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Abu Dhabi Wealth Fund, Chimera to List Middle East’s First SPAC

  • ADQ and Chimera seek to raise 367 million dirhams in SPAC IPO
  • Abu Dhabi regulators approved SPAC framework earlier this year

Abu Dhabi is gearing up to host the Middle East’s first blank-check listing, even as regulatory pressures and dismal returns put the brakes on the trend in New York.

ADC Acquisition Corp., backed by Abu Dhabi’s wealth fund ADQ and Chimera Investments, plans to raise 367 million dirhams ($100 million), according to a statement. The special purpose acquisition company will target firms in the Middle East and North Africa that are technology-driven and have attractive valuations.