Multiply Group, an Abu Dhabi technology-focused investment holding company, has been added to the FTSE Global Equity Index Series (FTSE GEIS) Mid Cap Index.
The inclusion announced by FTSE Russell in its June quarterly review will be effective from June 20, the company said on Monday.
Inclusion into the FTSE Global Equity Index indicates a company's strength and could push Multiply's stock price higher.
The company had a market value of about Dh21.7 billion ($5.9bn) on Monday morning. Its share price is up about 5 per cent since the start of this year and is currently trading at about Dh1.94.
“Joining the FTSE Global Equity Index Series within six months from the listing on the ADX marks an important milestone for us,” said Samia Bouazza, chief executive and managing director at Multiply Group.
“The inclusion highlights our business performance and positive engagement with the investor community. It will further boost our visibility, add to shareholder diversity and enhance [the] Abu Dhabi Securities Exchange’s position as one of the top markets globally.”
FTSE GEIS is a part of FTSE Russell and provides benchmarking, analytics and data solutions to investors globally.
The FTSE GEIS is a global equity index framework that includes more than 16,000 large, mid, small and micro-cap securities across 48 developed and emerging markets. It has a wide range of indexes available for investors, allowing them to focus on specific markets and market segments.
In March, Multiply Group was added to the newly designed FTSE ADX 15 index. The FADX 15 is a sub-index of the main benchmark FTSE ADX General Index and represents the 15 largest and most liquid companies trading on the Abu Dhabi bourse.
Developed by the ADX, the Arab world's second-largest stock market by market value, and FTSE Russell, the FADX 15 aims to support the bourse’s recently launched derivatives market and the creation of exchange traded funds and other index-tracking investment vehicles.
The addition of Multiply Group, which listed on the ADX in December, to the FADX 15 and the FTSE GEIS Mid Cap Index comes at a time when the company is continuing its investment spree.
In the past 12 months, the company invested Dh367 million as a cornerstone investor in the listing of the Dubai Water and Electricity Authority.
It also invested Dh183.7m in the initial public offering of Borouge, the biggest listing on the ADX, as an anchor investor.
Joining the FTSE Global Equity Index Series within six months from the listing on the ADX marks an important milestone for us
Samia Bouazza,
chief executive and managing director of the Multiply Group
It has also taken stake in digital and e-commerce platforms with substantial earning potential, including US vehicle-focused digital media platform Firefly, global visual content company Getty Images and Rihanna's direct-to-consumer e-commerce fashion company Savage X Fenty.
The company’s other major investments include stakes in PAL Cooling, Emirates Driving Company and Viola Communications.
Multiply Group, a subsidiary of Abu Dhabi-based International Holding Company, swung to profit in the first quarter of the year as revenue surged.
Net profit, attributable to the owners of the company, reached Dh290.5m in the three months to the end of March, compared with a loss of Dh889,000 in the same period last year, the company said in a bourse filing in April.
Revenue for the reporting period reached Dh241.2m, about Dh237.6m more than in the same period in 2021.
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
RESULT
RS Leipzig 3
Marcel Sabitzer 10', 21'
Emil Forsberg 87'
Tottenham 0
Mobile phone packages comparison
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ESingle%20front-axle%20electric%20motor%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E218hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E330Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%20%3C%2Fstrong%3E402km%20(claimed)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh215%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3C%2Fp%3E%0A
More on animal trafficking
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
