Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, will list on the main market of the Abu Dhabi Securities Exchange next week.
The shares of Abu Dhabi Ports Group — majority owned by ADQ, one of the region’s largest holding companies — will list under the trading symbol ADPORTS on February 8, the ADX said in a statement on Friday.
The company’s shares will be listed in “the first market — first category”, said the bourse, without disclosing the size of the listing that was first announced by ADQ in September 2021.
The share capital of the company was increased to Dh5.09 billion ($1.4bn) in 2022 from Dh3.84bn by way of private placement, with the nominal value of each share priced at Dh1, according to the company's prospectus.
ADQ currently has a stake of 75.44 per cent, or 3.84 billion shares, in Abu Dhabi Ports Group.
The listing is the latest among a string of initial public offerings on the ADX, the second-biggest Arab stock market.
In October, Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, raised about $795 million from its listing on the ADX. That offering followed Adnoc Drilling, which reaped $1.1bn from its listing in the same month.
In July, Al Yah Satellite Communications, better known as Yahsat, a unit of Mubadala Investment Company, raised about $730m through its listing.
Abu Dhabi Ports Group reported a 22 per cent increase in revenue during the first nine months of 2021 on the back of volume growth, business diversification and new partnerships.
The company earned Dh2.791bn in revenue while profit before interest, tax, depreciation and amortisation (Ebitda) rose 7 per cent to Dh1.161bn.
Established in 2006, Abu Dhabi Ports owns and operates 10 ports in the UAE including Khalifa Port, Zayed Port, Mussaffah Port, Fujairah Terminals, Community Ports, Kamsar Port and the Abu Dhabi Cruise Terminal, as well as a terminal in Guinea.
It also manages more than 550 square kilometres of industrial zones and an end-to-end logistics business, and also offers a range of maritime services.
The company is also Abu Dhabi's exclusive developer, operator and regulator of non-military and non-oil and gas ports and related infrastructure.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
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Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
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Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
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