Abu Dhabi has announced the launch of the IPO fund, which it will aim to invest in 5-10 companies per year, with a focus on small and medium-sized enterprises, to strengthen the position of the Abu Dhabi Stock Exchange.
According to the Abu Dhabi Media Office, the fund will be worth 5 billion dirhams and 1.3 billion dollars to revive the local stock market.
The Abu Dhabi Securities Exchange closed the session on Tuesday in rally with support from major stocks as the market index rose 0.06% to 7786.9 points.
Abu Dhabi’s shares traded 244.34 million shares, worth 1.59 billion dirhams.
Abu Dhabi Commercial Bank grew by 0.92%, Abu Dhabi Islamic Bank by 0.53% and Abu Dhabi Bank The former is 1.33%, the Etisalat Group is 1.13%, the Ras Al-Khaimah Real Estate 0.11% and Oasis Capital 0.58%.
As of the close of trading today, the Dubai financial market was up 0.63% to 2787.7 points at the close of the session. The transactions took place on Dubai shares with a volume of 105.99 million shares, with a value of 147.24 million dirhams.
Shares of Dubai Islamic Bank were up by 0.61%, Emirates NBD by 2.29%, Emirates Refreshments by 1.5% and Emirates Integrated Telecommunications by 1.06%.
While shares of Shuaa Capital fell by 1.19%, Union Properties by 1.08%, GFH Financial Group by 0.53% and Emaar Malls by 1.5%.
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