Page 81 - SALIK PR REPORT - MARCH 2024

He reiterated that Dubai's ambition to establish itself as the epicentre of
global finance and secure its position among the world's top four financial
hubs, is aligned with the Dubai Economic Agenda D33.

He lauded the Committee’s concerted efforts to consistently implement
innovative approaches to meet current market demands, stating, “The
accomplishments of the Securities and Exchange Higher Committee in
advancing capital markets have played a crucial role in fostering growth
and consolidating Dubai’s leading position on the global financial stage,
aligning with our comprehensive vision for the emirate.”

DFM clocks record-breaking performance in 2023

H.H. Sheikh Maktoum was provided with a comprehensive overview of the
Dubai Financial Market's (DFM) noteworthy achievements in 2023. A
standout accomplishment was the market's exceptional performance,
crossing the 4,000-point milestone for the first time in eight years. This
success was propelled by a significant increase in trading activities,
heightened capital inflows, and a notable influx of new investors.
Furthermore, the implementation of various innovative market initiatives
such as an enhanced digital platform, the introduction of an IPO accelerator
programme and the hosting of the MENA IPO Summit, which brought
together key players in the capital market space, further contributed to this
success.

As a result of these efforts, the DFM General Index (DFMGI) secured the
fifth position globally in 2023, surpassing major global markets and
attracting 230,000 new investors since 2022. The market also witnessed
substantial growth in market capitalisation, rising from Dh582 billion at the
end of 2022 to Dh688 billion during the same period in 2023.

With Dh34.5 billion in IPO proceeds raised on the DFM and demand
surpassing Dh1 trillion since 2021, alongside the listing of 155 bonds and
sukuk valued at Dh484 billion on both the DFM and Nasdaq Dubai, Dubai's
capital markets have emerged as a vital platform for regional and
international entities seeking to raise capital or secure funding for their
growth and expansion endeavours.

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

https://en.aletihad.ae/news/uae/4470573/maktoum-bin-mohammed-commends-progress--
initiatives-of-dubai