Abu Dhabi state holding firm ADQ and investment firm Chimera Capital have set up a blank-check company that will raise $99.93m and list in the capital, according to a statement on Tuesday.

The United Arab Emirates’ Securities and Commodities Authority in January approved a regulatory framework for blank-check firms, more commonly known as special purpose acquisition companies (SPACs).

ADC Acquisition Corporation, the SPAC, will sell 36.7 million shares to investors at an offer price of 10 dirhams, which will be listed on the Abu Dhabi Securities Exchange, ADQ and Chimera Capital said in a statement. They did not provide information on the timing of the deal.

Read more: Reuters