Abu Dhabi's Mair Group, an investment company focused on food retail and commercial real estate, has announced plans to directly list on the Abu Dhabi Securities Exchange next month, further contributing to the growing list of UAE companies tapping local capital markets.
The group, which operates more than 100 stores under the Abu Dhabi Co-operative Society (Adcoop) and Spar brands, will begin trading on the ADX on December 9, it said on Thursday.
A direct listing is a process in which a company bypasses an initial public offering. Instead, it makes existing stock, owned by its investors or employees, available to the public without the need for underwriters or a lock-up period. This method is often more cost-effective than an IPO.
“As we prepare to enter the financial markets with a direct listing on the ADX, we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey,” Nehayan Al Ameri, managing director and chief executive of Mair Group, said.
Mair Group posted revenue of Dh1.2 billion ($326.7 million) in the first half of this year and about Dh2 billion last year where it distributed Dh135 million in dividends, representing about 12.11 per cent of its share capital, to its more than 12,000 shareholders.
Through its Makani commercial real estate arm, the group manages more than a dozen shopping centres – including Mall of Al Ain and Makani Community Centres – with a 95 per cent occupancy rate, covering 330,000 square metres of leasable area.
The group's listing also follows its announcement at this week's Abu Dhabi Global Food Week that it was consolidating its seven retail brands – Abu Dhabi Coop, Al Ain Coop, Al Dhafra Coop, Delma Coop, Coops, Earth and Mega Mart – under the Adcoop identity.
The rebranding is aimed at enhancing the group’s sustainable growth opportunities, while committing to enhancing the food security across the UAE, Abu Dhabi Media Office quoted Nehayan Al Ameri, group chief executive of Mair Group, as saying.
Mair Group joins the ADX amid a listing boom in the UAE, the Arab world's second-biggest economy, that has seen its stock markets hitting $1 trillion in market capitalisation.
It also follows the IPO plans of Delivery Hero's Middle Eastern unit, Talabat in Dubai, and the ADX listing of UAE retail major Lulu Group, which successfully raised $1.72 billion, the country's largest IPO so far in 2024.
A string of other deals this year in Abu Dhabi came from ADNH Catering, a unit of Abu Dhabi National Hotels, which raised $235.2 million, NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, raising $877 million, and Alef Education, which raised $515 million.
Mair Group, which has invested in Abu Dhabi-based Al Masa Mills, is also aiming to support the nation’s FMCG (fast-moving commercial goods) and food supply resilience, it said.
The UAE has launched several campaigns to boost food security, such as the Plant the Emirates initiative, which intends to boost the country's agriculture sector and to help address food security issues.
Mair Group also collaborates with more than 100 local farmers through its farm-to-fork strategy, promoting sustainable practices and supporting home-grown agriculture.
“Mair Group believes in the importance of investing in the food sector to support economic and social growth in the UAE,” Mohamed Al Shamisi, chairman of Mair Group, said.
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
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
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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