The Abu Dhabi IPO Fund (ADIPOF) has announced a bold plan to support several new stock market listings by the end of 2024. The move is part of Abu Dhabi’s long-term Vision 2030, which aims to drive economic growth and diversify the economy.
Speaking at Abu Dhabi Finance Week, Bassel Al Khawaja, head of advisory at ADIPOF, said the fund will help private companies go public on the Abu Dhabi Securities Exchange (ADX).
With a fund size of 5 billion dirhams (USD1 = AED3.6724), ADIPOF plans to target businesses in key sectors including technology, hospitality, and a family-owned financial company focused on forex and remittance services.
The fund’s strategy includes investing in 5 to 10 small and medium-sized enterprises (SMEs) each year. It will acquire equity stakes ranging from 10% to 40%. The goal is to provide these firms with capital and help them grow by going public.
To make the listing process easier, ADIPOF is partnering with local banks. These partnerships aim to guide companies smoothly through the IPO journey.
Al Khawaja emphasized the importance of family businesses in the region’s economy. By helping these firms list on the stock exchange, ADIPOF hopes to strengthen Abu Dhabi’s economic base and raise the global profile of the ADX.
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