Skip to content Skip to Search
Skip navigation

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

Latest articles

Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]

Water is handed out to pilgrims in Mecca. Hundreds of pilgrims without a Hajj permit died during extreme heat last week

Egypt shuts down 16 travel companies after Hajj tragedy

Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss.  Hundreds of Egyptians were among 1,301 people who died of exposure to […]

A floating production unit in Israel's Karish gas field in the eastern Mediterranean. Carlyle is creating a new oil and gas company to manage the field

New Carlyle entity to manage East Med gas projects

Carlyle, the Nasdaq-listed private equity company, is creating a new oil and gas company to manage recently-acquired assets in the Mediterranean hydrocarbons market. The new as yet un-named entity will be led by former BP CEO Tony Hayward and will manage a portfolio of gas-weighted exploration and production assets in Italy, Egypt and Croatia, according […]

Spinneys plans to open another 12 stores in Saudi Arabia by 2028

Spinneys opens first Saudi supermarket in Riyadh

Spinneys has opened its first supermarket in Saudi Arabia and is planning a further 12 stores in the country by 2028. The UAE supermarket operator listed on the Dubai Financial Market last month and raised AED1.38 billion ($375.7 million) from its initial public offering, which was oversubscribed almost 64 times. The first Spinneys in Saudi […]