TLDR:
MAIR Group to list on ADX soon.
Direct listing reflects retail market growth.
Gulf reforms driving capital market expansion.
ABU DHABI (The Thursday Times) — MAIR Group, a leading investment firm with operations in food retail and commercial real estate, has announced its upcoming listing on the Abu Dhabi Securities Exchange (ADX) next month. This move underscores the Gulf’s growing retail boom and reflects the firm’s commitment to expanding its market presence.
MAIR Group’s operations and financial strength
MAIR Group operates over 100 retail stores in the UAE under prominent brands, including ADCOOP and SPAR, catering to diverse consumer needs across the country. Alongside its retail portfolio, the group manages more than 12 shopping centres, reinforcing its position in the commercial real estate market.
The company reported revenues exceeding one billion dirhams in the first half of 2024, a testament to its robust business model. Last year, it distributed substantial dividends to its shareholders, showcasing its commitment to delivering consistent returns.
Direct listing to amplify market presence
MAIR has chosen the direct listing route for its debut on the Abu Dhabi bourse. This method, which bypasses the traditional bank-backed IPO process, highlights the firm’s confidence in its financial stability and market appeal.
The listing will provide an opportunity for existing shareholders and employees to sell shares directly to the public. While the exact percentage of stock on offer remains undisclosed, this approach aligns with a growing trend in the region to democratise equity ownership and attract a broader investor base.
Gulf’s retail and capital market growth
The Gulf region has been witnessing a transformative retail boom driven by ambitious economic reforms aimed at diversifying beyond oil dependency. Governments in the region have prioritised developing their capital markets, which has encouraged more companies to go public.
MAIR’s announcement follows the successful listings of other retail giants like Lulu Retail Holdings and Spinneys, which have further invigorated investor interest in the sector. This surge in market activity demonstrates the vibrancy of the Gulf’s economic landscape and its ability to attract significant investment.
Future implications for Abu Dhabi’s market
The listing of MAIR Group is poised to enhance Abu Dhabi’s standing as a regional financial hub. The ADX has increasingly become a preferred platform for high-profile listings, attracting both local and international investors.
The move is expected to inject new liquidity into the market while providing investors with access to one of the UAE’s most successful and diversified investment firms. As Gulf economies continue to evolve, listings like MAIR’s signal the region’s readiness to compete on a global stage, further strengthening its appeal to global capital markets.
