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11/19/24, 1:18 PM                    UAE stock markets hit $1 trillion for the first time boosted by IPOs | The National
        (DFM) adding $206 billion to this achievement,” George Pavel, general manager at brokerage

        firm Naga.com Middle East, said. “This growth has been driven by successful IPO activities,
        increased foreign investment inflows, and notably, strong corporate earnings across key sectors.”



        There has been a flurry of listings in Dubai and Abu Dhabi in the last two years on the back of a

        push from the government to boost liquidity as well as growing investor demand. There are

        currently 100 firms listed on the ADX, while on DFM it is 68, according to data provided by the two
        bourses on Monday.



        This month, Delivery Hero, the Germany-based food delivery platform, said it plans to list 15 per

        cent of its UAE subsidiary Talabat on the Dubai bourse in the fourth quarter to capitalise on
        the listing boom in the Emirates.




        Its intention to list follows UAE retail major Lulu Group's successful IPO this month to raise
        Dh6.32 billion, the country's largest listing so far this year. The hypermarket chain operator priced

        its shares at the top of the indicated range amid strong investor demand.



        Some of the other companies that listed in the UAE this year include ADNH Catering, a unit of Abu

        Dhabi National Hotels, which raised Dh864 million through the sale of a 40 per cent stake; NMDC
        Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, which began trading on

        the ADX in September after raising $877 million; and Alef Education that raised $515 million from
        its IPO in Abu Dhabi in June.




        “The UAE was at the forefront of all IPO activity in the GCC region in third quarter of 2024, raising
        a substantial $1.1 billion in IPO proceeds,” Vijay Valecha, chief investment officer at Century

        Financial, said. “As a result, the UAE accounted for 69 per cent of the total IPO capital raised in the

        GCC during the quarter. Saudi Arabia came in second place, raising $512 million, accounting for 31
        per cent of the region’s total.”




















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