Dubai – Decypha: The National Bank of Abu Dhabi (NBAD) is working with two companies to prepare them for listing on Abu Dhabi's secondary market, Majd Maaitah, Head of Securities at the NBAD, told Decypha.
Name of the companies were not disclosed, however according to Maaitah one of the companies is in investment and the other in real estate. The bank role revolves around providing consulting services for the two companies.
The statement was made on the sidelines of the Arab IPO Summit 2017 in Dubai.
The UAE stock exchanges' secondary market currently has only has three listed companies. While originally planned, some IPOs were postponed last year due to difficult market conditions, yet are expected to resume amid a relative market improvement.
Some of last year’s challenges will resume in 2017, yet the measures the government is taking to adapt to oil prices and enhance efficiency, in addition to current mergers policy, will have a positive impact on capital markets, Maaitah explained.
Many companies, including Massar Solutions, Senaat, Jannah Hotels and Resorts, Gulf Capital, and Tasweek Real Estate Development, are studying the possibility of launching IPOs in Abu Dhabi’s market, according to data.
Al Shafar General Contracting Co., Daman Investments, Emirates District Cooling (Emicool), Al Habtoor Group, Emaar Hospitality Group, Mawarid Finance Rivoli Group, and Able Logistics Group also plan to list their stocks on Dubai’s exchange.
The total value of the IPO market reached AED 4.4 billion ($1.2 billion) in 2015, according to a report by Baker McKenzie.
By Decypha News Editorial Team
