Page 94 - SALIK PR REPORT - MARCH 2024

3/14/24, 12:18 PM Dubai Securities And Exchange Committee's Progress And Initiatives Lauded - OneArabia

2023 has been a landmark year for the Dubai Financial Market (DFM), as highlighted during the meeting. Notably, the

DFM surpassed the 4,000-point mark for the first time in eight years, driven by an upsurge in trading activities, capital
inflows, and a surge in new investors. The introduction of innovative market initiatives, including an enhanced digital

platform and an IPO accelerator programme, alongside hosting the MENA IPO Summit, were pivotal in achieving this

success.

The DFM General Index (DFMGI) clinched the fifth position globally in 2023, outperforming major markets and attracting

230,000 new investors since 2022. Market capitalisation also saw significant growth, escalating from AED582 billion at
the end of 2022 to AED688 billion in 2023. With AED34.5 billion raised in IPO proceeds on the DFM and demand

exceeding AED1 trillion since 2021, Dubai's capital markets have become a crucial hub for entities seeking funding.

In 2023, several new initiatives were introduced to enhance market depth and liquidity. These included collaboration
with DFM’s market maker xCube to launch a digital account opening platform and initiatives aimed at promoting

sustainable financing. The Carbon Credit Trading Pilot programme launched at COP28 and efforts to boost green bonds

and sukuk issuance are notable examples.

Furthermore, the establishment of the Financial Markets Law Enforcement Committee in Dubai aims to oversee

financial markets more effectively. This committee is tasked with monitoring financial activities, facilitating business

operations, detecting violations, enforcing laws, and issuing local financial market legislations.

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