Multiply Group included in new benchmark FTSE ADX 15 Index

Jointly developed by ADX and FTSE Russell, the FADX 15 went live on March 30, 2022 as a new benchmark blue chip measure that includes the largest and most liquid 15 companies on the ADX

Multiply Group (ADX: Multiply), a technology-focused holding company based in Abu Dhabi, has been included in Abu Dhabi Securities Exchange’s (ADX) new benchmark index, the FTSE ADX 15 Index (FADX 15).

Jointly developed by ADX and FTSE Russell, the FADX 15 went live on March 30, 2022 as a new benchmark blue chip measure that includes the largest and most liquid 15 companies on the ADX. Constituents have been carefully selected using a combination of free float adjusted market capitalization and median daily trading value.

Inclusion in the FADX 15 cements Multiply Group’s position as a major listed company in the UAE less than four months after its listing on the ADX. The company had raised Dh3.1 billion in a pre-listing private placement that was 16 times oversubscribed.

Multiply Group, which looks to create a unique technology-enabled ecosystem to pursue growth across its diverse portfolio, announced last week that it will be a cornerstone investor in the Dubai Electricity and Water Authority’s (Dewa) initial public offering, committing to an Dh367 million investment.

This investment follows a series of strategic acquisitions by Multiply Group over the past year, across five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy.

The launch of the FADX 15 index, based on world class standards, comes at a time of heightened investor interest in UAE capital markets due to new listing and market resilience in the face of ongoing global uncertainty.

— business@khaleejtimes.com