Page 105 - ALEF EDUCATION PR REPORT NOVEMBER 2024

11/19/24, 1:18 PM UAE stock markets hit $1 trillion for the first time boosted by IPOs | The National

The listing momentum is expected to continue next year with potential offerings from Etihad
Airways and Alpha Data. "From airlines and retailers to food delivery companies and IT services

firms – listings can be expected across the board spanning numerous sectors,” Mr Valecha said.

The strong performance of the UAE's economy amid the expansion of its non-oil sectors is also

boosting stock markets. In September, the UAE Central Bank revised its 2024 gross domestic
product growth forecast to 4 per cent from the previous estimate of 3.9 per cent in June.

In the first quarter, the country's economy expanded by 3.4 per cent, with real GDP reaching Dh430

billion, the Ministry of Economy said. The non-oil sector expanded by 4 per cent year on year

during the quarter.

“The UAE's robust economic fundamentals underpin the positive outlook for its stock markets,” said
Mr Pavel. “This strong macroeconomic backdrop, combined with a promising pipeline of new

listings and continuous market reforms, positions both ADX and DFM for sustained growth."

The growing technology sector, which has been receiving a surge in investments, is also supporting

the economy and the stock markets. Earlier this year, Microsoft announced a $1.5 billion investment
in Abu Dhabi artificial intelligence and cloud company G42 to help it boost G42's global expansion

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