The Dubai Financial Market (DFM) concluded 2024 on a high note, with its general index (DFMGI) rising 27.1% over the year—reaching its highest level since September 2014. Market capitalization increased 32% year-on-year to AED 907 billion (USD 247 billion), up from AED 688 billion (USD 187.3 billion). Average daily trading values grew by 5% to AED 423 million (USD 115.2 million), and total traded value expanded by 5.5% to AED 107 billion (USD 29.1 billion). Notably, retail investors accounted for 35% of the total trading volume.
DFM’s net profit for 2024 was AED 409.3 million (USD 111.4 million), up from AED 329.6 million (USD 89.7 million) in 2023. Investor participation surged, with 138,262 new investors—an increase of 120.5%—of whom 85% were foreign nationals.
Much of the market’s expansion was fueled by three high-profile IPOs: Parkin, Dubai’s main parking operator, which raised AED 1.57 billion (USD 427.5 million); supermarket chain Spinneys, which secured AED 1.38 billion (USD 375.4 million); and Talabat, the Delivery Hero-owned food delivery company, which brought in AED 7.5 billion (USD 2 billion). Together, the three IPOs raised around AED 10.48 billion (USD 2.8 billion), far outpacing the AED 1.97 billion (USD 536 million) raised from IPOs in 2023.
DFM has been strengthening its global connections, particularly with China. In 2023 and 2024, it signed memoranda of understanding with the Shanghai Stock Exchange (SZSE) and the Shenzhen Stock Exchange (SSE) to foster closer collaboration and explore cross-border opportunities.
In July 2024, further international recognition came when the Hong Kong Stock Exchange (HKEX) added DFM to its list of recognized stock exchanges, opening the door for DFM-listed companies to pursue secondary listings in Hong Kong.
These closer ties have already boosted capital flows. In November 2024, China’s Ministry of Finance issued USD 2 billion in bonds on Nasdaq Dubai, reinforcing the financial linkages between the UAE and China.
Despite these developments, no Chinese companies have yet chosen to dual-list on DFM, nor have UAE companies taken steps to pursue listings in China.
Looking ahead, DFM’s board has proposed a cash dividend of AED 256 million (USD 69.7 million)—equivalent to 97% of its total retained earnings available for distribution.
“The achievements of 2024 reflect the growing depth and maturity of Dubai’s financial markets,” said Hamed Ali, CEO of DFM and Nasdaq Dubai. “Landmark IPOs in 2024, coupled with increased trading activity and foreign participation, reinforce Dubai’s appeal as a preferred destination for companies and investors worldwide.”
Currency conversions are based on the fixed exchange rate of USD 0.2723 per AED 1.