Abu Dhabi bourse targets firms with $200b capital

Dubai: The Abu Dhabi Stock Exchange (ADX) plans to attract companies with total market capitalisation of at least $200 billion in the next two years, London-based Middle East Economic Digest (MEED) reported, citing the chief executive.

The companies are expected to apply for initial public offerings when the Abu Dhabi government approves an amendment enabling private companies to list just 30 per cent of their equity, Tom Healy told MEED.

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"Quite a few of the new companies are in real estate, some others will be retail," Healy said.

"They want to use the markets as a source of funding for further growth. If you go to a seriously oil-rich economy that wants to turn its oil-based economy into a non-oil-based economy, you are going to make money."

The government is expected to privatise more state-owned enterprises, including the stock exchange, according to Healy.

The exchange has launched roadshows to help attract foreign investments.