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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and Chairman of the Dubai Securities and Change Increased Committee, chaired a gathering of the Committee. Throughout the assembly, His Highness acquired a complete briefing on the previous achievements and upcoming key initiatives of the Committee.
Highlighting Dubai’s sturdy dedication, HH Sheikh Maktoum underlined Dubai’s relentless pursuit to deliver to fruition the grand imaginative and prescient of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. He reiterated that Dubai’s ambition to ascertain itself because the epicentre of worldwide finance and safe its place among the many world’s high 4 monetary hubs, is aligned with the Dubai Financial Agenda D33.
His Highness lauded the Committee’s concerted efforts to persistently implement progressive approaches to satisfy present market calls for, stating: “The accomplishments of the Securities and Change Increased Committee in advancing capital markets have performed an important function in fostering progress and consolidating Dubai’s main place on the worldwide monetary stage, aligning with our complete imaginative and prescient for the emirate.”
DFM clocks record-breaking efficiency in 2023
HH Sheikh Maktoum was supplied with a complete overview of the Dubai Monetary Market’s (DFM) noteworthy achievements in 2023. A standout accomplishment was the market’s distinctive efficiency, crossing the 4,000-point milestone for the primary time in eight years. This success was propelled by a major improve in buying and selling actions, heightened capital inflows, and a notable inflow of latest buyers. Moreover, the implementation of varied progressive market initiatives akin to an enhanced digital platform, the introduction of an IPO accelerator programme and the internet hosting of the MENA IPO Summit, which introduced collectively key gamers within the capital market house, additional contributed to this success.
On account of these efforts, the DFM Normal Index (DFMGI) secured the fifth place globally in 2023, surpassing main international markets and attracting 230,000 new buyers since 2022. The market additionally witnessed substantial progress in market capitalisation, rising from AED582 billion on the finish of 2022 to AED688 billion throughout the identical interval in 2023.
With AED34.5 billion in IPO proceeds raised on the DFM and demand surpassing AED1 trillion since 2021, alongside the itemizing of 155 bonds and sukuk valued at AED484 billion on each the DFM and Nasdaq Dubai, Dubai’s capital markets have emerged as an important platform for regional and worldwide entities in search of to boost capital or safe funding for his or her progress and enlargement endeavours.
New initiatives and regulatory measures
His Highness Sheikh Maktoum was additionally briefed on the Committee’s new initiatives launched in 2023 to boost the market depth and liquidity of Dubai’s capital markets. This included collaboration with DFM’s market marker xCube, to enhance market accessibility by way of the introduction of a digital account opening platform.
As well as, DFM targeted on sustainable financing initiatives, launching the Carbon Credit score Buying and selling Pilot programme at COP28, in addition to intensifying efforts to foster the expansion of inexperienced bonds and sukuk issuance, valued at AED27 billion in 2023.
As well as, the Dubai Securities and Change Increased Committee established the Monetary Markets Regulation Enforcement Committee in Dubai. This committee is accountable for formulating processes to watch monetary markets, facilitate enterprise, detect violations and implement legal guidelines, and difficulty native monetary market legislations and incentives to listed corporations in DFM, amongst different obligations.
Key listings drive progress of Dubai capital markets
HH Sheikh Maktoum reviewed the outcomes of the Dubai Monetary Market’s listings from 2022 and 2023. Key listings throughout this era included the AED22.3 billion IPO of Dubai Electrical energy and Water Authority (DEWA), constituting 18% of its issued capital. Moreover, TECOM Group’s IPO, oversubscribed by 21 instances, raised AED1.7 billion. The assembly additionally mentioned different notable listings together with Union Coop, Salik, Emirates Central Cooling Programs Company (Empower), Dubai Taxi, Taaleem Holdings, Al Ansari Monetary Providers, and the upcoming Parkin IPO.
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