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11/19/24, 1:51 PM UAE stock markets hit $1 trillion for the first time boosted by IPOs | The National
UAE stock markets hit $1 trillion for the first time boosted by IPOs
Listings momentum will continue next year amid expansion of country's economy, analysts say
Fareed Rahman
November 18, 2024
UAE stock markets have hit $1 trillion in market capitalisation, primarily driven by initial
public offerings as well as strong earnings, as the Arab world’s second-largest economy
continues to grow amid diversification efforts.
The total market capitalisation of the two bourses that make the UAE market is bigger
than Milan or Madrid, according to data compiled by Bloomberg. While dwarfed by the
nearly $3 trillion Saudi Arabian Tadawul stock market, the UAE is larger than most
emerging markets, barring a few like India and China, the data shows.
“The combined value of the UAE's stock markets has reached the significant milestone,
with the Abu Dhabi Securities Exchange (ADX) contributing $801 billion and the Dubai
Financial Market (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.
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