Abu Dhabi's Borouge included in FTSE Global Equity Index Series

Inclusion comes after company made its debut on the Abu Dhabi Securities Exchange on June 3

A Borouge container. The company's inclusion in the FTSE Global Equity Index Series could push its stock price higher. Photo: Borouge

Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, has been added to the FTSE Global Equity Index Series after its listing on the Abu Dhabi Securities Exchange earlier this month.

The inclusion by FTSE Russell in the FTSE Emerging Index, the FTSE Global Large Cap Index and the FTSE All-World Index came into effect on June 10, the company said on Monday.

"Joining these key indices marks a major recognition of Borouge and underlines the company’s relevance to the global institutional investor base that participated in its recent initial public offering," Borouge said.

The inclusion comes after Borouge made its debut on the ADX on June 3, when it successfully closed its $2 billion listing. The IPO, which was about 42 times oversubscribed, was the largest in Abu Dhabi since Adnoc Drilling’s $1.1bn offering.

Inclusion into the FTSE Global Equity Index Series indicates a company's strength and could push Borouge's stock price higher.

The FTSE Global Equity Index Series is a part of the FTSE Russell and provides benchmarking, analytics and data solutions to investors globally.

The FTSE Global Equity Index Series 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.

Established in 1998, Borouge is one of the world’s biggest providers of polyolefin for the infrastructure, energy, agriculture, mobility, healthcare and advanced packaging industries.

The company employs more than 3,100 people and serves customers in more than 50 countries across Asia, the Middle East and Africa.

Last week, Abu Dhabi's Multiply Group, a technology-focused investment holding company, was added to the FTSE Global Equity Index Series' Mid Cap Index.