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: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Signs%20of%20%20%20%20%20%20%20heat%20stroke
%3Cul%3E%0A%3Cli%3EThe%20loss%20of%20sodium%20chloride%20in%20our%20sweat%20can%20lead%20to%20confusion%20and%20an%20altered%20mental%20status%20and%20slurred%20speech%3C%2Fli%3E%0A%3Cli%3EBody%20temperature%20above%2039%C2%B0C%3C%2Fli%3E%0A%3Cli%3EHot%2C%20dry%20and%20red%20or%20damp%20skin%20can%20indicate%20heatstroke%3C%2Fli%3E%0A%3Cli%3EA%20faster%20pulse%20than%20usual%3C%2Fli%3E%0A%3Cli%3EDizziness%2C%20nausea%20and%20headaches%20are%20also%20signs%20of%20overheating%3C%2Fli%3E%0A%3Cli%3EIn%20extreme%20cases%2C%20victims%20can%20lose%20consciousness%20and%20require%20immediate%20medical%20attention%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Our Time Has Come
Alyssa Ayres, Oxford University Press
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The Freedom Artist
By Ben Okri (Head of Zeus)
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
Company%20profile
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Company%20profile
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BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
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UAE currency: the story behind the money in your pockets
Company%20Profile
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More from Rashmee Roshan Lall
COMPANY%20PROFILE
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