

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
HWJN
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India Test squad

Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill

Scoreline

Bournemouth 2

Wilson 70', Ibe 74'

Arsenal 1

Bellerin 52'

Company%20Profile
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Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

Kandahar%20
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UAE currency: the story behind the money in your pockets

Factfile on Garbine Muguruza:

Name: Garbine Muguruza (ESP)

World ranking: 15 (will rise to 5 on Monday)

Date of birth: October 8, 1993

Place of birth: Caracas, Venezuela

Place of residence: Geneva, Switzerland

Height: 6ft (1.82m)

Career singles titles: 4

Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)

Career prize money: $13,928,719

Starring: Jamie Foxx, Angela Bassett, Tina Fey

Directed by: Pete Doctor

Rating: 4 stars

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

The%20Kitchen
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Results

4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).

4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.

5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.

5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.

6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.

6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.

7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.

Cracks in the Wall

Ben White, Pluto Press 

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Updated: April 03, 2022, 12:40 PM`