Dubai: Abu Dhabi’s blue-chip developer Alpha Dhabi is the latest listed company from the UAE to make the FTSE global equity index series. This will secure a global investor spotlight for Alpha Dhabi, which on its listing in June last year had a market value of Dh150 billion.
The developer is the 17th company from the UAE to be listed on the FTSE global index, which covers securities in 49 countries. In October last, ADNOC Drilling made it, while earlier there have been inclusions for banking heavyweight FAB as well as the holding company IHC. (The latter incidentally owns 45 per cent in Alpha Dhabi.)
“In 2021, the ADX welcomed nine companies, including ADNOC Drilling, the biggest IPO to date in the exchange’s history,” said Vijay Valecha, Chief Investment Officer at Century Financial. “There was Alpha Dhabi, the real estate and construction company owned by International Holding Company (IHC).
“The inclusion into the FTSE listings suggests that a company is big enough to try and gain global investor attention, and hence is being tracked by the FTSE Global Index.”
Alpha Dhabi has a sizeable stake (about 30 per cent) in another Abu Dhabi developer, Aldar, and also bought 25.24 per cent in Al Qudra Holding. (Al Qudra had earlier gone for a merger move with Abu Dhabi’s Al Tamouh Investments.
Alpha Dhabi, which has earmarked about Dh8 billion in new investments for the near term, also said it would consider taking a step into Egypt.
A request for proposals was sent to the banks earlier this month. The owner of the company is considering the possibility of a deal this year, adding that no final decision had been made regarding the initial share sale. They did not provide further details.
The company, which manages the UAE's Burjeel hospitals, has a network of 24 hospitals and 125 clinics across the Middle East and India. VPS had previously planned to go public with a listing in London, but in 2019 was forced to reconsider due to uncertainty surrounding Brexit.
Investor interest is gaining momentum in Abu Dhabi after a slew of listings last year including ADNOC Drilling, Fertiglobe and Yahsat.