Page 208 - AAE PR REPORT - June 2024

DIFC, which is also home to more than 230 investment banks, all of which are

stimulating capital markets, is driving this growth as an attractive jurisdiction for
incorporation, through its business-friendly approach towards the rule of law, and how
the centre has grown as a venue for global investors, said John Wilkinson, head of
Emerging Markets Equity Capital Markets and managing director of Goldman Sachs.

Dubai’s capital reforms, aligned with best practices have helped create greater
opportunities for investors in different themes of the economy, the DIFC report noted.

The study also factors in the profile of investors based in the region, especially Dubai,
which has attracted a rising number of wealthy individuals and families seeking to
capitalise on investment opportunities.

Arif Amiri, chief executive officer of DIFC Authority, said that driven by the surge in

IPOs, capital markets across the Mena region have experienced remarkable expansion
on the back of reforms aimed at enhancing market infrastructure and fostering greater
foreign and regional investment inflows.

“With its strategic initiatives and robust regulatory framework, DIFC plays a pivotal role

in driving innovation and stimulating growth within the financial sector. Dubai’s IPO
boom underscores the city’s status as a thriving hub for capital markets, and DIFC’s role
in enabling this acceleration through the firms that drive capital markets and provide
advisory services for IPOs will continue to contribute to the dynamic evolution of global
finance,” said Amiri.

“Following two years of moderate IPO activity, 2024 shows signs of a rebound
supported by the postponement of several 2023 deals in anticipation of more favourable
market conditions. According to data published by EY, 51 IPOs took place in 2022,
raising $22 billion, including both family businesses and the public sector,” it said.

The report noted that the privatisation of state-related entities leads to greater economic

diversification, private sector development, and sovereign liquidity creation. “As of
March 2024, Dubai had followed through on six out of the ten government entities it
plans to take public, including Parkin, which was 165 times covered and attracted $71

https://www.khaleejtimes.com/business/markets/soes-fintechs-family-firms-spur-mena-ipo-
boom