Abu Dhabi investment company Mair Group to list on the ADX in December

The company operates more than 100 stores under the Adcoop and Spar brands

The Abu Dhabi Securities Exchange has seen a boom in listings in recent years. Photo: ADX

Abu Dhabi's Mair Group, an investment company focused on food retail and commercial real estate, has announced plans to directly list on the Abu Dhabi Securities Exchange next month, further contributing to the growing list of UAE companies tapping local capital markets.

The group, which operates more than 100 stores under the Abu Dhabi Co-operative Society (Adcoop) and Spar brands, will begin trading on the ADX on December 9, it said on Thursday.

A direct listing is a process in which a company bypasses an initial public offering. Instead, it makes existing stock, owned by its investors or employees, available to the public without the need for underwriters or a lock-up period. This method is often more cost-effective than an IPO.

“As we prepare to enter the financial markets with a direct listing on the ADX, we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey,” Nehayan Al Ameri, managing director and chief executive of Mair Group, said.

Mair Group posted revenue of Dh1.2 billion ($326.7 million) in the first half of this year and about Dh2 billion last year where it distributed Dh135 million in dividends, representing about 12.11 per cent of its share capital, to its more than 12,000 shareholders.

Through its Makani commercial real estate arm, the group manages more than a dozen shopping centres – including Mall of Al Ain and Makani Community Centres – with a 95 per cent occupancy rate, covering 330,000 square metres of leasable area.

The group's listing also follows its announcement at this week's Abu Dhabi Global Food Week that it was consolidating its seven retail brands – Abu Dhabi Coop, Al Ain Coop, Al Dhafra Coop, Delma Coop, Coops, Earth and Mega Mart – under the Adcoop identity.

The rebranding is aimed at enhancing the group’s sustainable growth opportunities, while committing to enhancing the food security across the UAE, Abu Dhabi Media Office quoted Nehayan Al Ameri, group chief executive of Mair Group, as saying.

Mair Group joins the ADX amid a listing boom in the UAE, the Arab world's second-biggest economy, that has seen its stock markets hitting $1 trillion in market capitalisation.

It also follows the IPO plans of Delivery Hero's Middle Eastern unit, Talabat in Dubai, and the ADX listing of UAE retail major Lulu Group, which successfully raised $1.72 billion, the country's largest IPO so far in 2024.

A string of other deals this year in Abu Dhabi came from ADNH Catering, a unit of Abu Dhabi National Hotels, which raised $235.2 million, NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, raising $877 million, and Alef Education, which raised $515 million.

Mair Group, which has invested in Abu Dhabi-based Al Masa Mills, is also aiming to support the nation’s FMCG (fast-moving commercial goods) and food supply resilience, it said.

The UAE has launched several campaigns to boost food security, such as the Plant the Emirates initiative, which intends to boost the country's agriculture sector and to help address food security issues.

Mair Group also collaborates with more than 100 local farmers through its farm-to-fork strategy, promoting sustainable practices and supporting home-grown agriculture.

“Mair Group believes in the importance of investing in the food sector to support economic and social growth in the UAE,” Mohamed Al Shamisi, chairman of Mair Group, said.