Page 261 - SALIK ENGLISH PR REPORT NOVEMBER 2024

Rising Dubai population boosts

emirate's stock market

Salik, Parkin leading DFM gains this year
Published: Tue 26 Nov 2024, 10:39 PM

The stellar rise in Dubai’s population has proved to be a boon for the emirate’s stock
market, data shows.
Dubai Financial Market’s (DFM) General Index recorded double-digit gains of 10.9 per
cent, the biggest in the Gulf Cooperation Council (GCC) region in the first nine months
of 2024.
Salik and Parkin, the two Dubai Government-owned entities that are listing on the Dubai
Financial Market, have been leading gains in the index, data shows.
According to estimates, Parkin is up by nearly 60 per cent since its March listing this
year, whereas Salik is up by almost 85 per cent in this year’s trade. The latter is, in fact,
the top-performing stock for this year in the DFM index.
Analysts say the IPO listing wave in the UAE has been strongly supported by the stellar
rise in Dubai’s resident population, which has increased by nearly 260,000 since
January 2023. To put things into perspective, this rise is almost 75 per cent of the entire
4-year population growth of 358,000 taken from 2018 – 2022. “This phenomenal rise in
population growth over the last 24 months is also creating positive dynamics for the
local stock market sentiment. Perhaps the best visible synergies are observed in the top
government auto and utilities-related stocks – Parkin & Salik,” says Vijay Valecha, chief
investment officer, Century Financial.

https://www.khaleejtimes.com/business/markets/rising-dubai-population-boosts-emirates-stock-
market