Page 84 - SALIK PR REPORT - MARCH 2024

Dubai’s leading position on the global financial stage, aligning with our
comprehensive vision for the emirate.”
DFM clocks record-breaking performance in 2023
HH 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 AED582 billion at the end of 2022 to AED688 billion
during the same period in 2023.
With AED34.5 billion in IPO proceeds raised on the DFM and demand surpassing
AED1 trillion since 2021, alongside the listing of 155 bonds and sukuk valued at
AED484 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
His Highness 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
HH 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% 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.

https://vividdubai.com/2024/03/13/maktoum-bin-mohammed-commends-progress-and-
initiatives-of-dubai-securities-and-exchange-higher-committee-emirates-247/