Dubai Financial Market at highest point in nearly eight years

The Dubai Financial Market, a stock exchange located in Dubai, United Arab Emirates (UAE), reached its highest point in nearly eight years on Wednesday.

The Dubai Financial Market, founded in 2000, crossed the 3,987 level on 13 July 2023, the highest point since August 2015. It is up nearly 20 per cent so far this year. The UAE gained the confidence of the investors this year. People invested in the UAE’s capital markets.

Reportedly, the UAE capital attracted $3 billion worth of listing proceeds in the first quarter of 2023. On Monday, Dubai’s DFMGI (Dubai Financial Market General Index) increased 0.4%, the highest in nearly 8 years, led by a 4.2% jump in Emirates Central Cooling Systems Corp (EMPOWER.DU), as reported by Reuters.

Abu Dhabi Securities Exchange, a stock exchange in Abu Dhabi, United Arab Emirates, was the best-performing market in the GCC (Gulf Cooperation Council), for a second consecutive year in 2022.

ADNOC Gas Processing, a natural gas producing company and the largest gas processing complex in Abu Dhabi, raised about Dh9.1 billion from the sale of a 5 per cent stake. Abu Dhabi, the capital of the UAE, accounted for 14 per cent of all listings across the world during the first three months of 2023.

According to experts, GCC markets continue to show positive results amid volatile global financial markets. Analysts also lauded the UAE Capital market. EY said in its Global IPO Trends report that the result looks positive for the rest of 2023. 

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Manpreet Gill, chief investment officer for Africa, Middle East and Europe at Standard Chartered’s wealth management unit, said, “Economic growth in the non-oil sector is likely to remain a key bright spot.”

Last year, the GCC countries dominated global initial public offering activity. According to experts, GCC raised about $21 billion of the $91 billion raised in all IPOs worldwide last year.