Abu Dhabi bourse rebrands, eyes foreign listings

 

The Abu Dhabi Securities Market said on Tuesday it changed its name to the Abu Dhabi Securities Exchange (ADX) as part of a rebranding drive that aims to attract foreign companies.

The rebranding reflects international practice and the sophistication of the types of securities to be traded on the exchange, the ADX said in a statement.

The bourse is looking to add exchange-traded funds (ETFs) - funds listed on stock exchanges and offer investors exposure in underlying shares or other assets - and foreign listings, it said.

The rebranding move comes just a few weeks after the ADX launched a series of roadshows in Singapore and Tokyo last month in a bid to attract foreign investment. It also had similar roadshows in London and New York in June last year.

Taiwan's Polaris Securities could launch the first ETF on the exchange as early as June, the Taiwan stock exchange said last month.

Foreign investments from outside the Middle East in the Abu Dhabi bourse reached Dh3.1 billion ($844 million) in 2006, the acting director-general Rashed al-Baloushi said last year.

The benchmark, the second-best performer in the Gulf Arab region last year, is up 11.04 per cent this year. (Reuters)