The Dubai Financial Market (DFM) recently announced its consolidated financial results for the first nine months of 2024, revealing that net profit, before tax, rose to AED298.7 million ($81.32 million), marking a significant 60 percent increase over the same period in 2023.
During the first nine months of the year, DFM also recorded a 29 percent rise in total consolidated revenues, reaching AED460.3 million, compared to AED356 million in the same period last year.
Operating income contributed AED245.5 million, while investment returns and other income added AED214.8 million. Meanwhile, total expenses, excluding tax and provisions, reached AED161.6 million, up from AED155.5 million in the same period of 2023.
“The consistent growth of new investors and the strong performance of the DFM General Index demonstrates the confidence that both local and international investors have in Dubai’s thriving financial ecosystem,” stated Helal Saeed Al Marri, chairman of DFM.
Foreign investor numbers surge
DFM attracted 91,151 new investors in the first nine months of 2024, 85 percent of whom were foreign, underscoring the exchange’s global appeal. Foreign investors contributed 49 percent of the total trading value during this period, with net purchases by foreign investors amounting to AED1.5 billion ($408.3 million).
The growing participation of foreign investors, alongside significant contributions from institutional investors, reiterates DFM’s role as a leading financial hub. Institutional investors accounted for 65 percent of the total trading value during the period.
“Dubai continues to solidify its status as a dynamic financial hub, benefiting from the city’s growth as a destination for global talent and wealth. As a strategic pillar of Dubai’s economic landscape, DFM contributes to the emirate’s vision of global leadership, driving forward key industries and creating a vibrant, sustainable market environment that propels economic growth,” added Al Marri.
DFMGI soars to 10-year high
Outpacing regional markets, the DFMGI surged by 10.9 percent, closing at 4,503.48 points during the first nine months of 2024, reaching the highest level since 2014. The total number of trades during the first nine months of the year reached 1.7 million, marking a 20 percent increase compared to the same period last year. However, the total trading value declined by 6 percent to AED72.7 billion ($19.79 billion).
‘‘DFM’s performance over the first nine months of 2024 is a reflection of our strategic priorities and the strength of our market positioning. Our focus on product innovation and strategic partnerships has been instrumental in enhancing liquidity and facilitating cross-border trading activities,” stated Hamed Ali, CEO of DFM and Nasdaq Dubai.
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DFM-listed companies’ market cap hits $206.10 billion
By the end of September 2024, the market capitalization of DFM-listed companies reached AED757 billion. The sector composition reflects a diverse market, with financials leading at 42 percent, followed by utilities at 20 percent and real estate at 18 percent.
Other sectors, including industrials and communication services, contribute to the marketplace’s breadth, while sectors like consumer staples, consumer discretionary, and materials represent niche segments. This sector distribution highlights DFM’s ongoing efforts to diversify its market offerings and underscores the potential to attract more companies from underrepresented industries, further enhancing the depth and appeal of Dubai as a leading capital market.
“Moving forward, DFM remains committed to harnessing new technologies and broadening our marketplace offerings to ensure we continue delivering value to our stakeholders,” added Ali.
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