The ADX initially served primarily as a venue for local companies, but today it pursues ambitious expansion plans and aims to rank among internationally relevant trading venues.

A decisive turning point occurred in 2020 when the ADX was transformed into a Public Joint Stock Company (PJSC) through new legislation. This reform granted it greater operational freedom and positioned the exchange more strategically within the state holding company ADQ, which controls some of Abu Dhabi’s most important companies. This restructuring marked the beginning of a phase of massive professionalization, internationalization, and digitalization.

Second largest in the region

Within just a few years, the exchange succeeded in raising its market capitalization well above 2.9 trillion dirhams (790 billion dollars), making it the second-largest stock exchange in the Arab world—just behind Saudi Arabia’s Tadawul market (2.537 trillion dollars).

As one of the world’s top 20 exchanges and one of the fastest-growing, the ADX supports Abu Dhabi’s strategy to become a world-class financial center. The Abu Dhabi Global Market (ADGM), a banking free zone founded 10 years ago, has given the exchange a further boost and attracted more investment.

New Records

Leading banks such as Goldman Sachs, Deutsche Bank, Citi, and Mizuho have established themselves in the ADGM on the Al Maryah and Al Reem islands near Abu Dhabi. The Swiss bank UBS AG recently followed suit by opening an advisory office in ADGM on October 15, 2025. The total value of ADGM-based firms listed on the Abu Dhabi Securities Exchange (ADX) has surpassed 500 billion  dirham (136.24 billion dollars) by the end of the first half-year of 2025.

ADX also set new records in trading volume: after years of steady growth, turnover exploded in 2021, driven by an IPO boom, massive private inflows, and increasing participation of foreign investors.

More private, less state

A significant part of this rise was driven by IPOs of large state-owned companies. Especially various ADNOC subsidiaries—such as ADNOC Distribution or ADNOC Gas—brought international attention to the market. Established heavyweights like First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank (ADIB), and the telecom company e& form the core of the blue-chip segment. However, years ago International Holding Company (IHC) overtook the telecom giant e& as the most valuable company. As of November 2025, IHC’s market capitalization stands at approximately 238.65 billion USD (equivalent to 873.76 billion AED), making IHC the most valuable listed company in the UAE.

In parallel, the exchange has consistently expanded its product offering. Besides equities, bonds, ETFs, derivatives, and Sharia-compliant investment options are now traded. With the «Growth Market,» the ADX created a platform specifically for young, fast-growing companies. Strategic cooperation with FTSE Russell led to the development of modern indices for institutional and international investors.

A «rather conservative market»

Technologically, the ADX is among the most innovative exchanges in the Middle East. It was an early adopter of digital tools, including blockchain-based solutions for shareholder meetings and automated investor portals. This modernization not only facilitates access for retail investors but also increases transparency and efficiency across the market. A private banker told Finews that ADX is «more a market for conservative investors who invest long-term and value stocks with high dividend yields.»

Today, the ADX plays a key role in Abu Dhabi’s long-term economic strategy. The exchange is intended not only to reflect growth but to actively drive it—through new products, international collaborations, higher market liquidity, and deeper integration of global investors. It is thus a central instrument in the government’s diversification policy, aiming to reduce the emirate’s dependency on oil revenues (currently about seven percent of GDP) over the long term.

After a quarter-century, the ADX looks back on an unprecedented development. The next 25 years promise to be at least as dynamic: with even more international listings, innovative market segments, and a growing role as a globally connected capital market.