Abu Dhabi's ADX listing plan back on track



The Abu Dhabi Securities Exchange (ADX) has revived a plan for companies to list bonds and sukuk on the capital's stock exchange and is seeking its first issuer.

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The plan, which emerged in July last year, encountered snags including the region's recent bout of political unrest, according to Rashid al Baloushi, the deputy chief executive of the ADX.

But after the completion of regulatory changes, the exchange is seeking its inaugural bond or sukuk to act as a benchmark for future issuances.

"The regulatory framework is done," Mr al Baloushi said.

"Now we have to go and convince the issuers to bring the bonds into the market."

Authorities are hoping to persuade a government-related company with a strong credit rating to issue the exchange's first bonds, Mr al Baloushi added.

Many UAEcompanies choose to list their bonds in London or elsewhere to attract international buyers.

Mubadala Development's recent US$1.5 billion (Dh5.5bn) bond was listed on the London Stock Exchange.

Mubadala is a strategic investment company owned by the Abu Dhabi Government.

Another possibility is for the UAE's sovereign bonds to be listed on the exchange.

The Federal National Council approved a law last December authorising the UAE to issue federal bonds.

"We haven't approached anybody, but there's always an option," Mr al Baloushi said, referring to sovereign bond issuances.

Any issuance under this initiative would be the first time that the ADX had listed pure fixed-income instruments. Previously, convertible bonds had been listed, but liquidity was thin.

Local banks would be enthusiastic about the possibility of corporate clients seeking to list their bonds in Abu Dhabi, according to Sameh al Qubaisi, the general manager of National Bank of Abu Dhabi's institutional and corporate coverage group.

However, he added local companies would welcome the chance to broaden their funding base beyond international institutions.

"If you're able to invest locally you can have more people involved, such as insurance companies and retail investors," Mr al Qubaisi said.

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

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Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

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Company/date started: 2015

Founder/CEO: Mohammed Toraif

Based: Manama, Bahrain

Sector: Sales, Technology, Conservation

Size: (employees/revenue) 4/ 5,000 downloads

Stage: 1 ($100,000)

Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Kanguva
Director: Siva
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Popular Vote Tally

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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
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Engine: 2.7-litre 4-cylinder Turbomax
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Director: Amith Krishnan

Rating: 3.5/5

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Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

Honeymoonish
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Race card

5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; 5.30pm: Maiden (PA) Dh80,000 (T) 1,400m

6pm: Handicap (PA) Dh80,000 (T) 1,400m; 6.30pm: Handicap (PA) Dh80,000 (T) 1,200m

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m

7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m

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Tickets

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.


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