His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Chairman of the Dubai Securities and Exchange Higher Committee, chaired a meeting of the Committee to review its significant accomplishments in 2024 and strategic priorities aimed at reinforcing Dubai’s position as a dynamic capital market and global financial centre.

Dynamic financial ecosystem

HH Sheikh Maktoum bin Mohammed said: “We remain steadfast in our efforts to realise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the epicentre of global finance and secure its position among the world's top four financial hubs, in alignment with the Dubai Economic Agenda D33.”

His Highness commended the Committee’s sustained efforts to implement innovative approaches tokeep pace withthe latest developments and meet the needs of local and international investors.

Sheikh Maktoum said: "Dubai’s sustained achievements in the capital markets sector stand as testament to its position as a leader in financial innovation and global investment. These milestones reflect the leadership’s unwavering commitment to fostering growth and creating a dynamic financial ecosystem that offers diverse opportunities and boosts investor confidence, while driving sustainable economic growth.”

IPO successes

His Highness reviewed the accomplishments of the Dubai Financial Market (DFM), highlighting three significant IPOs this year, including Parkin, Spinneys and Talabat, the UAE’s largest private sector IPO. These achievements underscore Dubai’s appeal as a premier market for public listings. Since the establishment of the Higher Committee, the DFM has hosted a total of 10 listings, raising over AED43 billion and generating demand exceeding AED1.2 trillion.

Strong market index performance

For the second consecutive year, the DFM General Index outperformed all regional indices, increasing by 19%, reflecting the market’s sustained growth trajectory. DFM’s market capitalisation grew by over 100% from AED394 billion in 2022 to AED801 billion early December 2024.

International investors accounted for 47% of DFM’s trading activity, with the market attracting over 132,000 new investors in 2024, 85% of them foreign investors. Notably,35% of new international investors came from the Asia Pacific region.

Global leadership in Sukuk listings

Nasdaq Dubai emerged as the leading global venue for Sukuk listings in terms of value, and first regionally in debt instrument listings, with 51 listings of sukuk and bonds, and a total value of AED360 billion in listed sukuk, while the aggregate value of fixed income securities stood at AED528 billion. About 45% of issuers hailed from outside the UAE, including sovereign issuance from China, Hong Kong, Indonesia, Turkey, the Philippines, and the Maldives.

Advancements in virtual assets

During the meeting, HH Sheikh Maktoum was also briefed on the ongoing efforts of the Virtual Assets Regulatory Authority (VARA) to solidify Dubai’s leadership in the virtual assets sector. VARA continues to focus its efforts on enhancing its infrastructure and extending the reach and resilience of the virtual asset ecosystem, while committing to offering a safe, innovative space for service providers and users alike.

Since its inception, the Dubai Securities and Exchange Higher Committee has played a pivotal role in reinforcing Dubai’s position as a global capital market and financial hub. Its efforts align with the emirate’s broader economic vision to attract global investments, foster innovation, and enable sustainable growth across all sectors of the financial ecosystem.

The Committee’s key accomplishments include establishing the Financial Markets Law Enforcement Committee, and the Virtual Assets Regulatory Authority, a specialised court for the resolution of securities-related disputes, apart from legislation and incentives to support local markets and listed firms.

The Committee also launched several projects including the xCube market maker and xCube trading app, green bonds and sukuk valued at $27 billion, a pilot for carbon credit trading and the IPO Accelerator programme.