Day: December 5, 2022

ABU DHABI, The Abu Dhabi Securities Exchange (ADX) has been recognised by World Business Outlook with awards for “Best Trading Securities Exchange – MENA 2022” and “Best Trading Derivatives Exchange – MENA 2022” for accomplishments since 2021.

ADX won the “Best Trading Securities Exchange – MENA 2022” award for reaching a record market capitalisation of more than AED 2.5 trillion making it the second-largest exchange in the Middle East. This follows the acceleration of ADX strategy to attract listings and diversify its investment products.

During the year, the exchange maintained a robust pipeline of IPOs and listings including Bayanat AI, ADNOC Drilling, Yahsat and Burjeel. The exchange is today also home to seven Exchange Traded Funds (ETFs), making it the largest and most liquid ETF market in the region.

Furthermore, ADX also signed several Memorandas of Understandings with regional and emerging market exchanges in 2022.

ADX also launched the region’s first digital exchange hub – Tabadul. Based on the mutual market access model, Tabadul allows investments across ADX and other exchanges and enable investors to trade directly on multiple exchanges through licensed brokers in other markets.

ADX was also presented with the “Best Trading Derivatives Exchange – MENA 2022” award for launching an active and dynamic derivatives market on 4th November, 2021.

In just 12 months since its launch in November 2021, the ADX derivatives market has grown to become the most liquid derivatives market in the Arab region, while being the youngest. In its first year, it has achieved AED 1 billion in traded value, over 1 million contracts traded – over 100 percent more than peers in the region. It has rapidly become one of the most active in the region due to strong partnerships and its world-class infrastructure.

Hisham Malek, Chairman of ADX, said, “These awards reinforce the successes of the ADX team in achieving several key milestones over the past year and a half. Since the launch of our strategy at the beginning of 2021, we have encouraged the listing pipeline and taken measures to enhance market liquidity, which has more than doubled the exchange’s market capitalisation. We have also launched several ground-breaking new products and services, including the introduction of a derivatives market and a regulatory framework for SPACs.”

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, commented, “We are delighted to have been honoured by World Business Outlook for our performance since 2021. The record increase in our market capitalisation is a historic achievement for ADX and could not have been realised without the support of our partners, member brokerages, and investors. We aim to maintain this momentum for the remainder of 2022 and 2023 with the launch of several high-profile initiatives to further the reach of ADX and strengthen our collaboration with regional markets.”

Source: Emirates News Agency

ABU DHABI, The UAE, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the sixth auction of the Treasury Bonds (T-Bonds) programme, which is part of the AED 9 billion T-Bond issuance programme for 2022 as published in the T-Bonds calendar earlier this year.

The sixth auction of the UAE T-Bond programme witnessed a strong demand through the six primary bank dealers, with bids received worth AED 6.72 billion, and an oversubscription by 4.5x.

The strong demand was across both tranches with a final allocation of AED 750 million for the 3-year tranche and AED 750 million for the 5-year tranche, with a total of AED 1.5 billion issued in the auction.

The success is reflected in the attractive market driven price, which was achieved by a spread of 18 bps over US Treasuries for 3 years, and a spread of 30 bps over US Treasuries for 5 years.

The sixth auction followed the practice of re-opening the T-Bonds which helps in building up the size of individual bond issues over time and improve liquidity in the secondary market.

The T-Bonds programme will contribute in building the UAE dirham denominated yield curve, strengthening the local debt capital market, developing the investment environment, providing safe investment alternatives for investors, as well as supporting sustainable economic growth.

Source: Emirates News Agency

ABU DHABI, The Labour Camps Developers Group, part of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), held its first meeting in 2022 at the Abu Dhabi Chamber’s headquarters to discuss the latest developments in labour camps, and its current challenges, proposed solutions, and plans.

This is in line with the sustainable economic development objectives for the Emirate of Abu Dhabi.

The meeting, led by Otaiba Saeed Al Otaiba, Chairman of the Labour Camps Developers Group, was attended by Mohamed Helal Al Mheiri, Director-General of the Abu Dhabi Chamber, and representatives of labour camps in Abu Dhabi.

Al Mheiri said, “As the voice of the private sector and the party in charge of protecting the sector’s interests, Abu Dhabi Chamber will continue its efforts to support the enforcement of the labour camps’ regulations. We will also continue to raise awareness on foreign workers’ rights and liaise with the relevant government entities to take pre-emptive steps to overcome any challenges in the future.”

“There is a need to enhance integration and coordination between the public and private sectors to improve levels of productivity and contribute to increasing the revenues of industrial and commercial companies, which would support the social and economic growth of the community,” he added.

Abu Dhabi Chamber’s Board of Directors approved the restructuring of the Labour Camps Developers Group in September 2022. As per the new structure, Al Otaiba has been appointed the Chairman of the group, and Ahmad Abu Al Yazid, Ammar Ramadan, Mudather Ahmed, Firas Jumblatt, Firas Zahzah, and Khalil Ibrahim, are its members. The group’s tasks include dealing with the challenges of labour camps in Abu Dhabi, and recommending to the board that they discuss the challenges and take necessary action.

The Labour Camps Developers Group is one of the Abu Dhabi Chamber’s initiatives to enhance coordination and communication with the private sector in Abu Dhabi, identifying the challenges facing it and proposing solutions in coordination with various local and government entities.

Al Otaiba said, ”The group will continue to conduct initiatives to improve the working conditions of Abu Dhabi’s labour forces. We will ensure setting up all conditions that provide them with a safe working environment and meet their needs in line with the best safety standards and international criteria regarding foreign workers. In doing so, we contribute to consolidating Abu Dhabi’s position as a leader in the field of investment on the regional and global levels and attract more FDIs and workforces to support the emirate’s growth and development.”

The meeting resulted in several outcomes, including reconsidering the working group’s organisational structure, holding monthly meetings, and appointing representatives of relevant government entities as permanent members in it, with plans for communicating with these entities soon to move forward with the required steps.

The meeting also included recommendations for overcoming some challenges to improve the efficiency and quality of services provided by the Labour Camps Developers Group.

Al Musaffah, Hameem, and Al Mafraq areas in Abu Dhabi currently have more than 30 labour camps that have been developed and equipped with all amenities, facilities, and services. The rapid growth rate and the new facilities launched in Abu Dhabi led to the arrival of many workers and service providers, which increased the need for suitable accommodation and residential facilities.

Source: Emirates News Agency