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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. During the meeting,His Highness received a comprehensive briefing on the past achievements and upcoming key projects of the Committee.
Highlighting Dubai's strong commitment, HH Sheikh Maktoum underlined Dubai’s relentless pursuit to bring to fruition the grand vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. He reiterated that Dubai's ambition to establish itself as the epicentre of global finance and secure its position among the world's top four financial hubs, is aligned with the Dubai Economic Agenda D33.
His Highness lauded the Committee’s concerted efforts to consistently implement innovative approaches to meet current market demands, stating: “The accomplishments of the Securities and Exchange Higher Committee in advancing capital markets have played a crucial role in fostering growth and consolidating Dubai’s leading position on the global financial stage, aligning with our comprehensive vision for the emirate.”
DFM clocks record-breaking performance in 2023
HH Sheikh Maktoum was provided with a comprehensive overview of the Dubai Financial Market's (DFM) noteworthy achievements in 2023. A standout accomplishment was the market's exceptional performance, crossing the 4,000-point milestone for the first time in eight years. This success was propelled by a significant increase in trading activities, heightened capital inflows, and a notable influx of new investors. Furthermore, the implementation of various innovative market initiatives such as an enhanced digital platform, the introduction of an IPO accelerator programme and the hosting of the MENA IPO Summit, which brought together key players in the capital market space, further contributed to this success.
As a result of these efforts, the DFM General Index (DFMGI) secured the fifth position globally in 2023, surpassing major global markets and attracting 230,000 new investors since 2022. The market also witnessed substantial growth in market capitalisation, rising from AED582 billion at the end of 2022 to AED688 billion during the same period in 2023.
With AED34.5 billion in IPO proceeds raised on the DFM and demand surpassing AED1 trillion since 2021, alongside the listing of 155 bonds and sukuk valued at AED484 billion on both the DFM and Nasdaq Dubai, Dubai's capital markets have emerged as a vital platform for regional and international entities seeking to raise capital or secure funding for their growth and expansion endeavours.
New initiatives and regulatory measures
His Highness Sheikh Maktoum was also briefed on the Committee’s new initiatives introduced in 2023 to enhance the market depth and liquidity of Dubai’s capital markets. This included collaboration with DFM’s market marker xCube, to improve market accessibility through the introduction of a digital account opening platform.
In addition, DFM focused on sustainable financing initiatives, launching the Carbon Credit Trading Pilot programme at COP28,as well as intensifying efforts to foster the growth of green bonds and sukuk issuance, valued at AED27 billion in 2023.
In addition, the Dubai Securities and Exchange Higher Committee established the Financial Markets Law Enforcement Committee in Dubai. This committee is responsible for formulating processes to monitor financial markets, facilitate business, detect violations and enforce laws, and issue local financial market legislations and incentives to listed companies in DFM, among other responsibilities.
Key listings drive growth of Dubai capital markets
HH Sheikh Maktoum reviewed the outcomes of the Dubai Financial Market's listings from 2022 and 2023. Key listings during this period included the AED22.3 billion IPO of Dubai Electricity and Water Authority (DEWA), constituting 18% of its issued capital. Additionally, TECOM Group's IPO, oversubscribed by 21 times, raised AED1.7 billion. The meeting also discussed other notable listings including Union Coop, Salik, Emirates Central Cooling Systems Corporation (Empower), Dubai Taxi, Taaleem Holdings, Al Ansari Financial Services, and the upcoming Parkin IPO.
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