Abu Dhabi Securities Exchange appoints new chief executive

Saeed Al Dhaheri's appointment follows that of Mohammed Ali Al Shorafa as the bourse's chairman in September

epa06772374 An investor follows the stock market developments on a screen board at the Abu Dhabi Securities Exchange (ADX) in Abu Dhabi, United Arab Emirates, 30 May 2018.  EPA/ALI HAIDER

The Abu Dhabi Securities Exchange appointed Saeed Al Dhaheri as its new chief executive.

The appointment comes after Mohammed Al Shorafa was named as new chairman of the bourse last month. Mr Al Shorafa also heads the emirate’s Department for Economic Development.

Mr Al Dhaheri “will play a key role in executing the exchange’s strategic goals and overseeing its contribution to the growth and diversification of Abu Dhabi’s economy, and the enhancement of its capital markets,” the Abu Dhabi Media Office said in a tweet on Sunday.

ADX is owned by state holding company ADQ.

The bourse was founded in 2000 and is now the second-largest market in the Arab region after Saudi Arabia’s Tadawul, it said last month.

The exchange has embarked on a series of changes in recent months to broaden its appeal to global investors.

Last month, it amended its lending and borrowing guidelines for securities to permit covered short selling, allowing investors to hedge their trading positions.

A new market-maker, Q Market Makers, was also introduced by ADQ to boost the liquidity of shares traded on the exchange.

In August, the Chimera exchange-traded fund, which tracks a Sharia-compliant portfolio of UAE shares, became the first ETF to list on the exchange.

Mr Al Dhaheri has held a number of senior positions in the emirate and is the former chief executive of Abu Dhabi National Energy, also known as Taqa.

He has also held senior roles at the Abu Dhabi Media Company, Etihad Rail and the Abu Dhabi Health Services Company.

“I wish Mr Al Dhaheri all the success in his new role [as he leads] the ADX team to implement strategic initiatives that will enhance the successful track record of the Abu Dhabi Securities Exchange,” Mr Al Shorafa said yesterday.

The bourse's market capitalisation stands at more than Dh700 billion, up from Dh500bn at the end of June after the completion of Abu Dhabi Power’s reverse takeover of Taqa on July 1.

The exchange said in July that the world’s top 25 asset managers were now registered investors on the bourse.

It also said the number of non-UAE nationals who acquired an investor number to trade on the bourse had grown by 25 per cent, compared with last year, during the first half.

The exchange attracted 1,723 new investors during the first half, 53 per cent of whom were foreign investors.