Fujairah Trade Centre today listed it’s stock with a capital of AED 63,330,778 on Abu Dhabi Securities Market (ADSM). Fujairah Trade Centre is the 62nd company to be listed in Abu Dhabi and brings the number of companies in the consumer sector up to nine.
Fujairah Trade Centre has listed its shares on ADSM with a face value of AED 10 per share. The company’s stock can be traded by GCC nationals only. Fujairah Trade Centre was established 20 years ago and has 13 shareholders.
Ghassan Balkis, Manager, Fujairah Trade Centre, said that all administrative and legal requirements had been finalised for the company’s stock to be traded on a daily basis, according to ADSM’s rules.
“Today’s listing is a milestone for Fujairah Trade Centre,” he said, speaking on the first day of trading. “We look forward to working with ADSM further as we seek to deliver value for our shareholders.”
Khaled Al Suwaidi, Manager of Listed Companies at ADSM, welcomed them to the market and said: “We would like to congratulate Fujairah Trade Centre on the success of their listing and we look forward to working with them in the future.
“ADSM now has 62 listed companies with a combined market capitalisation of over AED 300 billion. This makes us one of the largest exchanges in the GCC region.”
Fujairah Trade Centre provides everything for those seeking to establish themselves in the UAE. Based just outside the Arabian Gulf, it has excellent views over the Arabian Sea. It offers centrally air-conditioned offices, a ground arcade of more than 45 shops and luxury apartments in adjoining twin structures. The Fujairah Trade Centre Management act as sponsor for all prospective business establishments within the centre and no fees are charged for this service.
Since the end of 2001 the number of listed companies traded on ADSM has grown fourfold; there are now nearly six times as many brokerage firms; the aggregate market capitalisation of companies traded on the exchange is 20 times higher; there are 50 times as many shareholders registered and ADSM is a model emiratisation employer with UAE nationals making up about 74% of staff.
