Dubai Financial Market (DFM) has reported a substantial 74% increase in net profit before tax
for the period ending June 30, 2024, reaching AED 195.4 million. This remarkable growth
reflects a significant uptick in trading activity, higher trade values, and an influx of new
investors.
In the first half of 2024, DFM experienced a surge in trading activity, with the total number of
trades rising by 22% to 1.07 million. The total trading value also increased by 4% to AED 48
billion. However, the DFM General Index saw a marginal decline of 0.73%.
DFM’s total consolidated revenue grew by 40% to AED 305.7 million, up from AED 218.1
million in the same period of 2023. This revenue includes AED 154 million from operating
income and AED 151.7 million from investment returns and other income. Total expenses,
excluding tax, rose to AED 110.3 million compared to AED 106 million in H1 2023.
Commenting on the performance, H.E. Helal Saeed Al Marri, Chairman of DFM, stated, “We are
proud to report a robust performance in the first half of 2024, reflecting the solid foundation
we’ve built. The success of our Capital Market Summit underscores our commitment to fostering
a dynamic marketplace that encourages global dialogue and collaboration. We will continue to
deliver value for our stakeholders by focusing on innovation, strengthening our infrastructure,
and diversifying our services and products. These efforts reinforce the exchange’s position as a
leading financial market in the region, solidifying Dubai’s stature as a key player on the global
financial stage.”
The DFM attracted 72,583 new investors in the first half of 2024, with 85% coming from foreign
countries. Institutional investors accounted for 66% of the trading value, with net purchases by
foreign investors totaling AED 1.2 billion. The annual roadshow in London, in collaboration
with HSBC’s GCC Exchanges Conference, highlighted investment opportunities in Dubai’s
capital markets, featuring 14 leading issuers with a combined market capitalization of AED 326
billion. The event facilitated 90 meetings, resulting in over 270 interactions, offering global
investors exclusive insights into the region’s investment opportunities.
DFM achieved significant success with its IPO listings in the first half of 2024. In March,
Dubai’s parking operator Parkin surged over 30% upon its public debut, achieving an
unprecedented oversubscription level of approximately 165 times for all tranches combined. In
May, Spinneys, a premium grocery retail operator, also went public with its offering
oversubscribed by 64 times, attracting significant interest from retail investors.
DFM also announced several market initiatives to drive growth and innovation. In May, it
launched ARENA by DFM, an innovative platform for IPOs designed to facilitate growth
opportunities for both companies and investors. Additionally, DFM introduced the enhanced
iVestor App, empowering investors with cutting-edge digital tools for financial management.
The market capitalization of DFM-listed companies stands at AED 679 billion in H1 2024,
reflecting Dubai’s diverse GDP mix. The sector distribution by market capitalization includes
Financials at 42%, Utilities at 20%, Real Estate at 18%, Industrials at 13%, Communication
Services at 4%, with other sectors, including Consumer Staples, making up the remainder.
Hamed Ali, CEO of DFM and Nasdaq Dubai, remarked, “DFM’s steady growth in the first half
of 2024 is a testament to our strategic initiatives and the confidence of our investors. Our
commitment to innovation is driving new opportunities for both companies and investors, as
exemplified by the announcement of ARENA and the enhanced iVestor App. The success of
public listings from both government and private entities highlights the depth and resilience of
our markets. Additionally, the increase in our foreign investor base can be attributed to the
success of our international roadshows, showcasing global appeal and robust investment
opportunities within Dubai’s financial markets. We look forward to continuing this momentum
and unlocking new opportunities for our stakeholders.”
The first half of 2024 has solidified DFM’s position as a dynamic and growing marketplace,
poised to continue its trajectory of success in the global financial arena
