ABU DHABI: Bassel Al Khawaja, Advisory Head at Abu Dhabi IPO Fund (ADIPOF), affirmed that the Fund is working on three initial offerings in the technology, hospitality, restaurants, and financial sectors.

In his statements to the Emirates News Agency (WAM) on the sidelines of the 2nd day of the Abu Dhabi Finance Week, Al Khawaja expected that these offerings to be “coming to the markets by the end of 2024.”

He explained that one of these three offerings will be for a family business operating in the financial sector and foreign exchange and remittances, as part of the Fund’s efforts to attract family businesses.

Al Khawaja noted that family businesses are of special importance to the Abu Dhabi IPO Fund, as they constitute an essential pillar in advancing economic development in the emirate of Abu Dhabi. “The Fund is looking forward to launching more initial public offerings for family businesses and private companies,” he emphasised.

The Abu Dhabi IPO Fund is a AED5 billion fund, Al Khawaja stated, adding that "its purpose is to enable companies to transform from privately held companies to reach the ADX and be publicly listed."

ADIPOF seeks to invest in 5 to 10 private sector companies annually, with a focus on small and medium-sized companies (SMEs), by targeting between 10 and 40 percent of the total shares available for subscription, in addition to working closely with various local banks to benefit from their expertise in the company listing process.