Page 101 - SALIK PR REPORT - MARCH 2024

3/14/24, 12:19 PM DFM achieves record-breaking performance in 2023, crossing 4,000-point milestone for first time in 8 years
DFM also raised AED34.5 billion in IPO proceeds in 2023, with demand exceeding AED1
trillion since 2021. Moreover, Dubai’s capital market listed 155 bonds and sukuk with a value of
AED484 billion on both the DFM and Nasdaq Dubai, emerging as a vital platform for raising
capital and securing funding.
New initiatives
Sheikh Maktoum also reviewed the committee’s new initiatives in 2023 which aim to enhance
the market depth and liquidity of Dubai’s capital markets. Notably, DFM’s market marker xCube
collaborated with the committee in 2023 to improve market accessibility by introducing a digital
account opening platform. Moreover, DFM highlighted sustainable financing initiatives through
the launch of the Carbon Credit Trading Pilot program at COP28. Furthermore, it boosted its
efforts to support the growth of green bonds and sukuk issuance, valued at AED27 billion in
2023.
Regulatory measures
In addition, the Dubai Securities and Exchange Higher Committee established the Financial
Markets Law Enforcement Committee in Dubai. This committee formulates processes to monitor
financial markets, facilitates business, detects violations, enforces laws, and issues local financial
market legislations and incentives to listed companies on DFM.
Read: Parkin’s IPO: Company increases retail share offering in response to high demand
Key listings drive growth
Key listings on DFM in 2023 included the AED22.3 billion IPO of Dubai Electricity and Water
Authority (DEWA), constituting 18 percent of its issued capital. In addition, TECOM Group’s
IPO raised AED1.7 billion and was oversubscribed by 21 times. Sheikh Maktoum also reviewed
other notable listings including Union Coop, Salik, Emirates Central Cooling Systems
Corporation (Empower), Dubai Taxi, Taaleem Holdings, Al Ansari Financial Services, and the
Parkin IPO.
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