Adic plans to offer shares globally



ABU DHABI // The Abu Dhabi Investment Company (Adic), the Government-owned investment bank, plans to sell shares to international investors within the next five years as part of a broader effort to become a global firm competing with the likes of Deutsche Bank and Citigroup. The company aims to complete an initial public offering by 2013 and would like to see its shares listed on a stock exchange overseas, a spokesman said.

At a conference in the capital, Nazem al Kudsi, the chief executive, told Zawya Dow Jones: "An international listing gives you a check mark for corporate transparency, which is what the region is massively lacking. Transparency will give us more liquidity and will make it easier for us to buy stakes in companies abroad." Listing abroad will also force Adic to raise the sophistication and quality of its services to an international level, said Amr Abol-Enein, regional banking analyst at ING Bank in Dubai. "It would give them more exposure to international clients and their models," he said.

Created in 1977, Adic once served primarily as a proprietary trading arm of the Abu Dhabi Investment Authority (Adia). Last year, however, Adia transferred Adic to the newly created Abu Dhabi Investment Council, along with an undisclosed number of domestic and regional assets. Since then, Adic has revealed plans to shift from servicing the Government to taking on private customers, a move consistent with Abu Dhabi's goal of growing its financial sector.

In July, Adic appointed Mr Kudsi as chief executive, plucking him from the National Bank of Abu Dhabi, where he was chief investment officer. The Investment Council owns 73 per cent of the National Bank. Khalifa Mohamed al Kindi, the chairman of Adic, said Mr Kudsi would be in charge of achieving significant growth. "[Mr] Nazem has broad experience across the investment business in developing and building funds; from commodities and equities to technology," Mr Kindi said.

Adic has already made strides towards establishing itself. In 1994, it set up Abu Dhabi's first 24-hour foreign exchange trading desk and operates one of Gulf's busiest trading floors, moving up to US$2 billion (Dh7.35bn) in trades a day. Adic, which still manages some government assets, is believed to manage a portfolio worth more than $2bn. Those holdings include two Sofitel luxury hotels in Egypt, the local brokerage National Financial and a district cooling plant in Musaffah.

Last year, it waded further into foreign markets by establishing a joint venture with Switzerland's UBS to create funds for investing in infrastructure in the Middle East and North Africa. @Email:warnold@thenational.ae

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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
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Women’s T20 World Cup Asia Qualifier

ICC Academy, November 22-28

UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal

ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan 

UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman

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Company profile

Name: Infinite8

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
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Second Test

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