Skip to main content

Abu Dhabi special acquisition firm begins trading on stock exchange

The ADC Acquisition Corporation is listed on the Abu Dhabi stock exchange to raise funds for the Emirati sovereign wealth fund ADQ and Abu Dhabi's Chimera Investment.
An Emirati female trader watches a quotation board from a computer screen at the Abu Dhabi stock exchange, June 7, 2006.

A joint stock from two Emirati investment firms began trading on the Abu Dhabi stock exchange today. 

ADC Acquisition Corporation is a Special Purpose Acquisition Company founded by the Abu Dhabi Developmental Holding Company (ADQ) and the Abu Dhabi-based Chimera Investment. It began trading today on the Abu Dhabi Securities Exchange under the ticker “ADC.” The listing followed ADC selling around $100 million in shares at a price of $2.72 per share to private investors beginning May 12, the official Emirates News Agency reported today. 

“The UAE's first SPAC represents a major endorsement of Abu Dhabi as a financial centre anchored with strong market principles and capital-raising potential,” said ADQ CEO Mohamed Hassan Alsuwaidi, according to the agency.

ADC’s stock jumped 30% on its first day on the exchange, Bloomberg reported. 

What is it? Special Purpose Acquisition Companies, aka SPACs, exist to raise capital through stock offerings from merged companies. They do not have commercial operations of their own, according to Investopedia. ADC is the first SPAC in the Middle East, according to Bloomberg. 

Why it matters: ADQ is a sovereign wealth fund of the United Arab Emirates. The fund has been active with a variety of investments this year. In February, they received regulatory approval to launch a new digital banking platform. In April, ADQ invested $1.8 billion in five publicly-traded Egyptian companies. Earlier this month, they signed an investment agreement with Greece’s Hellenic Development Bank. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

Text Alerts - Be the first to get breaking news, exclusives, and PRO content.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

Already a Member? Sign in

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial