Abu Dhabi Securities Exchange elects new CEO

By Backend Office, Desk Reporter
ADX
Representational Image

Abu Dhabi Securities Exchange (ADX) has appointed former Taqa chief executive Saeed Hamad Al Dhaheri as its new chief executive officer.

The selection of Mr. Al Dhaheri follows the introduction of a new chairman, Mr. Mohammed Ali Al Shorafa for exchange, last month.

Abu Dhabi Media Office tweeted that, “Saeed Hamad Al Dhaheri will play a key role in executing the exchange’s strategic goals and overseeing its contribution to the growth and diversification of Abu Dhabi’s economy, and the enhancement of its capital markets”.

Abu Dhabi Securities Exchange (ADX) is owned by the state holding company ADQ. The stock exchange which was established in 2000 is now the second-largest market in the Arab region after Tadawul in Saudi Arabia.

In recent months, the exchange has been undergoing a series of adjustments to broaden its attraction to foreign investors.

Recently, it updated its securities lending and borrowing rules to encourage Covered Short Selling, enabling investors to hedge trading positions. To improve the liquidity of the shares traded on the exchange, a new market maker, Q Market Makers was also launched by ADQ.

The Chimera ETF, the first exchange-traded fund monitoring a Sharia-compliant portfolio of UAE securities, became the first of its kind to be listed on the exchange in August.

Mr. Al Dhaheri has served in a variety of senior positions in the Emirates, such as Abu Dhabi National Energy Chief Executive Officer, also known as Taqa. He led the company’s recent transaction with Abu Dhabi Power and also held senior positions at Abu Dhabi Media Company, Etihad Rail and Abu Dhabi Health Services Company.

Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, commented, “I am delighted to welcome Mr. Saeed Hamad Al Dhaheri to ADX as its new Chief Executive Officer, where he will play a key role in executing the exchange’s strategic goals and overseeing the vital role that ADX should play in the growth and diversification of Abu Dhabi’s economy and the enhancement of its capital markets. I wish Mr. Al Dhaheri all the success in his new role by leading the ADX work team to implement strategic initiatives, which will enhance the successful track record of the Abu Dhabi Securities Exchange.”

ADX currently has a market capitalization of more than $190 million (Dh700 billion) up from $136 million (Dh500 billion) at the end of June, following the completion of the reverse takeover of Taqa by Abu Dhabi Power.

Recently, the exchange said that all of the world’s top 25 fund managers are now listed on the stock exchange and the number of non-UAE nationals who acquired an investor number for the exchange increased by 25 percent. In the first year, the exchange attracted 1,723 new investors, 53 percent of which were foreign investors.

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