Investing.com | Editor Ambhini Aishwarya
Published Nov 29, 2023 06:23AM ET
ABU DHABI – The Abu Dhabi IPO Fund (ADIPOF), a significant player in the region’s financial landscape, has unveiled an ambitious plan to facilitate several initial public offerings (IPOs) across various sectors by the end of 2024. This initiative is part of a broader strategy to bolster economic growth in line with the emirate’s Vision 2030.
Bassel Al Khawaja, the advisory head at ADIPOF, announced during the Abu Dhabi Finance Week that the fund aims to transition private sector companies to public status on the Abu Dhabi Securities Exchange (ADX). The fund, with a robust reserve of 5 billion dirhams (USD1 = AED3.6724), is set to focus on technology, hospitality, and a family-owned financial business specializing in forex and remittances.
ADIPOF’s strategy involves investing in 5-10 small and medium-sized enterprises (SMEs) each year, acquiring equity stakes ranging from 10% to 40%. This effort is designed to provide these companies with the necessary capital and liquidity to thrive and expand. To streamline the listing process, ADIPOF is working closely with local banks, ensuring that companies can navigate the public offering with ease.
Al Khawaja highlighted the fund’s commitment to supporting pivotal family businesses, which are often at the heart of the region’s economy. By investing in these enterprises and assisting them in going public, ADIPOF is reinforcing its role in the economic development of Abu Dhabi and enhancing the regional prominence of the ADX.
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Written By: Investing.com