A new law issued by UAE president Sheikh Khalifa bin Zayed Al-Nahyan has changed the Abu Dhabi Securities Market (ADX) into a public joint shares company.
The exchange will now be wholly owned by the state’s holding company, formerly known as Abu Dhabi Development Holding, which has itself been rebranded as ADQ.
As a result of the change, $136.15 million in capital funds will be divided into 500 million shares and $27.1 shares in export capital will be divided into 100 million shares.
"The newly regulated company will also be responsible for managing and organising the securities market, and enlisting and dealing in securities, depositing, settlements and central clearinghouse works," the UAE government said.
The ADX will also be in charge of providing, preparing and managing securities dealing platforms and providing services to exporters and brokers, as well as "financial services and products related to the operational and commercial activities of the market”.
© 2020 funds global mena 
Naomi Waistell, an emerging markets fund manager at Polar Capital, analyses change in Saudi Arabia – a hydrocarbon country with green ambitions and which is set on a major economic...
Although it is awash with oil and, therefore, capital, the Gulf region is at a critical juncture: it must diversify its...
