Page 91 - SALIK PR REPORT - MARCH 2024

3/14/24, 12:18 PM Maktoum bin Mohammed commends progress and initiatives of Dubai Securities and Exchange Higher Committee - Busine…
Highlighting Dubai's strong commitment, HH Sheikh Maktoum underlined Dubai’s relentless pursuit to bring to
fruition the grand vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime
Minister of the UAE and Ruler of Dubai. 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.

His Highness 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

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

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