{"id":118230,"date":"2026-06-11T00:00:00","date_gmt":"2026-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=118230"},"modified":"2026-06-11T03:04:01","modified_gmt":"2026-06-11T03:04:01","slug":"this-morning-adic-backs-exoduspoints-usd-2-bn-capital-raise-more-dual-listings-could-be-coming-to-abu-dhabi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/06\/11\/this-morning-adic-backs-exoduspoints-usd-2-bn-capital-raise-more-dual-listings-could-be-coming-to-abu-dhabi\/","title":{"rendered":"THIS MORNING: ADIC backs ExodusPoint\u2019s USD 2 bn capital raise + more dual listings could be coming to Abu Dhabi"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, everyone. <\/strong>We kick off today\u2019s issue with plenty of activity in debt markets: <strong>Abu Dhabi reopened previous issuances, raising another USD 2.5 bn offering<\/strong>, while <strong>Dubai Islamic Bank is the latest Gulf bank to price its AT1 issuance<\/strong> yesterday, drawing in orders north of USD 2.3 bn. Meanwhile, DP World is meeting with investors to reassure them that it\u2019s good to pay its debt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deployment is equally active<\/strong>, with BlueFive Capital making yet another acquisition in the mobility space, ADIC backing New York-based hedge fund ExodusPoint\u2019s USD 2 bn capital raise, and another L\u2019imad reshuffle happening as the sovereign wealth fund acquires 2PointZero\u2019s stake in Taqa.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the downside: Fitch is turning much more bearish on the region\u2019s credit<\/strong>, citing lasting security and business risks due to ongoing geopolitical tensions, and turning its sovereign outlook from neutral to deteriorating. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT BEFORE WE DIVE IN- <\/strong>Iran launched strikes in Bahrain targeting the US Fifth Fleet \u2014 Bahrain\u2019s <a target=\"_blank\" href=\"https:\/\/x.com\/moi_bahrain\/status\/2064867837240393947\" style=\"\">Interior Ministry<\/a> sounded the alarm and told the public to seek shelter. Shortly after, Kuwait <a target=\"_blank\" href=\"https:\/\/x.com\/KuwaitArmyGHQ\/status\/2064893351011176686\" style=\"\">said<\/a> it was intercepting aerial targets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It does n<\/strong><strong>ot appear the attacks have reached the UAE as of dispatch time<\/strong> \u2014 we\u2019re yet to hear from our Defence Ministry, but we\u2019ll be closely watching our phones over the coming few hours for any public safety alerts. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This came after the US <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/iran-war-live-us-strikes-iran-after-its-helicopter-was-shot-down-2026-06-10\/\" style=\"\">launched a fresh wave<\/a><\/strong><strong> of attacks on Iran last night <\/strong>and threatened to continue the attacks if Tehran doesn\u2019t sign the peace agreement. US President Donald Trump said Iran would \u201cpay the price\u201d for dragging out negotiations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state of Hormuz is unclear<\/strong>, with contradicting reports from Iran and the US. State-run Iranian media said the waterway has been closed to all vessels, while the US said commercial ships are continuing to transit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Look for a high of 41\u00b0C in Dubai and Abu Dhabi<\/strong>, while the former will see a low of 29\u00b0C and the capital a low of 31\u00b0C. <\/p>\n<p class=\"tag-border-left\">Emirates\u2019 Tim Clark goes on PR offensive<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a> Emirates will offer \u201call sorts of incentives other than price\u201d to lock in hesitant trave<\/strong><strong>lers<\/strong>, including safety assurances and contingency arrangements for stranded passengers, CEO Tim Clark told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/emirates-offer-incentives-safety-assurances-iran-war-hits-travel-2026-06-09\/\" style=\"\">Reuters<\/a> on the sidelines of an industry summit in Berlin \u2014 his first interview with a global news agency since the conflict began in late February. Clark said ticket prices can't come down while oil is fluctuating, but predicted that once crude falls from around USD 90 to USD 70, \u201cwe\u2019ll be back.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The broader industry picture is grimmer.<\/strong> Middle Eastern airlines are <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/09\/this-morning-dib-tests-appetite-for-gulf-debt-middle-eastern-airlines-could-be-staring-down-a-collective-loss-for-this-year\/\" style=\"\">expected<\/a> to swing to a collective USD 4.3 bn loss in 2026 \u2014 the only region projected to slip into the red this year, per the IATA \u2014 with passenger demand forecast to drop 11.4% as airspace closures, longer routings, and elevated fuel costs bite. Gulf carriers\u2019 heavy dependence on east-west transfer traffic through Dubai, Doha, and Abu Dhabi makes the connectivity hit particularly costly. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Both UAE carriers are nonetheless pushing a growth narrative.<\/strong> Etihad is placing a double-digit order for widebody aircraft and expects to be flying about 8% more than a year ago by mid-June, while Emirates \u2014 heavily hedged on fuel \u2014 had three-quarters of its flights operating at pre-conflict capacity as of May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ADIC keeps deploying<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a><strong> Abu Dhabi capital is continuing to flow into hedge funds <\/strong><strong>despite the regional <\/strong><strong>backdrop: <\/strong>New York-based multistrategy hedge fund ExodusPoint Capital Management raised USD 2 bn in fresh capital, with the Abu Dhabi Investment Council (ADIC) among the backers, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-10\/exoduspoint-raises-2-billion-with-abu-dhabi-fund-among-backers?srnd=phx-finance&embedded-checkout=true\" style=\"\">Bloomberg<\/a> reports, citing people it says are familiar with the matter. The fundraising boosts ExodusPoint\u2019s assets under management to USD 14.5 bn and marks its first capital raise since 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why now? <\/strong>The fundraising follows ExodusPoint\u2019s strongest year on record, with returns of 18% in 2025, as the firm expanded its equities business alongside its fixed-income operations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The investment comes as ADIC <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/05\/adics-strategy-gets-ink\/\" style=\"\">ramps up its exposure to alternative assets<\/a> under CEO Saeed Al Mazrouei. The Mubadala-owned fund, which manages roughly USD 160 bn, has been expanding into areas including hedge funds, private credit, ins., and secondaries while looking to deploy more than USD 10 bn over the next three years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DP World moves to reassure investors <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DP World is trying to reassure bond investors it can weather the war.<\/strong> The company\u2019s management has been meeting local and international fund managers ahead of an EUR 750 mn bond maturing in September, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-10\/dp-world-meets-bond-investors-to-allay-worries-over-war-s-impact\" style=\"\">Bloomberg<\/a> reports, citing people familiar with the matter. The company has the money to repay it outright, but would prefer to refinance in the market if conditions allow.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It has numbers to support it:<\/strong> Jebel Ali volumes dropped 30% y-o-y in 1Q 2026, though that only captures one month of full Hormuz disruption. Fitch expects DP World to manage its USD 2.6 bn in 2026 maturities through a combination of capital markets access and available liquidity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">More dual listings for Abu Dhabi<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ADX expects betwe<\/strong><strong>en two and three compan<\/strong><strong>ies to <\/strong><strong>pursue dual <\/strong><strong>listings before year-end<\/strong>, with technology and healthcare firms currently working through regulatory approvals in their home markets, CEO Abdulla Al Nuaimi told the Arabic press (<a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/videos\/135959\/%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D8%AA%D8%AA%D9%88%D9%82%D8%B9-%D8%A5%D8%AF%D8%B1%D8%A7%D8%AC%D8%A7-%D9%85%D8%B2%D8%AF%D9%88%D8%AC%D8%A7-%D9%84%D8%AB%D9%84%D8%A7%D8%AB-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%AE%D9%84%D8%A7%D9%84-2026\/\" style=\"\">watch, runtime: 06:01<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who could be next? <\/strong>ADX hasn\u2019t identified the companies, but Hong Kong-listed biotech firm Insilico Medicine was <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/01\/this-morning-fuel-prices-are-up-again-some-hope-for-adxs-ipo-pipeline\/\" style=\"\">previously reported<\/a> to be planning a secondary listing in Abu Dhabi. The exchange has also been stepping up efforts to attract overseas issuers, including through a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/09\/19\/uae-hong-kong-agree-mutual-recognition-of-licensed-fund-investment-managers\/\" style=\"\">partnership with Hong Kong Exchanges and Clearing<\/a> focused on dual listings and cross-border financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why now? <\/strong>Foreign investors accounted for more than 47% of trading value on the ADX during the first four months of 2026, according to <a target=\"_blank\" href=\"https:\/\/www.agbi.com\/markets\/2026\/06\/abu-dhabi-bourse-operator-expects-trio-of-dual-listings\/\" style=\"\">Arabian Gulf Business Insight<\/a>, while Abu Dhabi-listed companies reported <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/09\/this-morning-dib-tests-appetite-for-gulf-debt-middle-eastern-airlines-could-be-staring-down-a-collective-loss-for-this-year\/\" style=\"\">USD 10.6 bn in 1Q earnings<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>The UAE's federal government ended 2025 with an AED 17.4 bn surplus<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/business\/economy\/uae-federal-surplus-2025-fnc-approves-final-accountshttps:\/\/www.khaleejtimes.com\/business\/economy\/uae-federal-surplus-2025-fnc-approves-final-accounts\" style=\"\">Khaleej<\/a><a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/business\/economy\/uae-federal-surplus-2025-fnc-approves-final-accountshttps:\/\/www.khaleejtimes.com\/business\/economy\/uae-federal-surplus-2025-fnc-approves-final-accounts\" style=\"\">Times<\/a> reports, citing final accounts approved by the Federal National Council. Revenues reached AED 86.3 bn last year against expenditure of AED 68.9 bn, with operational revenues accounting for 61% of the total.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> The surplus offers a snapshot of the fiscal strength the UAE brought into 2026. That resilience has helped underpin recent ratings affirmations from both <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/06\/moodys-reaffirms-uaes-aa2-rating-despite-regional-headwinds\/\" style=\"\">Moody's<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/09\/sp-global-affirms-uae-abu-dhabi-sovereign-credit-ratings-at-aa-a-1-but-slashes-growth-forecasts-due-to-fallout-from-the-war\/\" style=\"\">S&P<\/a> despite a more challenging regional backdrop.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money came from:<\/strong> Government company earnings generated AED 12.1 bn, while identity, visa, and residency services brought in AED 12 bn. Work permits and labor cards contributed another AED 9.8 bn, while telecommunications concession fees generated AED 6.9 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The balance sheet remains strong: <\/strong>Federal assets stood at AED 569.8 bn at year-end, with net assets of AED 429 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where it went: <\/strong>Salaries and benefits accounted for AED 29 bn of spending, while public services received AED 19.3 bn and education AED 16.3 bn. Healthcare spending reached AED 5.6 bn and social protection expenditure totaled AED 7.1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global headlines are focused on the latest exchange of attacks between the US and Iran<\/strong>, which we dive into in the news well, above.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking at the markets: <\/strong>Oil jumped on the news, with Brent crude rising over 2% to USD 95.14. Asian markets opened lower \u2014 extending losses initially triggered by a tech selloff \u2014 and in the US, equities are on track to open in the red with futures down in response to the attacks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of US markets: <\/strong>The country saw inflation pick up in May, recording 4.2% \u2014 its highest level in three years \u2014 on the back of rising energy costs, making a rate hike from the Federal Reserve appear increasingly likely. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/i-love-inflation-trump-says-prices-rise-amid-iran-war-2026-06-10\/\" style=\"\">Commenting<\/a> on the figure, Trump said, \u201cI love the inflation,\u201d promising that \u201coil [will] drop to where it was before [the war].\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The 2026 World Cup kicks off tonight<\/strong> with a showdown between South Africa and Mexico starting at 10pm. To better acquaint yourself with the players, check out The Athletic\u2019s list of <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/athletic\/interactive\/fifa-world-cup-stars-of-soccer-2026\/\" style=\"\">200 players to watch at the 2026 World Cup<\/a>. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p 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meets with bond investors as EUR 750 mn bond maturity looms<\/p>\n","protected":false},"author":1,"featured_media":118231,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[74,306,29,1011,2427,7,283,1342,1343,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-118230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adx","tag-aviation","tag-capital-markets","tag-commercial-bank-of-dubai","tag-emirates-airways","tag-enterpriseam-uae","tag-gold","tag-investment","tag-mubadala","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"f8f604e1-a0f5-4cc0-ba39-f67c9c17acbb","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/2\/370.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING ADIC backs ExodusPoint\u2019s USD 2 bn capital raise + more dual listings could be coming to Abu Dhabi","related_issue":[118228],"teaser":"Plus: UAE closed out 2025 with AED 17.4 bn budget surplus + DP World meets with bond investors as EUR 750 mn bond maturity looms"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: ADIC backs ExodusPoint\u2019s USD 2 bn capital raise + more dual listings could be coming to Abu Dhabi - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/11\/this-morning-adic-backs-exoduspoints-usd-2-bn-capital-raise-more-dual-listings-could-be-coming-to-abu-dhabi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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