ADX anticipates positive IPO trend to continue in 2024: CEO

Abdulla Salem Al Nuaimi, the Chief Executive Officer at Abu Dhabi Securities Exchange (ADX), has said that ADX capped off a strong 2023 with impressive achievements and a commitment to innovation.

In statements to the Emirates News Agency (WAM), he added that ADX captured a significant share of the IPO market, namely 50 per cent of the Middle East market during the year. This translates to 75 percent of the total IPOs conducted across the GCC countries.

He said that the exchange facilitated 6 successful IPOs with a combined value of Dhs21 billion, with 3 of them ranking among the top 20 globally. Looking ahead, ADX anticipates the positive IPO trend to continue in 2024.

Al Nuaimi further stated that beyond strong IPO performance, ADX is actively developing its trading mechanisms to expand its service offerings, enhance liquidity, and provide investors with innovative opportunities. The exchange is collaborating with market participants to streamline trading operations and improve infrastructure. Empowering investors remains a key focus, with ADX aiming to facilitate access to new markets and diverse investment instruments.

ADX is making a name for itself with its innovative approach to financial markets. They recently launched the first-ever bond ETF in the Gulf region, providing investors with a new, low-risk way to enter the fixed-income market.

ADX is also the leading ETF market in the Middle East and North Africa, boasting impressive growth and a diverse range of ETF products. Their focus on investor needs, with options for various risk tolerances and exposure to growing economies, positions ADX as a dynamic and attractive exchange in the financial world.

Dubai Trade:  Mohamed AbuHamra, Chief Operating Officer, Digital Technology, DP World, GCC, has revealed that Dubai Trade, the unified digital window for facilitating cross-border trade in the Emirate of Dubai, is planning to introduce generative artificial intelligence (AI) into its digital products. The aim is to make the trade sector and supply chain networks simpler and smoother.

Speaking to Emirates News Agency (WAM), AbuHamra said that Dubai Trade has already launched some digital products that will contribute to making the journey of products smoother for the end user. He also pointed out the pioneering role played by Dubai Trade, the unified platform for trade and logistics services, in the recommendation of the International Maritime Organisation (IMO) that all seaports should have a unified window by the beginning of 2024.

AbuHamra explained that logistics services involve some complex matters that can be simplified by taking advantage of new technologies.

“Clearing a specific commercial shipment may be difficult for the user, but buying a mobile phone through an e-commerce platform is easy and can be done in a few simple steps. So the goal is to make the two processes similar,” he said.

He added that there is a technical project currently being worked on, explaining that once the shipment receipt statement arrives at the port, proactive steps will be taken to accelerate operations, leading to the final step of delivering the goods directly to warehouses, without the need to wait and carry out the shipment clearance process.

“Supply chains and the logistics sector in general, and the trade sector, are somewhat lagging behind in adopting digital technology compared to other sectors around the world, and this is what the Dubai Trade platform seeks to change,” he said.

AbuHamra also pointed out that there are more than 700 digital services available through the Dubai Trade platform, which makes it the leader and the most advanced in this field.

He said, “We have succeeded in establishing our position as a digital provider of trade and logistics services, and a digital arm of DP World in the GCC region. Our goal this year is to focus on customers and facilitate and improve the digital services provided to them.”

AbuHamra also referred to the cooperation with many partners in the trade and logistics sector, which contributed to providing an integrated and simplified journey for customers.

He said that Dubai is a major centre for trade and logistics in the region, and 2023 saw a significant growth in the emirate’s economy, especially in the non-oil trade sector, which had a major impact on Jebel Ali Port, one of the largest ports in the world and the largest in the Middle East.

He pointed out that the services provided through the Dubai Trade platform, the ease of operations, and the smoothness of procedures undoubtedly played a major role in the results that were achieved.

AbuHamra emphasised the positive impact of the trade partnership agreements that the UAE has signed with many countries around the world in developing the operations of the Dubai Trade platform, especially during the past year 2023.

He pointed out that the Dubai Trade platform continues its journey in leading digital innovation in support of the Dubai Economic Agenda D33. So far, it has recorded the completion of more than 300 million transactions since the platform was founded in 2003, and has contributed to reducing the use of approximately 617 million printed documents. It also completed 32.6 million transactions last year, compared to 26 million transactions in 2022, an increase of 25 percent.

WAM