Page 106 - 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
plans. The Abu Dhabi-based technology company MGX, BlackRock, Microsoft and Global

Infrastructure Partners have also launched an AI infrastructure investment partnership that aims to
mobilise up to $100 billion to enhance the future of AI.

Local bourses have also recorded activity from the sector. Abu Dhabi-based blockchain and crypto

solutions company Phoenix Group began trading on the ADX in December following a $370 million

IPO. In October, Space42, the UAE-based AI-powered SpaceTech company created following the
merger of Bayanat and Yahsat, made its trading debut on the ADX.

Overall, Emirates NBD, Emaar Properties, Emaar Development, Dubai Electricity and Water

Authority are some of the biggest stocks on DFM, while for Abu Dhabi it is International Holding
Company, First Abu Dhabi Bank, e&, Multiply, Alpha Dhabi and Aldar Properties.

"Dubai has been a star outperformer with many stocks including recently listed ones such as Dubai
Taxi Company, Salik and Parkin making new highs," said Nishit Lakhotia, head of research at

Manama based Sico.

"DFM is a major outperformer to all other GCC stock exchanges, including Tadawul. The

outperformance is backed by strong macro drivers, company financial performance and future
outlook. The momentum in the Emirates looks sustainable and can spill over to next year."

Updated: November 18, 2024, 6:36 PM

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