He added that this agreement represents, in particular, remarkable progress in terms of speeding up the implementation of citizens’ housing projects and the main infrastructure in the emirate. Most importantly, it will coordinate commercial and strategic operations in the sector.
The holding company had brought together government companies of the Abu Dhabi government under one umbrella.
In a related context, the Abu Dhabi Securities Exchange listed the shares of Sawaeed Holding Company in the “Second Market” platform and the start of trading on the company’s shares.
This marks the fourth listing on the Abu Dhabi Stock Exchange in 2020.
Sawaeed Company was incorporated in 2006 in the Emirate of Abu Dhabi and has grown into a multi-activity enterprise employing more than 28,000 people.
The company initially specialized in providing employment services, and then its activities grew towards investments and vocational training in addition to manpower housing services, facilities management and catering, and in 2018 it became a private joint stock company.
The Emirates News Agency (WAM) quoted Muhammad Ali Al Shurafa Al Hammadi, Chairman of the Abu Dhabi Securities Market, as saying, “The Abu Dhabi Securities Exchange is pleased to add a company with the status of Sawaed Holding to the second market. The market is keen to attract more companies to be listed on the main and second market platforms to support the development process in the emirate, which comes within the framework of the market’s commitment to developing the investment climate for the emirate and promoting the growth of a sustainable economy.
He added, “The listing of Sawaeed Holding in the second market confirms the position of the Abu Dhabi Securities Exchange as a preferred listing destination and testifies to the opportunities provided by the market for companies looking to increase capital and enable the circulation of their shares more actively. A great success story for Abu Dhabi. ”
This listing comes as a milestone in the journey of Sawaeed Holding, as it constitutes an incentive for other companies to follow in their footsteps.
The Abu Dhabi Securities Exchange has an infrastructure with international standards for listing and trading various securities and gives investors an opportunity to invest their savings in a legal environment that adopts the best international practices in the field of disclosure and transparency within a stable economic and legislative environment.
For his part, Mubarak Matar Al-Hamiri, Chairman of the Board of Directors of Sawaeed Holding Company, said, “The listing of Sawaeed Holding Company in the Abu Dhabi Stock Exchange is in line with its aspirations for sustainable growth, investment in various sectors, commitment to transparency and long-term value for shareholders.” Sawaeed aspires to contribute to the progress and development of the Emirate of Abu Dhabi and to serve the communities in which it operates by spreading creative methods and innovative solutions.
The second market is an essential part of the existing infrastructure in the Abu Dhabi Stock Exchange to list the shares of private companies. Where investors can buy and sell securities of private companies based on fundamentals such as supply and demand, financial data, and many other data.
The Abu Dhabi Securities Exchange is also the first market in the region to have a platform dedicated to trading the shares of private joint stock companies.
The Abu Dhabi Securities Market launched the second market on November 25, 2014 to support sustainable economic growth in various sectors. The market value of the companies listed in the second market by the end of the third quarter of 2020 was about 10.2 billion dirhams since the beginning of the year until the end of the third quarter, and the volume of trading doubled nearly 14 times, as trading volumes reached 950 million shares, and with the listing of Sawaeed Holding Company, the number of companies listed on the second market platform rose to 6 companies, and the number of securities listed on the Abu Dhabi Securities Exchange rose to 83.