Dubai Financial Market Company (PJSC) revealed its consolidated results for the fiscal year ending on December 31, 2024, showcasing a 24 percent rise in net profit (pre-tax) to AED409.3 million ($111.4 million), up from AED329.6 million ($89.7 million) in 2023. This growth was fueled by strong trading volumes, significant capital inflows, a spike in both retail and institutional investor activity, and continued robust market performance, alongside favorable investment returns.
Strong market position
DFM delivered remarkable results for the period concluding on 31 December 2024, reinforcing its status as the leading financial exchange in the region. The year featured three notably successful IPOs, including talabat’s listing, which emerged as the largest global tech IPO of the year. The DFM General Index experienced a remarkable increase of 27.1 percent, closing at 5,158.67 at year-end—its highest level since September 2014—signifying a remarkable milestone over the past decade. Additionally, Dubai maintained its status as the GCC’s best-performing market for the second consecutive year. This substantial index growth represents the largest annual gain in three years and continues DFM’s upward trend for the fourth consecutive year.
Growth in market capitalization
The year 2024 also witnessed DFM’s market capitalization rise to AED907 billion ($246.9 billion), reflecting a 32 percent increase from AED688 billion in 2023. The Average Daily Trading Value (ADTV) rose by 5 percent, reaching AED423 million, while the total traded value increased by 5.5 percent to AED107 billion.
Board of Directors and dividend proposal
The Board of Directors reviewed and approved the annual results today for ratification at the upcoming Annual General Assembly Meeting. They also proposed a cash dividend of AED256 million, representing 3.2 percent of the capital, and 97 percent of the total retained earnings available for distribution.
Chairman’s remarks on Dubai Financial Market Company performance
Commenting on the exchange’s comprehensive results for the year, H.E. Helal Al Marri, chairman of DFM, stated: “The strong results of DFM reinforce Dubai’s position as a premier destination for global investors and align with the leadership’s ambition to solidify the emirate as the leading international financial hub. As the region’s best-performing capital market, DFM’s consistent growth reflects the strength of Dubai’s vision, its world-class infrastructure, and commitment to creating opportunities for businesses and individuals alike. From record-breaking IPOs to strong trading activity, innovative product launches and influx of foreign investor participation, we will continue to focus on attracting and retaining global capital and creating long-term value for all our stakeholders.”
DFM PJSC reported total revenues of AED632.3 million for the full year of 2024, marking a 15.5 percent increase from the previous year. This revenue comprises AED353.1 million in operating income and AED279.2 million in investment returns and other income. Meanwhile, overall expenses excluding tax amounted to AED223 million, compared to AED217.9 million during the same period in 2023.
CEO’s reflection on achievements of Dubai Financial Market Company
Reflecting on the accomplishments of 2024, Hamed Ali, Chief Executive Officer of DFM and Nasdaq Dubai, remarked: “Our long-term focus on innovation and the success of our strategic initiatives have borne fruit, driving DFM’s strong performance in 2024. This year has been transformative for our business, significantly expanding opportunities for a diverse range of investors and issuers alike.” He added: “DFM’s innovative infrastructure, market initiatives and forward-looking approach position us as a leader in financial markets, strengthening Dubai’s role as a prominent global hub for financial activity.”
Trading and market performance
Demonstrating its highest performance in a decade, the DFM General Index recorded a 27.1 percent increase by the end of December 2024, indicating the largest annual gain in three years. This marks the fourth consecutive year of growth, reflecting strong investor confidence both regionally and globally alongside steady market dynamics.
Surge in investor engagement with Dubai Financial Market Company
Last year, DFM welcomed 138,262 new investors, signifying a remarkable increase of 120.5 percent compared to the 62,676 new investors registered in 2023, with 85 percent of these being foreign investors. Foreign investors contributed 50 percent of the total trading value in 2024, up from 47 percent in 2023, with a market capitalization share of 21 percent at year-end. Furthermore, the exchange observed a significant surge in interest from institutional investors, with their trading share rising sharply to 65 percent compared to 58 percent in 2023, demonstrating the market’s strong appeal to an increasingly diverse investor base.
Dubai’s expanding IPO market
DFM’s IPO market thrived in 2024, featuring three successful listings across family businesses, the private sector, and government-related entities. Public offerings significantly enhanced market activity, with listings from Parkin, Spinneys, and talabat raising AED10.48 billion ($2.85 billion), a substantial increase from AED1.97 billion raised through IPOs in 2023.
Talabat Holding plc, the region’s leading on-demand delivery platform, raised AED7.5 billion via its IPO. The listing attracted considerable demand from both regional and international investors, marking it as the largest global technology IPO of the year. To accommodate the exceptional demand, including substantial anchor orders from global long-term and technology-focused investors, the offering size was expanded during the book-building phase from 15 percent to 20 percent of the company’s total issued share capital.
Spinneys 1961 Holding plc, a premium grocery retailer, also made a notable debut on DFM. The IPO garnered AED71 billion in orders and was oversubscribed by 64 times, making it one of the most sought-after non-government-related IPOs on DFM. The offering raised AED1.38 billion, implying a market capitalization of AED5.51 billion. Similarly, Parkin Company raised approximately AED1.57 billion through its IPO, generating record-breaking demand of AED259 billion and achieving an oversubscription level of 165 times—the highest ever recorded for a DFM IPO.
Hamed Ali added: “The achievements of 2024 reflect the growing depth and maturity of Dubai’s financial markets. The success of landmark IPOs in 2024, coupled with increased trading activity and foreign participation, reinforces Dubai’s appeal as a preferred destination for companies and investors worldwide. Moving forward, we remain focused on creating a transparent and innovative marketplace to drive future growth.”
Read more: Dubai’s talabat shares climb over 7 percent upon listing on DFM
Driving retail investor participation
Retail investor participation on the Dubai Financial Market (DFM) has significantly expanded in 2024, with the retail segment contributing 35 percent of total trading activity last year. This influence was particularly evident in recent IPOs, where retail tranches were increased to meet strong demand: Spinneys raised its retail tranche from 5 percent to 7 percent, while Parkin increased its tranche from 10 percent to 12 percent.
A major factor contributing to this growth has been DFM’s enhancements in accessibility for retail investors through digital platforms and streamlined subscription processes. The upgraded iVestor App, launched in 2024, provides digital financial management for investors, featuring seamless onboarding, direct IPO subscriptions, portfolio management, and dividend tracking. Additionally, the IPO Upgrade Program enables investors to enhance their subscriptions by up to five times through leverage, thereby increasing their potential allocation in IPOs. These initiatives have boosted DFM’s position as a leading hub for retail investor engagement, capturing approximately one-third of total retail IPO inflows.
Strengthening engagement regionally and globally
DFM successfully executed its international investor roadshow in 2024, collaborating with HSBC in London. This event featured 12 top-listed companies with a combined market capitalization of AED326 billion and saw a 20 percent increase in investor engagements compared to previous years.
Moreover, DFM’s marquee event—the second edition of the Capital Market Summit—brought together over 1,000 delegates and 60 distinguished speakers, solidifying its status as the region’s premier gathering for capital markets. The summit included discussions on key topics such as the digital transformation of capital markets, the MENA IPO pipeline and trajectory, venture capital growth, the integration of AI with financial markets, and cross-border stock exchange collaborations within the GCC and globally across Swiss, Shenzhen, and other markets. The summit also introduced ARENA by DFM, a new private platform that streamlines access to capital by connecting investors with opportunities in diverse assets, including private equity and private debt, with plans to introduce additional asset classes.
