A United Arab Emirates state-owned oil giant made a positive stock market debut Wednesday, a listing likely to resonate through the Middle East as several other companies prepare to go public.
The Abu Dhabi National Oil Company (ADNOC) listed a stake in its fuel distribution unit, called ADNOC Distribution. John Carey, the deputy CEO of ADNOC Distribution, told CNBC that though the initial public offering (IPO) of this unit was "a long time coming," he was "really excited" about the company's prospects.
When asked how important it would be for the group's public listing to do well given the interest among other companies in the region looking to follow suit, Carey replied: "Investors looked at the United Arab Emirates ... and for us, we need to lead the way, we need to build that credibility and I believe our plans do that."
Carey also told reporters the group would look to expand its fuel stations into Dubai and Saudi Arabia next year. "ADNOC Distribution relies on its customers and we are going to grow with them," he said.