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ADNOC Distribution to Join MSCI Emerging Index

ADNOC Distribution to Join MSCI Emerging Index

Thursday, 13 May, 2021 - 08:00
ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).

ADNOC Distribution, the UAE's largest fuel retailer, said on Wednesday that it will join the Morgan Stanley Capital International (MSCI) Emerging Markets index from May 27.

The fuel retailer will join nine other UAE-listed companies that are part of the index.

ADNOC Distribution's inclusion is expected to increase the attractiveness of its shares to potential international investors and help diversify the company’s investor base, the company said.

"Being included on the MSCI Emerging Markets Index is an important milestone in ADNOC Distribution’s thriving equity narrative," said Ahmed Al Shamsi, acting chief executive of ADNOC Distribution.

The inclusion in the index also reflected "the company's ability to grow", he added.

Profit for the first three months of the year reached AED631 million ($171.8 million).

ADNOC Distribution has also expanded beyond its home market of the UAE in recent years. The company plans to accelerate delivery momentum and open a total of 70 to 80 new stations across the UAE and Saudi Arabia by year-end, it said earlier this month.

It plans to open another 30 to 45 units in the UAE. In Saudi Arabia, the company is building on earlier agreements to acquire fuel stations that will expand its portfolio in the country to 37 units.

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