Page 98 - SALIK PR REPORT - MARCH 2024

3/14/24, 12:19 PM Dubai IPOs raised $9.4bn in the past three years amid continued economic boom
best performer globally last year, the Dubai Media Office said on Wednesday, citing a briefing
by the committee.

The DFM General Index, delivered “exceptional performance”
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last year, crossing the 4,000-point mark for the first time in
Can GCC markets sustain the IPO
momentum in 2024? eight years, the committee briefed Sheikh Maktoum bin
Mohammed, Deputy Prime Minister, Minister of Finance and
Parkin IPO: Dubai company could First Deputy Ruler of Dubai, during the meeting.
raise up to $430 million in DFM
listing “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,” Sheikh Maktoum, who also
chairs the higher committee, said.

A significant increase in trading activities, a rise in capital inflows and an influx of investors
drove the record performance of the emirate’s bourse.

The DFM, which surpassed major global markets last year, has attracted 230,000 new
investors since 2022, which improved its capitalisation to Dh688 billion at the end of last year,
up from Dh582 billion, recorded a year earlier, according to the media office statement.

The DFM, like its peers in the six-member economic bloc of GCC, has performed well over the
past two years, driven by continued economic momentum in the emirate’s economy and a
flurry of public listings by private and state-owned companies.

Companies in the wider region raised $10.79 billion in IPOs last year, investment strategy and
research company Kamco data showed.

The UAE, the Arab world's second-largest economy, topped in terms of the funds raised last
year in the GCC through IPOs. Issuers secured $6.07 billion from eight listings on UAE
exchanges, accounting for about 56.3 per cent of total proceeds, according to Kamco.

The positive performance of most of the listed stocks is also expected to encourage more firms
to list this year.

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