Finance Market cap of UAE stock markets top $1trn in 2024 By Pramod Kumar January 1, 2025, 8:33 AM Alamy via Reuters The total volume of shares traded exceeded 142 billion on the ADX and the DFM in 2024 The combined market capitalisation of the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) exceeded AED3.91 trillion ($1.06 trillion) in 2024, compared to AED3.65 trillion at the end of 2023. Growth was driven by a robust economy, foreign investments, and initial public offerings (IPOs), the UAE state-run Wam news agency reported. The ADX saw its market cap grow to just under AED3 trillion at the close of the market on December 31, 2024, compared to AED 2.96 trillion at the end of 2023. The DFM also boosted its market capitalisation to AED907 billion at the end of 2024, compared to AED687 billion a year earlier. Dubai index falls from 10-year peak but remains bullish UAE retailer Union Coop explores going public Gulf investors must look out for the American ‘bubble’ The local markets recorded a total trading value of more than AED449 billion last year, with AED342 billion on the ADX and AED107 billion on the DFM. The total volume of shares traded exceeded 142 billion, with 90 billion traded on the ADX and 52 billion on the DFM. Gulf IPOs raised $12.1 billion in 2024 as companies across myriad sectors, including retail, healthcare, energy and financial services, went public, deepening the region’s stock markets. There were 48 IPOs in the six GCC countries this year: 38 in Saudi Arabia, seven in the UAE, two in Oman and one in Kuwait, according to data from the London Stock Exchange.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 2 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 3 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 4 hours ago
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] 4 hours ago
