UAE’s Phoenix Group gears up for IPO in Abu Dhabi

15 October 2023

in Mining

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Image courtesy: WAM

Abu Dhabi’s Phoenix Group, a technology conglomerate known for its blockchain and crypto solutions, is working towards a potential initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

Founded in 2017 by Bijan Alizadeh and Munaf Ali, Phoenix is set to be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

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The potential listing would represent an important milestone listing for the UAE stock markets.

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“Our journey, originating from the heart of Abu Dhabi, has always been visionary, looking beyond borders and horizons. Today, as we stand at the cusp of this significant milestone, we are not just announcing an intention to IPO – we are sharing our commitment to a future where technology knows no boundaries,” said Bijan Alizadeh, the Phoenix Group’s CEO and Munaf Ali, the Phoenix Group’s managing director.

“The impending IPO will not only be a testament to our past achievements but a clear signal of our ambitions. We envision a world where our digital solutions, rooted in Abu Dhabi’s innovative spirit, touch every life, every business and every community across the globe.”

Phoenix’s growth strategy

The company aims to be able to help create a more resilient, inclusive, and diversified global blockchain economy, and listing is just the first step towards achieving that goal.

The co-founders of Phoenix said the planned IPO is a pivotal moment for the company – a significant stride aligned with Abu Dhabi’s Economic Vision 2030.

“Our aim has always been to champion innovation and contribute to Abu Dhabi’s positioning in the global tech landscape. This landmark announcement offers local, regional and global investors the opportunity to participate in making this iconic vision, a reality.”

Phoenix offers a range of services, such as cloud mining, data centre hosting, crypto trading, and Web3 game publishing and distribution.

With a total installed capacity of 725 MW across the UAE, Oman, US, Canada and Commonwealth of Independent States (CIS) countries, Phoenix specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products and equipment.

Phoenix is actively involved in developing new data centres in various global locations while at the same time exploring opportunities to be able to manage its power generation to create both a green and sustainable ecosystem.