UAE developer FAM Holding plans Abu Dhabi second market listing

FAM Holding, a United Arab Emirates-based property developer with a portfolio of $545m, plans to list its shares on Abu Dhabi stock exchange’s second market, joining a steady stream of companies tapping the nation’s bourses.

The company has been converted into a private joint-stock firm with a capital base of Dhs50m ($14m), according to a statement. FAM Holding said it expects to receive the final approval “shortly” from the Abu Dhabi Securities Exchange for the listing.

Stock market listings have picked up in the UAE and Saudi Arabia, in large part because of the jump in oil prices and strong demand from investors. Abu Dhabi and Dubai have been selling stakes in state-owned firms and encouraging private and family-owned businesses to list on the stock markets.

The second market in Abu Dhabi is a platform for private joint stock companies to list and so far about eight companies trade on it, including some controlled by International Holdings Co., the UAE’s biggest listed firm by market value.

FAM Holding mainly operates in the UAE sheikdom’s of Sharjah, Ajman and Ras Al Khaimah.