The Dubai Financial Market Company announced its consolidated results for the financial year ending on December 31, 2023, which witnessed it achieving a 124 percent increase in net profits compared to the previous year, reaching 329.4 million dirhams (about 90 million dollars), compared to its value of 147.1 million dirhams (about 40 million dirhams). million dollars) in 2022.
The Dubai Financial Market concluded 2023 with great success, driven by a significant increase in trading activities and capital flow, an increase in the number of new investors, in addition to improvements to the digital platform, the launch of the initial public offering accelerator program, and many innovative market initiatives.
During the Board of Directors meeting, the annual results were discussed and approved, to be subsequently presented for approval during the annual ordinary general assembly.
The Board of Directors recommended distributing cash dividends to shareholders in the amount of 280 million dirhams, representing 3.5 percent of the capital and 95 percent of the total profits reserved for distribution.
After the Board of Directors meeting, Helal Al Marri, Chairman of the Board of Directors of the Dubai Financial Market, said: Throughout the year 2023, the market witnessed distinguished achievements that demonstrated the market’s advantages represented in its ability to adapt and innovate in line with the objectives of the Dubai Economic Agenda D33.
He pointed to the market's pivotal role in enhancing the economic growth process and consolidating Dubai's position as a global center for capital, stressing the market's commitment to adaptation, flexibility and wisdom with the aim of contributing to Dubai's continued successes and enhancing its leading global position in the financial sector. The Dubai Financial Market is considered one of the best performing stock exchanges in the world after its general index rose by 21.7 percent, while the Dubai Financial Market Company achieved total revenues amounting to 541.6 million dirhams in 2023, which represents an increase of 54 percent over the total revenues of last year 2023, which amounted to 351.2 million dirhams, which included revenues worth 346.2 million dirhams from operational operations, and 195.4 million dirhams from investment returns and other revenues. While total financial expenses amounted to 212.2 million dirhams, compared to 204.1 million dirhams during the same period last year, ending in December. 2022.
During the last quarter of 2023, the Dubai Financial Market achieved total profits of 143.2 million dirhams, confirming its continued strong financial performance, compared to 58.1 million dirhams during the corresponding period of 2022.
Total revenues during this period amounted to 204 million dirhams, exceeding the total revenues of the last quarter of 2022, which amounted to 113.4 million dirhams.
The tremendous response from investors also contributed to the oversubscription reaching 163 billion dirhams, thus confirming the market's great attractiveness and growing flexibility.
In addition to the success achieved through new listings, the year 2023 witnessed important achievements for the Dubai Financial Market, represented by the success of the Initial Public Offerings Summit in the Middle East and North Africa region and the launch of the IPO Accelerator Programme, as they are among the important steps in the Dubai Financial Market’s journey as one of the stock exchanges. A leading global initiative that contributed to directing the entire infrastructure for initial public offerings and developing the market’s vision of the IPO process.
During the year, the Dubai Financial Market focused its attention on responsible financing, through its participation in sustainable financing initiatives, and the market launched a pilot platform for trading carbon credits during the United Nations COP28 climate change conference.
This initiative aims to motivate issuers to contribute to achieving the sustainability goals for the year 2050, and to demonstrate the Dubai Financial Market’s commitment to creating a positive environmental impact by launching innovative programs in this field.
Also last year, the Dubai Financial Market witnessed a significant growth in its market value, which rose from 582 billion dirhams by the end of 2022 to reach 688 billion dirhams during the same period in 2023.
The distribution of market capitalization sectors is largely consistent with the mix of Dubai’s GDP, which includes the financial sector by 41 percent, the utilities sector by 22 percent, the real estate sector by 17 percent, the industrial sector by 15 percent, and the communications services sector by 3.4 percent, while other sectors contributed. Such as consumer goods in the remaining percentage.
The Dubai Financial Market concluded the year 2023 with a strong increase in trading value by 12 percent compared to 2022, reaching 101 billion dirhams, and the general index of the market rose by 21.7 percent, achieving positive growth that places it among the best performing financial markets in the world.
The Dubai Financial Market introduced futures contracts to its general index, which includes the most liquid, important and influential companies in the market. Trading futures contracts allows investors to benefit from one of the best performing indices in the world, which supports diversification and increases hedging opportunities for both individual and institutional investors, thus enhancing market movement and liquidity. .
The Dubai Financial Market launched the combined accounts mechanism for storing securities, as part of its efforts aimed at strengthening its commitment to innovation and facilitating access to the market.
This strategic step serves as a gateway for international investors to access a variety of investment opportunities, thus enhancing their participation in the diverse investment portfolio of the Dubai Financial Market.
Moreover, in cooperation with xCube, the Dubai Financial Market has taken steps to enhance access to the market by providing an electronic platform to open a trading account instantly, which in turn provides seamless access to trading operations, direct participation in public offerings, and provides advanced tools to monitor the market in real time. Which provides investors with an effective and simplified investment journey.
Against the backdrop of the growing interest of international investors in the capital markets in Dubai, the Dubai Financial Market focused during the year 2023 on communicating with investors to enhance the market’s leading position as a leading global exchange.
The Dubai Financial Market succeeded in organizing four rounds of the Global Investors Conference, which included prominent global financial centers such as London and Singapore, and two versions of the conference in New York, and enjoyed widespread participation and many meetings with institutional investors and global investment funds.
It is worth noting that the last investor conference in New York, which was held in November 2023, recorded 82 individual meetings in which senior representatives of 45 international investment funds participated.
Such unique conferences provide valuable insight and directly contribute to increased investor participation in the Dubai Financial Market. Throughout 2023, foreign investors maintained their strong presence in the Dubai Financial Market, owning 47 percent of the total value of trades, with a purchase total of 5.1 billion dirhams. By the end of the year, investors’ share of the market value reached 20 percent, and investment institutions accounted for 58 percent of the trading value. The Dubai Financial Market also strongly attracted a number of new investors, whose number reached 62,676 new investors, of whom 73 percent Of foreign investors, bringing the current investor base in the market to over one million investors from more than 200 nationalities, which confirms the success of the ongoing digital transformation journey in the Dubai Financial Market.
