Maktoum bin Mohammed reviews Dubai Securities and Exchange Higher Committee’s 2024 Plan
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance of the UAE, and Chairman of the Dubai Securities and Exchange Higher Committee, led a meeting to review the committee’s accomplishments in 2024 and discuss future projects.
In the meeting, Sheikh Maktoum emphasized the continuous efforts to establish Dubai as a global financial center, aligning with the vision of Sheikh Mohammed bin Rashid Al Maktoum. The goal is to position Dubai among the world’s top financial hubs, as outlined in the Dubai Economic Agenda D33.
Acknowledging the Committee’s innovative approaches to keep up with developments, Sheikh Maktoum praised Dubai’s leadership in financial innovation and investments. The focus is on creating a dynamic financial ecosystem that provides diverse opportunities and boosts investor confidence while driving sustainable growth.
Highlighted in the discussion were the successful IPOs of Parkin, Spinneys, and Talabat, the largest private sector IPO in the UAE. These IPOs showcase Dubai’s attractiveness as a premier market for public listings. Since its establishment, the DFM has hosted ten listings, raising over AED43 billion and generating demand exceeding AED1.2 trillion.
The DFM General Index outperformed regional indices for the second year, growing by 19%. The market capitalization also doubled from AED394 billion in 2022 to AED801 billion by early December 2024. 47% of trading activity on the DFM came from international investors, with over 132,000 new investors in 2024, most of whom were foreign investors. Notably, 35% of new international investors were from the Asia Pacific region.
Nasdaq Dubai leads in Sukuk listings globally, with 51 listings of sukuk and bonds totaling AED360 billion. About 45% of issuers were from outside the UAE, including sovereign issuance from China, Hong Kong, Indonesia, Turkey, the Philippines, and the Maldives.
The Virtual Assets Regulatory Authority (VARA) is also working to strengthen Dubai’s leadership in the virtual assets sector by enhancing infrastructure and ensuring safety and innovation for service providers and users.
The Dubai Securities and Exchange Higher Committee has played a crucial role in positioning Dubai as a global financial hub, supporting the emirate’s vision to attract investments, foster innovation, and drive sustainable growth. Initiatives include establishing the Financial Markets Law Enforcement Committee, VARA, a specialized court for securities-related disputes, legislation for market support, and projects like the xCube market maker, green bonds, and sukuk, carbon credit trading pilot, and the IPO Accelerator program.
