Adnoc Gas To Join FTSE Emerging Index, Unlocking Over $250 Million In Fund Investment

Abu Dhabi-based Adnoc Gas is poised to join the FTSE Emerging Index on September 22, 2025, a move expected to unlock up to $250 million in passive fund investment and significantly enhance the company's visibility among global institutional investors.

The inclusion follows Adnoc Gas' earlier entry into the MSCI Emerging Markets Index in June and marks another milestone in its strategy to broaden its shareholder base and deepen liquidity on the Abu Dhabi Securities Exchange (ADX). The FTSE Emerging Index, part of the FTSE Russell Global Equity Index Series, is widely tracked by international investors and includes large and mid-cap companies from advanced and secondary emerging markets.

Fatema Mohamed Al Nuaimi, Chief Executive Officer of Adnoc Gas, said:“Joining the FTSE Emerging Index is a strong endorsement of Adnoc Gas' fundamentals and consistent delivery on our strategy. This achievement reinforces our ambition to diversify our institutional investor base, enhance liquidity, and elevate our global investment profile. It follows our recent inclusion in the MSCI Emerging Markets Index and reflects market confidence in our growth trajectory. With a robust pipeline of strategic projects, including $20 billion in planned capital expenditure, and a clear pathway to deliver over 40 per cent Ebitda growth by 2029 versus 2023, we remain committed to creating long-term, sustainable value for our shareholders.”

IPO and market performance

Adnoc Gas made its market debut in March 2023 with an initial public offering (IPO) priced at Dh2.37 per share, implying a market capitalisation of approximately $50 billion (Dh183 billion). The IPO was the largest-ever listing on the ADX and saw record demand, with oversubscription levels exceeding 50 times.

In February 2025, Adnoc completed a $2.84 billion marketed offering of 3.1 billion shares at Dh3.40 per share, representing 4 per cent of Adnoc Gas' total share capital. This offering increased the company's free float by 80 per cent, paving the way for index inclusions such as FTSE and MSCI.

As of the last trading day before the offering, Adnoc Gas shares closed at Dh3.58, reflecting strong investor confidence and a 43 per cent gain over the IPO price. Adnoc retains a majority 86 per cent stake in the company.

Outlook

With a robust financial performance - adjusted net income of $5 billion in 2024 - and ambitious growth plans including the acquisition of Ruwais LNG, Adnoc Gas is targeting over 40 per cent Ebitda growth by 2029. Analysts expect the FTSE inclusion to further boost liquidity and institutional interest, reinforcing Adnoc Gas' position as a key player in the global energy market.

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