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.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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