Page 39 - AAE PR REPORT - January 2024

1/31/24, 9:51 AM DFM's Net Profit Surges 124% In 2023 To $89.7M
Investor appetite

Foreign investors contributed to 47% of DFM’s trading value in 2023 with net purchases

totaling $1.4 billion (AED 5.1 billion) while institutional investors accounted for 58% of the

company's trading value.

Foreign investors' market capitalization share stood at 20% at the close of the year, DFM's

statement showed.

Dubai's growing investor demand comes despite the UAE's soaring debt. The size of

the UAE Debt Capital Market (DCM) rose by 10% year on year to $270 billion outstanding

at end-2023 and is forecasted to cross $300 billion in 2024-2025, Fitch Rating said last

week.

IPO landscape

In 2023, DFM brought two highly successful offerings from Dubai Taxi Company

(DTC) and Al Ansari Financial Services, which together raised $544.5 million (AED 1.9

billion) in 2023, boosting the company's overall growth.

The overwhelming investor demand for both the IPOs led to an oversubscribed value of

$44.4 billion (AED 163 billion).

Strong growth in the GCC countries contributed to positive IPO market conditions in the

region despite a global slowdown, marked by high interest rates, inflation and geopolitical
tensions.

Approximately two-thirds of all GCC IPOs saw their share price increase post IPO, a PwC

report showed.

https://www.forbesmiddleeast.com/money/markets/dfm-reported-124-increase-in-2023-net-profit-to-%24897m-on-strong-capital-inflows 3/3