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Tuesday, February 22, 2022
Gulf News - Abu Dhabi developer Alpha Dhabi is latest UAE listed company to make it to FTSE global equity listings
Vijay Valecha, Special to Gulf News February 22, 2022
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.)
“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.Source: