Mohammed Al Shorafa appointed as new chairman of ADX

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Mohammed Al Shorafa appointed as new chairman of ADX

08 Sep 2020

Abu Dhabi state holding company ADQ appointed Mohammed Al Shorafa as chairman of Abu Dhabi Securities Exchange (ADX).

Mr Al Shorafa is also chairman of Abu Dhabi's Department of Economic Development and heads the emirate's investment office, as well as serving on the board of the Abu Dhabi Global Market financial free zone. He also heads the Khalifa Fund for Enterprise Development. s socio-economic development entity.

He "brings a wealth of experience to his new role at ADX that is well suited to helping the exchange navigate its future development”, the chief executive of ADQ, Mohamed Hassan Alsuwaidi, said in a statement on Tuesday.

ADQ, set up in 2018 and expanded earlier this year, has a portfolio of companies spanning key sectors of Abu Dhabi’s non-oil economy, including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services.

Its portfolio includes Abu Dhabi Securities Exchange, Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Seha, insurer Daman, media companies Abu Dhabi Media and twofour54 and Abu Dhabi National Exhibitions Company, among others.

“ADQ is committed to stimulating and deepening Abu Dhabi's capital markets and financial services sector, and ADX is a fundamental pillar for building a robust, modern and increasingly international capital market," Mr Alsuwaidi, added.

Last month, the Abu Dhabi Securities Exchange witnessed the listing of its first exchange-traded fund tracking a sharia-compliant portfolio of UAE shares. The exchange was also used for a $4 billion (Dh14.7bn) bond issue by Mamoura Diversified Global Holding, the debt issuing entity of Mubadala Investment Company.

In June, chief executive Khalifa Al Mansouri also told The National that he expects several real estate investment trusts to list on the exchange.

In February, the ADX selected global index and analytics provider FTSE Russell as the benchmark administrator for new domestic equity indexes being created as part of a push to attract more foreign investors.

Source: The National