Page 86 - SALIK PR REPORT - MARCH 2024

3/14/24, 12:18 PM Maktoum bin Mohammed commends progress, initiatives of Dubai Securities and Exchange Higher Committee – UAE BARQ
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

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.

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