Abu Dhabi-based investment firm MAIR Group has announced plans to go public on the Abu Dhabi Securities Exchange (ADX) next month. The listing, set for December 9, will mark a significant milestone for the company, which operates across food retail and commercial real estate sectors.
MAIR Group manages over 100 stores in the UAE under the ADCOOP and SPAR brands and oversees 12 shopping centers through its real estate division. The company has opted for a direct listing, a process that allows companies to offer shares directly to the public without the involvement of an initial public offering (IPO) underwritten by banks. Details about the volume of shares to be offered by existing shareholders and employees have not yet been disclosed.
Retail Boom in the Gulf
The listing comes amidst a surge in retail activity across the Gulf, driven by regional governments’ efforts to diversify economies away from oil dependency. Investment in various sectors, including retail and real estate, has led to a wave of public listings.
This year alone, notable retail players such as Lulu Retail Holdings and Spinneys have gone public, underscoring the sector’s growth. Lulu Retail Holdings raised $1.72 billion during its ADX listing earlier this month, highlighting strong investor interest in the retail sector.
Financial Performance
MAIR Group reported revenues of AED 1.2 billion ($326.7 million) in the first half of 2024, showcasing its robust performance. Last year, the firm distributed AED 135 million in dividends, equivalent to 12.11% of share capital, benefiting its over 12,000 shareholders.
“With our planned listing, we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey,” said Nehayan Al Ameri, Managing Director and CEO of MAIR Group, in a statement on Thursday.
Strategic Vision
The company’s dual focus on food retail and commercial real estate positions it strategically in a region experiencing rapid urbanization and growing consumer demand. Its portfolio of retail outlets and shopping centers is expected to attract strong investor interest during the listing.
The direct listing aligns with Abu Dhabi’s broader efforts to deepen its capital markets and provide investors with opportunities to participate in the growth of the UAE’s retail and real estate sectors.
As the December 9 date approaches, market observers will closely watch MAIR Group’s debut, which is expected to further bolster the ADX’s position as a leading financial hub in the region.
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