UAE stock markets have hit $1 trillion in market capitalisation, primarily driven by initial public offerings as well as strong earnings, as the Arab world’s second-largest economy continues to grow amid diversification efforts.
The total market capitalisation of the two bourses that make the UAE market is bigger than Milan or Madrid, according to data compiled by Bloomberg. While dwarfed by the nearly $3 trillion Saudi Arabian Tadawul stock market, the UAE is larger than most emerging markets, barring a few like India and China, the data shows.
“The combined value of the UAE's stock markets has reached the significant milestone, with the Abu Dhabi Securities Exchange (ADX) contributing $801 billion and the Dubai Financial Market (DFM) adding $206 billion to this achievement,” George Pavel, general manager at brokerage firm Naga.com Middle East, said. “This growth has been driven by successful IPO activities, increased foreign investment inflows, and notably, strong corporate earnings across key sectors.”
There has been a flurry of listings in Dubai and Abu Dhabi in the past two years on the back of a push from the government to boost liquidity as well as growing investor demand. There are 100 companies listed on the ADX, while on DFM it is 68, according to data provided by the two bourses on Monday.
The strong performance of the UAE's economy amid the expansion of its non-oil sectors as well as investments in technology are also supporting stock markets.
In September, the UAE Central Bank revised its 2024 gross domestic product growth forecast to 4 per cent from the previous estimate of 3.9 per cent in June.
Earlier this year, Microsoft announced a $1.5 billion investment in Abu Dhabi artificial intelligence and cloud company G42 to help it boost G42's global expansion plans.
Abu Dhabi-based technology company MGX, BlackRock, Microsoft and Global Infrastructure Partners have also launched an artificial intelligence infrastructure investment partnership that aims to gather up to $100 billion to enhance the future of AI.
There have also been the listing of technology focused companies including Abu Dhabi-based blockchain and crypto solutions company Phoenix Group, which began trading on the Abu Dhabi Securities Exchange in December following a $370 million IPO.
Strong earnings reported by banks, property developers and other companies have also been boosting the UAE bourse's performance.
Killing of Qassem Suleimani
ENGLAND%20SQUAD
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
More on animal trafficking
Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
