If you have any doubts about what it means to win the lottery, just ask the Abu Dhabi Stock Exchange (ADX). After ADNOC (ADNOC) announced that it would list its drilling entity’s shares on the exchange just two days ago, ADX announces another planned listing. This time, the state-backed Abu Dhabi Ports (ADQ) will be the one listing a portion of its shares on the ADX — which it will do by the end of the year.
ADQ owns 11 port terminals, including 550 square km of Khalifa Industrial Zone and the Higher Corporation for Specialized Economic Zone in Abu Dhabi. ADQ’s assets are valued at $110b, making it UAE’s third-biggest sovereign wealth fund. While there is no official announcement on the matter yet, internal sources suggest that all companies in ADQ’s portfolio that are not public will automatically be listed on ADX as well, eventually.
why it matters
ADQ's listing comes after impressive revenue numbers in 2020. Despite the Covid-19 pandemic, the company cashed in $925.7m in revenue, which was a 24% increase compared to 2019.