The Abu Dhabi Securities Exchange (ADX) is the stock exchange of Abu Dhabi, established in 2000 by a decree of the Abu Dhabi government. The exchange provides a regulated marketplace for trading equities, bonds, exchange-traded funds, and other securities listed by Abu Dhabi-based companies and selected regional entities.
Market Scale
The ADX is one of the largest stock exchanges in the Gulf region by market capitalisation. Its listed companies collectively represent a significant portion of Abu Dhabi’s corporate economy, with total market capitalisation exceeding several hundred billion US dollars. The exchange’s scale reflects the listing of major government-related entities including ADNOC subsidiaries, First Abu Dhabi Bank, and other large Emirati companies.
Major Listings
Landmark IPOs have transformed the ADX’s profile. The partial listing of ADNOC Distribution in 2017, followed by ADNOC Drilling, ADNOC Gas, and other ADNOC subsidiaries, brought billions of dollars in new market capitalisation to the exchange. First Abu Dhabi Bank (FAB), the largest bank in the UAE by assets, is the exchange’s largest banking listing. Other significant listed companies span real estate (Aldar Properties), telecommunications (Etisalat/e&), and financial services.
Regulatory Framework
The ADX operates under the regulatory authority of the Securities and Commodities Authority (SCA) of the UAE. The exchange enforces listing requirements, disclosure standards, and trading rules designed to maintain market integrity. In recent years, the ADX has introduced reforms to improve market accessibility, including the adoption of a delivery-versus-payment settlement system, enhanced corporate governance requirements, and the introduction of derivatives trading.
Foreign Investment
The ADX permits foreign ownership in listed companies, subject to company-specific foreign ownership limits. Several listed companies have raised or eliminated these limits to attract international institutional investors and facilitate inclusion in global equity indices such as MSCI and FTSE.
Role in Vision 2030
The ADX supports the Abu Dhabi Economic Vision 2030’s objectives of developing deep, liquid capital markets. The vision identifies a mature financial sector as essential to economic diversification, and a well-functioning stock exchange enables capital formation, price discovery, and investment access for both domestic and international participants. The listing of government-related entities also provides transparency and market discipline to Abu Dhabi’s most important companies.