Maktoum Bin Mohammed Reviews Dubai Securities And Exchange Higher Committee's Key Accomplishments In 2024

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who holds multiple key positions in Dubai's governance, recently led a meeting of the Dubai Securities and Exchange Higher Committee. The focus was on reviewing the committee's achievements in 2024 and setting strategic goals to bolster Dubai's status as a leading capital market and global financial hub.

H.H. Sheikh Maktoum highlighted the committee's dedication to implementing innovative strategies that align with the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum. He stated, "We remain steadfast in our efforts to realise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to establish Dubai as the epicentre of global finance and secure its position among the world's top four financial hubs, in alignment with the Dubai Economic Agenda D33."

The Dubai Financial Market (DFM) has seen remarkable growth, with three major IPOs this year: Parkin, Spinneys, and Talabat. These listings highlight Dubai’s attractiveness for public offerings. Since the Higher Committee's inception, DFM has hosted 10 listings, raising over AED43 billion and generating demand exceeding AED1.2 trillion.

For two consecutive years, the DFM General Index has surpassed all regional indices by growing 19 percent. This reflects a strong growth trend in the market. Additionally, DFM’s market capitalisation more than doubled from AED394 billion in 2022 to AED801 billion by early December 2024.

International investors played a significant role in DFM’s trading activities, accounting for 47 percent of it. In 2024 alone, over 132,000 new investors joined DFM, with 85 percent being foreign investors. Notably, 35 percent of these new international investors originated from the Asia Pacific region.

Nasdaq Dubai has also made significant strides by becoming a top venue globally for Sukuk listings based on value and leading regionally in debt instrument listings. It boasts 51 sukuk and bond listings valued at AED360 billion, while fixed income securities totalled AED528 billion.

Virtual Assets Sector Development

The Virtual Assets Regulatory Authority (VARA) continues its efforts to strengthen Dubai’s leadership in virtual assets. VARA is focused on enhancing infrastructure and expanding the virtual asset ecosystem's reach and resilience while ensuring a safe environment for service providers and users.

The committee has been instrumental since its establishment in reinforcing Dubai’s position as a global financial hub. Its initiatives align with broader economic goals to attract global investments and foster innovation across all sectors of the financial ecosystem.

Strategic Initiatives and Projects

The committee's notable achievements include forming the Financial Markets Law Enforcement Committee and establishing VARA alongside a specialised court for securities-related disputes resolution. They have also introduced legislation and incentives supporting local markets and listed companies.

Several projects were launched by the committee such as xCube market maker and trading app, green bonds valued at $27 billion, a carbon credit trading pilot, and an IPO Accelerator programme.

The meeting underscored ongoing efforts to maintain Dubai’s leadership in finance through strategic initiatives that support sustainable economic growth while offering diverse opportunities for investors worldwide.

With inputs from WAM