Page 64 - AAE PR REPORT - January 2024

1/15/24, 9:18 AM UAE's biggest banks turn apps into stock trade platforms - is this next big battle in financial services? | Banking – Gulf News
The recent past has seen multiple local and international trading platforms catching the

eye of investors in the UAE. It helped that US stocks and markets was starting on one of

their hottest streaks, with the ‘Magnificent 7’ tech stocks leading the way by some
distance. Whether it was Robinhood and the whole craze over ‘meme stocks’, investors

just wanted to be part of it all.

And then, in the UAE, there was the IPO rush, starting with DEWA in April 2022. The
momentum that this set off continues to this day…

All of which adds more retail investors holding stocks than ever before. In 2023 alone,
there were 57,000 new sign ups with DFM.

“The base has been set – and all that UAE banks had to do was make a grab for the

trading action,” said a banker. “They already had the client base, all they needed to do
was elevate their app to take on live action stock trades.

“If they had waited too long, these clients would have migrated to pure-play trading

platforms.”

CHECK OUT THESE DFM, ADX NUMBERS FOR 2023

* ADX's traded value was Dh1.57 trillion in 2023.

* The DFM value was Dh258.1 billion

* ADX's market cap was Dh2.9 trillion.

* The DFM market cap end 2023 was Dh680 billion.

Credit: GCP

As they did on remittances, banks want on stock trades

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