Dubai’s IPO haul hits Dhs34.5bn in three years

Dubai’s IPO haul hits Dhs34.5bn in three years

Image courtesy: Francois Nel/ Getty Images Initial public offerings (IPOs) in Dubai raised a record $9.4bn (Dhs34.5bn) since 2021, as privatisations and monetisation initiatives, stock market rallies and soaring energy prices are ensuring that investor demand for share sales in the emirate remains high. The Dubai Securities and Exchange Higher Committee said investor demand for IPOs over the past three years reached more than Dhs1tn. Dubai Financial Market’s (DFM) robust IPO momentum propelled its general index to the fifth position globally in 2023, attracting 230,000 new investors since 2022, according to the state-run Dubai Media Office. The DFM General Index, delivered “exceptional performance” last year, crossing the 4,000-point mark for the first time in eight years. The index’s performance is attributed to a surge in trading activities, heightened capital inflows, and a notable influx of new investors. “The accomplishments of the committee in advancing capital markets have played a crucial role in fostering growth and consolidating Dubai’s position on the global financial stage, aligning with our comprehensive vision for the emirate,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE. Sheikh Maktoum