ADQ has declared that H.E. Hisham Khalid Tawfiq Abdulkhaliq Malak has been selected as Chairman of Abu Dhabi Securities Exchange (ADX). H.E. additionally fills in as the Undersecretary of the Department of Finance.
Furthermore, Saeed Al Dhaheri, Chief Executive Officer of ADX, will likewise be ADX’s Managing Director.
ADX, which is part of ADQ, is the second-biggest bourse in the Arab world after Saudi Arabia’s Tadawul Stock Exchange with a total market capitalization of $1.48 trillion. The stock market has rallied more than 60 percent in the past 12 months on the back of initial public offerings, rising foreign investment, and higher oil prices.
In October, Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, raised about $795 million from its listing on the ADX. That offering followed Adnoc Drilling, which garnered $1.1bn from its listing in the same month. In July, Al Yah Satellite Communications, better known as Yahsat, a unit of Mubadala Investment Company, raised about $730m through its listing.
The stock market also introduced a number of other new initiatives to make it attractive for investors. In November, it launched a derivatives market that will allow trading in single-stock futures as part of the bourse’s strategy to develop the emirate’s capital markets and bring its products and services in line with global peers.