Kuwait-based Gulf Investment House (GIH) aims to list three affiliate companies in the Abu Dhabi Securities Exchange (ADX), as well as another company in the Saudi Stock Exchange (Tadawul), according to its top official.
These companies are operating in various sectors including real estate, industry, retail and investment, the Chairman Abdulaziz Asaad Abdel Aziz Al Sanad told Emirates News Agency (Wam).
The period for listing affiliate companies in ADX and Tadawul varies between one and two years from now, he added.
According to him, GIH is the first Kuwaiti company to be listed in ADX since the launch of Boursa Kuwait.
"GIH was listed in ADX last week," stated Al Sanad adding that it had been listed in the Kuwaiti Stock Exchange (Boursa Kuwait) since 2002, and its market value is AED1.96 billion.
The company plans to be listed in another market by the end of 2023 or early 2024, he further added. It had reached a historic milestone following its listing in ADX, a key regional market and a major Arab market that attracts capital and foreign investment.
ADX contains several dual-listed companies, including Ooredoo, Sudatel Telecom, Oman and Emirates Investment, and GFH, with a market value of AED29 billion at the end of September, compared to AED23 billion at the end of 2021.
The total value of the securities trading of these companies increased nearly four-fold annually to AED118 million in the first nine months of 2022.