The Abu Dhabi Securities Exchange, known as ADX, has quietly become one of the most important stock markets in the emerging world. Total market cap crossed 2.9 trillion dirhams in 2024, putting it on par with Tadawul in scale. That was a jump of nearly 4x over five years, driven by a wave of IPOs from Abu Dhabi National Oil Company (ADNOC) subsidiaries, the rise of Presight and G42 in the AI and technology sectors, and the expansion of ADX into fixed income and ETF products.

From a Shariah investor's perspective, ADX is worth careful attention because several of its largest listings are cleanly compliant. The exchange has also aligned with the DFM on governance standards, which makes moving between Dubai and Abu Dhabi exposures reasonably seamless.

Let me walk through the top halal plays on ADX, what they actually do, and how to think about sizing each in a portfolio.

ADNOC and its subsidiaries

The biggest story on ADX over the past five years has been the ADNOC family of listings. Abu Dhabi National Oil Company has taken public several of its operating subsidiaries, creating a new tier of large-cap energy and infrastructure stocks.

ADNOC Gas (ADNOCGAS.AD) listed in March 2023 and has a current market cap around 270 billion dirhams. The company operates gas processing, liquefaction, and distribution assets across the UAE. It is one of the cleanest Shariah plays on the exchange because its debt ratio sits around 12 percent of total assets and its dividend yield is close to 5.5 percent. The IPO priced at 2.37 dirhams per share and has since traded around 3.50 to 3.80.

ADNOC Drilling (ADNOCDRILL.AD) is the drilling services subsidiary. Market cap around 110 billion dirhams. Dividend yield near 4 percent. Shariah-compliant under all major methodologies with a debt-to-assets ratio around 25 percent.

ADNOC Logistics and Services (ADNOCLS.AD) listed in 2023 and has a market cap around 45 billion dirhams. It runs shipping, offshore vessels, and logistics operations. Compliant.

ADNOC Distribution (ADNOCDIST.AD) was the first major ADNOC listing back in 2017 and runs the retail fuel network across the UAE with over 550 service stations. Market cap around 55 billion dirhams. Dividend yield near 6 percent. Compliant.

Fertiglobe (FERTIGLB.AD) is the ADNOC-OCI joint venture in nitrogen fertilizers, one of the largest producers globally. Market cap around 28 billion dirhams. Dividend yield near 7.5 percent. Compliant.

Taken together, the ADNOC subsidiaries form one of the cleanest energy and infrastructure baskets available in any emerging market. If you want halal energy exposure beyond just Saudi Aramco, this is where you go.

First Abu Dhabi Bank and the banking picture

First Abu Dhabi Bank (FAB.AD) is the largest bank in the UAE with a market cap around 160 billion dirhams. It is a conventional bank and fails Shariah screens because more than 5 percent of its revenue comes from interest-bearing activities. Under AAOIFI, MSCI, S and P, and FTSE methodologies, FAB is out.

Abu Dhabi Commercial Bank (ADCB.AD) is the second-largest bank. Also conventional. Also fails Shariah screens.

The cleanest banking name on ADX is Abu Dhabi Islamic Bank (ADIB.AD). Market cap around 60 billion dirhams. Fully Shariah-compliant. Return on equity around 19 percent. Dividend yield near 5 percent. It competes with Dubai Islamic Bank for the title of best Islamic bank in the UAE, and together they represent the core of halal Gulf banking exposure outside Saudi Arabia.

Telecommunications and utilities

Etisalat Group, now officially called e& (ETISALAT.AD), is one of the largest telecoms in the Middle East and Africa with a market cap around 235 billion dirhams. It has operations in 16 countries and serves over 160 million subscribers. Dividend yield around 5 percent. The company passes Shariah screens under most methodologies, though you should watch the debt ratio quarterly because recent M&A has increased use. Recent acquisitions include PPF Group's telecom assets in Central Europe, which pushed debt higher.

TAQA, Abu Dhabi National Energy Company (TAQA.AD), is a utility and infrastructure holding company. Market cap around 175 billion dirhams. Fails Shariah screens under strict methodologies because it has significant interest-bearing project debt that pushes the debt-to-assets ratio above 40 percent. Under AAOIFI, TAQA is borderline in most quarters.

Aldar and real estate

Aldar Properties (ALDAR.AD) is the largest real estate developer in Abu Dhabi. Market cap around 60 billion dirhams. It owns the Yas Island development, significant commercial real estate assets, and is the designated master developer for several Abu Dhabi mega-projects. Shariah profile is borderline because debt-to-assets has historically sat around 30 to 35 percent, close to the line for most methodologies. Check the latest quarter.

Technology and AI names

Presight AI (PRESIGHT.AD) is one of the most interesting new listings on ADX. It is an AI and big data subsidiary of G42. Market cap around 18 billion dirhams. The company builds AI platforms for government clients across the Gulf and Africa. No debt, high margins, and fully Shariah-compliant. It is one of the few pure-play AI stocks available in any halal universe.

Space42 (SPACE42.AD), formed from the merger of Yahsat and Bayanat in 2024, is the UAE's integrated space technology champion. Market cap around 14 billion dirhams. Compliant. This is a niche play on satellite communications and geospatial analytics.

International Holding Company (IHC.AD) is worth discussing because it is now one of the largest listed companies on ADX with a market cap sometimes exceeding 900 billion dirhams. It holds stakes in hundreds of businesses across agriculture, healthcare, real estate, and technology. The Shariah profile is complicated because IHC consolidates entities with different debt profiles, and its reported financials can flip in and out of compliance quarter to quarter. Most conservative investors avoid it or use only the passive index exposure.

Healthcare

Pure Health (PUREHEALTH.AD) listed in late 2023 and is now the largest healthcare operator in the UAE. Market cap around 120 billion dirhams. Shariah-compliant with low debt and strong margins. It owns SEHA, the public healthcare system operator, as well as international assets including stakes in UK healthcare groups.

How to build a halal ADX portfolio

Putting it together, the core halal ADX names to consider are:

Abu Dhabi Islamic Bank (ADIB.AD)
ADNOC Gas (ADNOCGAS.AD)
ADNOC Drilling (ADNOCDRILL.AD)
ADNOC Logistics (ADNOCLS.AD)
ADNOC Distribution (ADNOCDIST.AD)
Fertiglobe (FERTIGLB.AD)
Etisalat Group (ETISALAT.AD)
Pure Health (PUREHEALTH.AD)
Presight AI (PRESIGHT.AD)
Space42 (SPACE42.AD)

That list covers Islamic banking, energy infrastructure, telecom, healthcare, and emerging technology. It gives you exposure to the Abu Dhabi economy through assets that are mostly state-adjacent but publicly traded, meaning you benefit from the sovereign-linked pricing while keeping ownership.

Practical access

Foreign investors can trade ADX through UAE brokerages or through international brokers with Middle East market access. Interactive Brokers offers ADX access to qualified clients. FAB Securities, ADCB Securities, and EFG Hermes all provide direct market access with reasonable commissions.

For ETF exposure, the iShares MSCI UAE ETF (UAE) on Nasdaq holds both DFM and ADX names. IHC, First Abu Dhabi Bank, and Etisalat Group are among the largest holdings. The ETF is not Shariah-screened.

Bottom line

ADX has emerged as the dominant Gulf exchange outside Saudi Arabia, driven by the wave of ADNOC IPOs and the rise of AI and healthcare names. For halal investors, it offers some of the cleanest energy infrastructure exposure available anywhere, plus a solid Islamic banking anchor in ADIB. Build a small basket of the ADNOC family plus ADIB, Pure Health, and Etisalat, and you have a defensible UAE allocation. Avoid the conventional banks, watch IHC carefully, and refresh your screens quarterly because debt ratios can move meaningfully when the exchange is in IPO mode.

Abu Dhabi Securities Exchange: Top Halal Plays in the UAE