Page 115 - ALEF EDUCATION PR REPORT NOVEMBER 2024

11/19/24, 1:52 PM UAE-listed stocks surpass $1trn milestone for the first time: Report - Arabian Business: Latest News on the Middle East, Real Esta…
The rise of the stock market of the Emirates has been backed by the government’s effort to
attract greater foreign investments and economic fundamentals of the region, helped by a

strong growth in key cities, and a growing population.

The boost in stock values listed on UAE bourses – Dubai and Abu Dhabi – is also helped by
a surge in firms tied to an Abu Dhabi royal that account for more than a third of the total

value, and a flurry of local listings, Bloomberg reported.

The report said there has also been an increasing appetite from global investors for IPOs in
UAE this year, prominent among them are the likes of Lulu Retail, Alef Education, among

others.

Some of the UAE-based companies in the space of green energy and AI too are attracting
funds for global investors.

All of this has enhanced the trading volumes and participation in UAE’s share market,
nurturing the ambition of being a global financial centre.

The Bloomberg report said companies linked to one of the key royals, Sheikh Tahnoon bin
Zayed Al Nahyan – the Deputy ruler of Abi Dhabi and UAE’s National Security Adviser –

have been crucial in this journey to the trillion-dollar milestone.

International Holding Company (IHC) – an Abu Dhabi-listed holding company chaired by

Sheikh Tahnoon – manages a diversified portfolio of domestic as well as foreign
investments, and stands at a market cap of close to $250 billion, a fourth of the total value

of UAE’s listed equities.

Shares of IHC have risen nearly 42,000 per cent since 2019, making it the second-most
valued company in the entire Gulf region, after Saudi Aramco.

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