Page 79 - SALIK PR REPORT - MARCH 2024

3/14/24, 12:16 PM Maktoum bin Mohammed commends progress of Dubai Securities and Exchange Higher Committee
New initiatives and regulatory measures

H.H. Sheikh Maktoum was also briefed on the Committee’s new initiatives introduced in 2023 to
enhance the market depth and liquidity of Dubai’s capital markets. This included collaboration with
DFM’s market marker xCube, to improve market accessibility through the introduction of a digital

account opening platform.

In addition, DFM focused on sustainable financing initiatives, launching the Carbon Credit Trading
Pilot programme at COP28, as well as intensifying efforts to foster the growth of green bonds and
sukuk issuance, valued at AED27 billion in 2023.

In addition, the Dubai Securities and Exchange Higher Committee established the Financial Markets

Law Enforcement Committee in Dubai. This committee is responsible for formulating processes to
monitor financial markets, facilitate business, detect violations and enforce laws, and issue local
financial market legislations and incentives to listed companies in DFM, among other responsibilities.

Key listings drive growth of Dubai capital markets

H.H. Sheikh Maktoum reviewed the outcomes of the Dubai Financial Market's listings from 2022 and

2023. Key listings during this period included the AED22.3 billion IPO of Dubai Electricity and Water
Authority (DEWA), constituting 18 percent of its issued capital. Additionally, TECOM Group's IPO,
oversubscribed by 21 times, raised AED1.7 billion. The meeting also discussed other notable listings
including Union Coop, Salik, Emirates Central Cooling Systems Corporation (Empower), Dubai Taxi,

Taaleem Holdings, Al Ansari Financial Services, and the upcoming Parkin IPO.

UAE
MIDDLE
EAST
MARKETS

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