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With the start of trading of “Borouge” shares on the three “FTSE Russell” indices, the company became global as it joined the global benchmark index, the global index of large capital firms and the emerging “FTSE” index. has, after its first listing on the Abu Dhabi Securities Exchange. .
The rapid entry of an Emirati company into the global stock index series “FTSE Russell” has made local financial markets the focus of experts in global financial markets, and “Borouge”, which is listed on the Abu Dhabi Securities Exchange, in the largest initial public offering ever and the largest for a petrochemical company.In the Middle East, it has attracted the attention of local, Arab and foreign investors.
A number of experts have confirmed that Borouge’s accession to FTSE Russell’s global indices reflects the strong confidence in the UAE’s financial markets, as well as the strong interest in Emirati companies on the side of foreign investors.
Jamal bin Saif Al-Jarwan, Secretary General of the Emirates Council for Investors Abroad, said that the move to list “Borouge” in the Abu Dhabi Global Market is due to the great importance of the market as one of the largest competitive financial markets. in the region, and represents the joining of “Borouge” to the series of “FTSE Russell” stock indices. After a record period from the date of inclusion, the strong position of the Abu Dhabi Financial Market as one of the best international financial markets. Internationally, making the offer an addition to the nature of its global activity.
He added that global equity indices play an influential role in attracting billions of dollars to the economies of countries that are promoted to be below the indices. Joining foreign indices contributes to increasing the level of research, studies and evaluations conducted in the market in general and listed companies in particular, providing all traders with more accurate information and fairer evaluations.
He said: “We congratulate Borouge on the important achievement and the unprecedented and largest offering in the history of the Abu Dhabi Securities Exchange, as its initial public offering has seen a historic rise by companies and investors at regional and international level. He pointed out that the prospects for the public offering sector and listing on the Abu Dhabi Securities Exchange look promising, especially as the regulatory environment supporting the activity of public offerings has seen a development in recent times, leading to an advanced stage of internal and external growth for the country.
He added that the move is a major support and stimulus for the national economy. Despite the global economic conditions, the process of listing Emirati companies sends several messages, the most important of which are the confidence of investors in Emirati companies, the maturity of their financial markets and legislation, and the stability of their markets.
He pointed out that Borouge was founded in 1998 and is the largest petrochemical company in the Middle East and North Africa. He explained that “Borouge” is a partnership between the Abu Dhabi National Oil Company “ADNOC” and the Austrian “Borealis” company, and it consists of two separate companies, “Borouge ADP” “Borouge”, headquartered in Abu Dhabi, which operates petrochemical production operations, and “Borouge PTE Limited” based in Abu Dhabi. in Singapore which is responsible for the marketing and sales of Borouge products. Borouge employs more than 3,100 people and supplies its products to customers in more than 50 countries in Asia, the Middle East and Africa.
Dr Salah Al-Junaibi, researcher and economic expert, stressed that the inclusion of “Borouge” in the “FTSE” index is an important step that proves the company’s success and the company’s attractiveness for investment and its position among international investors will improve. He added that the company’s success in reaching global indicators will drive Emirati companies to follow their steps, pointing out that constructive competition between companies will ultimately lead to the success of all and the integration of markets. He explained that the listing confirms the company’s successful growth path, and proves to the world that an Emirati company has met all the listing requirements, as it will now be part of this index, which enjoys wide attention, and is considered a launch site for global investment institutions, note that Borouge shares will be required.For foreign investors, which means greater diversity of the company’s investor base.
Financial expert and economic analyst Waddah Al-Taha stressed that the Borouge share is distinguished in the petrochemical sector, and the process of including it in global indices means more confidence in the national economy. He explained that global indicators such as the FTSE Russell Global Indices are used as benchmarks to measure the performance of portfolios and investment funds. He pointed out that the inclusion of Borouge’s shares on international indices would help increase foreign liquidity on the share in the Abu Dhabi market.
He said: “Borouge’s share will attract the attention of investors, not just locally but globally, and the stock will attract financial liquidity that fits its position in international indices.”
Jamal Ajaj, a financial analyst at BH Capital for Financial Services, stressed that the listings that took place on the Abu Dhabi Securities Exchange, especially those related to companies linked to the oil sector, are one of the main pillars of the UAE. economy, especially companies specializing in the oil and petrochemical industries.
He added that the inclusion of “Borouge” in the “FTSE Russell” series of global stock indices is an excellent step that gives confidence to increase foreign investment in the company’s shares and gives foreign investors more confidence in the companies. which is listed on the Abu Dhabi market. in general, especially that the listed companies have a very large capital.
He pointed out that the inclusion of “Borouge” in global stock indices would give a major impetus to increase investment in the stock, strengthen the strength of the Abu Dhabi market and strengthen confidence in local investment with a increase in demand by foreign investors on the stock.
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