ADQ-backed Abu Dhabi's AD Ports raises $1 billion before market debut

CTF Services

07/02/2022 11:16

By Hadeel Al Sayegh
    DUBAI, Feb 7 (Reuters) - Abu Dhabi's AD Ports Group, owned
by sovereign wealth fund ADQ, said it raised 4 billion dirhams
($1.1 billion) in proceeds from its primary issuance and would
list its shares on the bourse on Tuesday. 
    AD Ports Group, which operates ports, logistics and
industrial zones, said the funds raised would be used for its
organically and with acquisitions, as the company plans to
expand both locally and internationally. 
    AD Ports Group's shares are set to trade on Tuesday on the
Abu Dhabi Securities Exchange under the ticker symbol ADPORTS,
the company said in a statement. 
    ADX has seen a surge of new listings in the past year
including companies owned by oil giant ADNOC, state investor
Mubadala and IHC  IHC.AD , which is chaired by Sheikh Tahnoon
bin Zayed Al Nahyan, the UAE's national security adviser.
    ADQ, whose assets are estimated at $110 billion by sovereign
fund tracker Global SWF, ranks as the UAE's third-biggest
sovereign wealth fund.

    ($1 = 3.6728 UAE dirham)

 (Reporting by Hadeel Al Sayegh; Editing by Edmund Blair)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))