Egypt’s Orascom Construction to list on Abu Dhabi Securities Exchange next month

Egypt’s Orascom Construction will list its shares on the Abu Dhabi Securities Exchange (ADX) on September 11, after delisting from Nasdaq Dubai, as economic momentum fuels a wave of listings across the UAE.

The company confirmed its shares will trade under the symbol ORAS on ADX, while its secondary listing on the Egyptian Exchange (EGX) will remain unchanged. Orascom will also transfer its incorporation from the Dubai International Financial Centre to the Abu Dhabi Global Market as part of the move.

“The company’s shares held on Nasdaq Dubai at the time of suspension of trading will be transferred to ADX,” Orascom said in a regulatory filing to the exchange. “The opening price on ADX will be set at the last closing price on EGX on September 10 and converted into dirhams using the Central Bank of the UAE’s published exchange rate.”

Orascom Construction, a leading regional contractor, focuses on infrastructure, industrial and high-end commercial projects across the Middle East, Africa and the US. It also owns 50 per cent of Belgium-based Besix Group, which specialises in construction, infrastructure and marine works.

UAE listings boom

The UAE has witnessed a surge in IPO activity as part of broader economic diversification efforts. Last year, seven IPOs took place, including Talabat Holding, Lulu Group, ADNH Catering, NMDC Energy and Alef Education. IPOs in the UAE accounted for nearly half of Gulf proceeds, raising $6.2 billion out of the region’s $13.2 billion total, according to PricewaterhouseCoopers.

In May, Dubai Holding listed its Dubai Residential Reit, a Sharia-compliant real estate investment trust, raising $584 million in the first Dubai IPO of the year.

Orascom’s move comes as Abu Dhabi and Dubai strengthen their positions as regional financial hubs, building momentum for what is shaping up to be another robust year for listings in the Emirates.