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UAE stock markets surge $60bn in value in H1 2023

DFM's pilot carbon credit programme for institutional investors starts on December 4 Wam
DFM's pilot carbon credit programme for institutional investors starts on December 4

The market value of UAE stock exchanges rose by AED220 billion ($59.89 billion) in the first six months of 2023 to AED3.43 trillion, boosted by higher demand from foreign investors and new listings.

Four new listings boosted the market value of the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), the UAE state-owned WAM news agency reported.

The listings include Adnoc Gas, Presight AI and Adnoc Logistics and Services on the Abu Dhabi bourse, while Al Ansari Financial Services debuted on the DFM.

The ADX accounted for AED2.77 trillion, while the DFM accounted for AED652.1 billion of the total market value.

In the first half, trading activities on the local stocks stood at more than AED218 billion, of which AED171.6 billion went to the ADX and AED 46.4 billion to the DFM.

The total number of shares traded was 53 billion, split between 27.6 billion in Abu Dhabi and 25.4 billion in Dubai. Both markets completed over 2.5 million transactions during the first half.

Last year, 71 IPOs were completed in the Middle East for a combined transaction value of more than $25 billion, according to S&P Global Market Intelligence. That compares with $15 billion from 87 offerings in 2021. 

Government-related entities are likely to dominate offerings in the year ahead.

The DFM reported net profit of AED147.1 million for 2022, a year-on-year increase of 41.7 percent, as revenue rose 19 percent to AED351.2 million.

The bourse in April announced that profit for the first three months of 2023 rose 30 percent year-on-year to AED35.6 million, on the back of revenue rising 13 percent to AED88.9 million.

The DFM attracted 14,635 new investors, of which 78 percent were foreign investors from 215 countries. Institutional investors accounted for 68 percent of the value of trades.