The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
Under the directives of the Supreme Council for Financial and Economic Affairs, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council, Chairman of the Abu Dhabi Executive Office, and member of the board of Abu Dhabi Supreme Council for Financial and Economic Affairs, has launched the Abu Dhabi IPO Fund to act as a catalyst to strengthen Abu Dhabi Securities Exchange (ADX)’s position as a leading stock market.
The AED5 billion fund, which will be overseen by the Supreme Council for Financial and Economic Affairs and managed by the Abu Dhabi Department of Economic Development (Added), will invest in five to 10 private companies per year, with a focus on SMEs, and with a target ticket size of between 10 and 40 per cent of the float.
The fund will help private companies grow and support them through the IPO process by providing liquidity and by promoting equity research.
The Abu Dhabi IPO Fund will work closely with local banks to leverage their expertise through the listing process.