Egypt’s Orascom Construction to list shares on Abu Dhabi's ADX

Company to set up operations at ADGM after delisting from Nasdaq Dubai

Listing momentum continues in the UAE as demand from investors remains high. Victor Besa / The National

Egypt’s Orascom Construction is planning to list its shares on the Abu Dhabi Securities Exchange (ADX) next month after delisting from Nasdaq Dubai as economic momentum fuels listings in the UAE.

Orascom’s shares will trade under the symbol ORAS on ADX from September 11, the company said.

It will also transfer its incorporation from Dubai International Financial Centre to the Abu Dhabi Global Market after its new listing.

However, the company’s secondary listing on the Egyptian Exchange (EGX) will remain unchanged.

“The company’s shares held on Nasdaq Dubai at the time of suspension of trading will be transferred to ADX,” Orascom said in a regulatory filing to the ADX.

"The opening price [of the company's shares] on ADX will be set at the last closing price on EGX on September 10 and converted into AED [dirhams] using the exchange rate published by the Central Bank of the UAE on the same date."

Orascom Construction is a contractor primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, Africa and the US. It also owns 50 per cent of Besix Group, a company specialising in construction, infrastructure and marine works.

The UAE has enjoyed a listings boom in the past few years as the country's economy continues to grow amid diversification efforts.

There were seven IPOs across the country last year, including Talabat Holding, retailer Lulu Group, ADNH Catering, NMDC Energy and Alef Education. IPOs in the UAE accounted for 47 per cent, or $6.2 billion, of total IPO proceeds in the Gulf region last year, according to PricewaterhouseCoopers' data.

The highest Gulf IPO volumes on record took place last year, with 53 listings raising $13.2 billion, the global consultancy said.

In May, Dubai Holding, a diversified global investment company, announced the listing of its Dubai Residential Reit, a Sharia-compliant, income-generating real estate investment trust on the Dubai bourse, in the first initial public offering in Dubai this year.

The company raised $584 million through the IPO.

Stock markets in the UAE are expected to receive between six and eight IPOs this year, with companies raising up to $10 billion in proceeds amid strong investor appetite for new listings in the country, Emirates NBD Capital chief executive Hitesh Asarpota told The National in an interview earlier this year.