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UAE’s Phoenix Group prepares for landmark IPO on ADX – News


The company will be the first private cryptocurrency and blockchain entity to be listed on a Middle Eastern stock exchange.

by wam

Published: Saturday, October 14, 2023, 6:23 p.m.

Phoenix Group, a technology conglomerate revered for its cutting-edge blockchain and crypto solutions, announced its imminent Initial Public Offering (IPO) on the Abu Dhabi Stock Exchange (ADX).

Phoenix Group is co-founded by blockchain and cryptocurrency specialists Bijan Alizadeh and Munaf Ali and is overseen by a board that includes Tareq Alhosani Abdulraheem (who sits on the board of directors of several strategic UAE entities, including the chairman of Global Aerospace Logistics LLC) and Elham Alqasim ((who is on the board of directors of Bayanat and is a director on the board of directors of Amanat Holdings PJSC).

This upcoming listing would represent a major initial public offering for the UAE, with Phoenix Group being the first private cryptocurrency and blockchain entity to be listed on a Middle Eastern stock exchange.

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Speaking about the upcoming IPO, Bijan Alizadehfard, Group CEO, and Munaf Ali, MD, said: “Our journey, which originated in the heart of Abu Dhabi, has always been visionary, looking beyond borders and horizons. Today, as we stand on the cusp of this important milestone, we not only announce our intention to IPO, but we share our commitment to a future where technology knows no boundaries. (IPO) will not only be a testament to our past achievements, but also a clear signal of our ambitions. We envision a world where our digital solutions, rooted in Abu Dhabi’s innovative spirit, reach every life, every business and every community “Our goal is to be able to help create a more resilient, inclusive and diversified global blockchain economy, and this IPO is just the first step toward achieving that goal.”


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