UAE: Fam Holding plans to list shares on Abu Dhabi Securities Exchange Second Market

Property developer Fam Holding plans to list its shares on the Abu Dhabi Securities Exchange (ADX) Second Market.

“We are pleased to proceed with the procedures for listing the company in the ADX Second Market, as ‘FAM Holding’. The company has been converted into a private joint-stock company with a capital of Dh50 million after previously receiving approval from the Abu Dhabi Securities Exchange. We hope to receive the final approval shortly,” said Dr Faisal Ali Mousa, chairman of Fam Holding.

Fam Holding said it has an investment portfolio worth Dh2 billion and 5,750 residential apartments in the UAE. It recently expanded its operations to northern emirates covering Ajman and Ras Al Khaimah.

Mohammed Al Shorafa, chairman of the Abu Dhabi Securities Exchange, said during the World Government Summit last week that the Abu Dhabi stock market cap stands at about Dh1.6 trillion.

“We have another 15 companies in the pipeline. We created the new IPO fund also to assist family companies,” he said, adding that the UAE government is very progressive which helps bring companies to come UAE and list on the local markets.

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Thomas Mathew, equity strategist at Kuwait-based Kamco Invest, has said the outlook for 2022 is strong with a good number of IPOs are lined up for the Saudi and UAE markets this year, including 10 announced by the Dubai government.

Similarly, the Dubai Electricity and Water Authority (Dewa) IPO increased the size of its ongoing public offering after an overwhelming response and oversubscription from retail and institutional investors.

"With the UAE leading the list of countries recovering from the pandemic, the local economy has shown significant growth over the last 18 months. It is expected that this growth will continue to increase over the next few years fuelled by the growing

momentum of non-oil industries such as real estate, where Fam already has a substantial presence,” said Dr Faisal Ali Mousa.

-waheedabbas@khaleejtimes.com

• Abu Dhabi