Kuwaiti property investor GIH debuts on Abu Dhabi bourse
ABU DHABI, October 1, 2022
Kuwait-based Gulf Investment House (GIH), a leading investor in real estate properties, yesterday (September 30) announced its successful dual listing on Abu Dhabi Securities Exchange (ADX).
The company has been listed on the Kuwait Boursa since May 2002 and has a market capitalisation of AED1.96 billion ($530 million).
GIH is the first Kuwaiti company since the inception of the Kuwait Boursa to be listed in Abu Dhabi, it stated.
With this listing, the number of dual listing on ADX now stands at five.
Lauding the Kuwait group's move, ADX said the dual listing will help GIH to expand its investor base and liquidity in its shares.
GIH Chairman Abdulaziz Asaad Alsanad said with this listing GIH creates a new historical milestone in its journey represented in the inclusion of the company's shares on ADX, one of the most important and prominent regional markets, which has a market capitalization of more than AED2.2 trillion.
"GIH's aspirations in the board of directors are large and high, as Abu Dhabi represents an opportunity towards integration into a dynamic and diversified investment and economic environment characterized by high flexibility of growth and vast economic horizons full of opportunities," remarked Alsanad.
"This aspires us to establish an economic partnership with the private sector there, contribute to the growth and development of the economy, and enter into various projects," he added.
With GIH having subsidiaries and associates covering various economic activities, it gives the Kuwaiti group flexibility and openness to various economic sectors in Abu Dhabi and benefit from keeping pace with the effective transformation plan in the economic base of the country.
"We were encouraged to be present in a market that reflects a qualitative economy that seeks diversification and capacity building in modern economic sectors," stated Alsanad.
ADX Managing Director and CEO Saeed Hamad Al Dhaheri said: "We are pleased to welcome Gulf Investment House to ADX. This dual listing is very much in line with our strategy to significantly increase our offering of products and services to build a vibrant exchange for issuers and investors."
"We are actively forging deeper ties across the region through dual listings as well as the Tabadul exchange hub initiative, which will facilitate investment across markets. The increase we have seen of trading in dual listed companies reflects the fact ADX is becoming a dual listings destination of choice for companies from the region," he added.
The GIH listing brings the number of dual listings on the Abu Dhabi exchange to five. Shares of Oooredoo, Sudatel Telecom Group, Oman and Emirates Investment Holding Company and Gulf Finance House also have secondary listings on the exchange.
As of September 29, market capitalisation for dual listed companies on ADX stood at AED29 billion, up from AED23 billion a year earlier. Total trading in the securities nearly quadrupled year on year to AED118 million in the first nine months of 2022.
According to him, ADX has experienced a significant uplift in market capitalisation and liquidity over the last year, with a robust IPO and listing pipeline as well as increased participation from international and institutional investors.
"This year, we have been one of the best performing markets globally and the exchange reached the AED2 trillion market capitalization target milestone to become the second largest exchange in the Middle East," he added.-TradeArabia News Service
