Page 112 - ALEF EDUCATION PR REPORT NOVEMBER 2024

11/19/24, 1:51 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 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

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