UAE's Phoenix Group gears up for landmark IPO on ADX

The company will be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market

By Wam

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Published: Sat 14 Oct 2023, 6:23 PM

Phoenix Group, a technology conglomerate revered for its cutting-edge blockchain and crypto solutions, announced its impending Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

Phoenix Group is co-founded by blockchain and cryptocurrency specialists, Bijan Alizadeh and Munaf Ali and overseen by a board including Tareq Alhosani Abdulraheem (who sits on the Board of several UAE strategic entities including being chairman of Global Aerospace Logistics LLC) and Elham Alqasim (who sits on the Board of Bayanat and Board Director at Amanat Holdings PJSC).

This upcoming listing would represent an important IPO for the UAE, with Phoenix Group being the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

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Discussing the upcoming IPO, Bijan Alizadehfard, the group's CEO, and Munaf Ali,  MD, said: "Our journey, originating from the heart of Abu Dhabi, has always been visionary, looking beyond borders and horizons. Today, as we stand at the cusp of this significant milestone, we're not just announcing an intention to IPO — we're sharing our commitment to a future where technology knows no boundaries. The impending IPO will not only be a testament to our past achievements, but a clear signal of our ambitions. We envision a world where our digital solutions, rooted in Abu Dhabi's innovative spirit, touch every life, every business, and every community across the globe. Our aim is to be able to help create a more resilient, inclusive, and diversified global blockchain economy, and this IPO is just the first step towards achieving that goal."


They added: "Announcing our planned IPO is a pivotal moment for Phoenix Group; a significant stride aligned with Abu Dhabi's Economic Vision 2030. Our aim has always been to champion innovation and contribute to Abu Dhabi's positioning in the global tech landscape. This landmark announcement offers local, regional and global investors the opportunity to participate in making this iconic vision, a reality."

With a total installed capacity of 725 MW across the UAE, Oman, US, Canada and CIS countries, Phoenix Group specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products and equipment.

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