Abu Dhabi Ports Group starts trading after $1B capital raise

DUBAI, United Arab Emirates (AP) — Abu Dhabi Ports Group is trading on Abu Dhabi’s stock exchange for the first time, following a $1.1 billion capital raise from a primary issuance ahead of its listing. AD Ports Group operates ports, logistics and industrial zones in the United Arab Emirates’ seat of power, Abu Dhabi. It opened trading at around 98 cents a share. The company says it will use the capital raised from its listing to fund its plans to expand locally and internationally. Its debut on the local stock exchange on Tuesday is part of a wider strategy to diversify revenue away from oil and gas.