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The total market cap of listed shares in Dubai and Abu Dhabi rose 13.8% y-o-y in 2023to AED 3.651 tn (USD 990 bn), Sky News Arabia reports.
Breaking it down: AED 2.963 tn of the listed shares were on the Abu Dhabi Securities Exchange (ADX), while AED 687.5 bn were on the Dubai Financial Market (DFM).
The market was in full swing: Overall stock market liquidity stood at AED 420.9 bn in 2023, with AED 319.8 bn in the ADX, and AED 101.06 bn in the DFM. Approximately 110.6 bn shares traded hands throughout the year, with 58.2 bn on the ADX and 52.4 bn on the DFM, all carried out through 5.4 mn transactions.
Dubai’s victory lap: Dubai’s index wrapped 2023 up 21.8% y-o-y, after reaching its highest point in nearly eight years back in early October, Reuters reports. Dubai’s gains were heavily supported by Emaar’s solid run in 2023, with the blue chip developer closing 2023 up 35.2%, and attracting liquidity of about AED 22.7 bn. Emirates NBD also played a part, posting a 33.1% gain for 2023, reported Reuters.
Breaking its two-year streak, the Abu Dhabi index recorded a 6.2% dip in 2023, with 1Q 2023 registering the highest losses in nine years, Reuters reported, citing LSEG data. “The Abu Dhabi stock market was more volatile than its [Dubai] counterpart and was affected by the uncertainty and rapid changes in the oil markets’ conditions,” Dubai-based KAMA Capital’s CMO Abdelhadi Laabi told Reuters.
2024 is looking bright: “Saudi Arabia and the UAE appear particularly promising from an economy and markets perspective,” CIO and head of asset management at Al Mal Capital Faisal Hassan told The National. “The region will continue to see a strong pipeline of [initial public offerings], which will increase the breadth of the markets.”
REMEMBER- The UAE led the GCC’s IPO market by value in 2023, with four IPOs in the first nine months worth a combined value of USD 3.9 bn, Zawya reported previously. Prominent listings on the ADX feature ADNOC Gas with a valuation of AED 182 bn and Pure Health at around AED 36.2 bn, Sky News Arabia reports. The DFM also saw strong listings, including Al Ansari Financial Services valued at AED 7.73 bn and Dubai Taxi at around AED 4.6 bn.
