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New investors joining DFM rise 13% in 2023

Drake & Scull's trading ceased in November 2018 when the company disclosed losses exceeded 75 percent of its capital Wam
Drake & Scull's trading ceased in November 2018 when the company disclosed losses exceeded 75 percent of its capital

The number of new investors at the Dubai Financial Market (DFM) increased 12.5 percent year on year to 57,054 in 2023.

The growth was driven by several factors, including the strong momentum in the market following the listing of government and semi-government companies and the increasing popularity of online trading, the UAE state-run Wam news agency reported, citing data issued by the DFM.

December saw the largest spike of 184 percent year on year, with 6,088 new accounts opened. This was due to the strong demand from investors for the initial public offering (IPO) of the Dubai Taxi Corporation.

A total of 29 brokerage firms executed over 3.83 million transactions in 2023, a 32.7 percent increase compared to 2.88 million in 2022.

In October 2023, DFM reported a 109 percent rise in net profit to AED186.2 million ($50.69 million) in the first nine months of the year, compared to AED89 million a year earlier.

The profit was driven by a significant increase in trade volume and value, as well as an influx of new investors.

Revenue increased by 48 percent to AED351.8 million in the year to September 2023 from AED237.8 million a year ago.

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