Wali Khan, a UAE-based Pakistani telecoms engineer, has been investing in Emirates' stock markets for the past four years.
Mr Khan is one among a growing wave of new investors who have flocked to the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) – the two main stock markets in the UAE – over the past few years.
The robust momentum of the initial public offerings, attractive valuations as well as the visibility on healthy dividend payouts from listed companies are among some of the reasons that have helped in expanding the investor base in the Arab world's second-largest economy.
The DFM, home to the largest capitalised property developer Emaar Properties and Dubai's biggest bank Emirates NBD, attracted 72,583 new investors in the first six months of 2024. Trading activity rose significantly along with trade values of stocks on the bourse amid continued economic momentum in the emirate.
The Abu Dhabi Securities Exchange, the second-largest Arab stock market by market value, welcomed 50,000 new investors last year. Trading volume climbed 37 per cent year-on-year while the foreign ownership of ADX-listed companies rose by 35 per cent on an annual basis, according to the latest ADX data.
The continuing momentum of listings in the UAE perhaps is the biggest lure for investors in recent quarters. Companies raised $890 million through IPOs in the second quarter of this year alone, according to PwC's quarterly IPO Watch report.
Bourses in the other states of the six-member bloc of GCC have seen a similar rise in listing activity as well as stronger investor interest.
Saudi Arabia's Tadawul, the biggest Arab bourse, which is home to companies like the world's top oil producer Saudi Aramco and financial institutions including Saudi National Bank and Al Rajhi Bank, led in the volume of IPO deals in the second quarter. Companies in the kingdom raised an aggregate of $1.6 billion, or 61 per cent of the total IPO activity recorded, during the period, according to the PwC report.
Lower valuations of listed companies, compared to some of their peers in other emerging markets, in the UAE have also encouraged investors like Mr Khan to invest across sectors.
He is currently invested in stocks including Emaar and budget airline Air Arabia, with the combined value of his portfolio of UAE stocks at Dh60,000 ($16,337).
“The UAE has been proactive in its economic diversification efforts. These initiatives have not only strengthened the local economy but also increased the appeal of UAE stocks as part of a diversified investment portfolio,” he says.
“The country has a well-regulated financial market. Its robust infrastructure, coupled with government policies that encourage foreign investment, further bolsters my confidence in the long-term prospects of its stock market.”
Investing in UAE stocks has become increasingly straightforward due to the range of brokerage options. Additionally, many banks in the UAE now offer services that allow you to invest directly in both the DFM and the ADX.
The government, as well as the markets regulator in the UAE, has also taken steps to make the country's markets more attractive to investors. The government has taken measures to boost liquidity and is encouraging more companies to list on the market to broaden investment options for investors.
Through initiatives such as the Dh5 billion IPO Fund, Abu Dhabi is trying to support private sector companies across sectors to list on the ADX.
In 2021, Dubai established a Dh2 billion market maker fund to provide liquidity and encourage listings from private companies in sectors such as energy, logistics and retail.
The government aims to expand the size of the emirate's financial market to Dh3 trillion.
Companies including Parkin, Salik, Tecom, Empower, Dubai Taxi Company, Al Ansari Financial Services, Pure Health, Spinneys, Alef Education, Adnoc Gas and Investcorp Capital have already listed their shares on the UAE bourses in the past two years.
The attractive dividend policies of these companies and the forward guidance they have provided on payouts are also a major draw for investors.
In June, Adnoc Drilling announced that its dividends will grow by at least 10 per cent per annum on a dividend-per-share basis until 2028, providing investors guidance on payouts they will receive in the future if they choose to invest in the company's stock.
Similarly, Adnoc Logistics & Services said it aims to increase dividends by a minimum of 5 per cent every year, while Adnoc Distribution's dividend policy for 2024-2028 sets an annual dividend of $700 million or a minimum of 75 per cent of net profits, whichever is higher.
Saudi Aramco expects $124.3 billion worth of dividends to be declared in 2024.
What’s driving interest in Mena stocks
Joy Dabeet, chief marketing officer at neo-broker amana, says the appetite for Mena stocks has increased over the past two years driven by a mix of the success of some of the IPO deals, as well as the overall strong performance of the market and high dividend yields.
Ibrahim Masood, senior vice president of equity portfolio management at Mashreq Capital, agrees, saying the response to IPOs has been very strong in the UAE and Saudi Arabia in particular.
Most IPOs in the region are structured in a way that the bulk is subscribed to by institutional investors and a small tranche, generally about 10 per cent, is allocated to retail investors, he says, adding that those tranches have been heavily oversubscribed in aggregate.
Amer Halawi, head of research at Al Ramz Capital, says money has been pouring into the UAE stock markets and by extension to GCC markets over the past five years.
The proof is the 80 per cent aggregate rise in the ADX and a 50 per cent rise in the DFM over the past five years.
“On a blended basis, if you take both and adjust for market capitalisations, this is a 15 per cent annual return. This is in line with the S&P 500’s exemplary returns,” Mr Halawi says.
“Interest for emerging markets, the oil story and the fact that the region, with Saudi Arabia and the UAE at the forefront, is working to attract foreign capital are attracting investors."
There’s a realisation among the policymakers that sound, mature capital markets are a fundamental piece of the puzzle “if you want to grow your economy sustainably”, he adds.
Who is investing?
On the retail side, local and regional investors account for the bulk of investments as the regional markets are not very easy to access for offshore retail investors, according to Mr Masood.
This is not unique to the region, it’s quite common across emerging markets, he says.
“It’s mostly regional investors, particularly Arab, Indian, Pakistani and other investors. We also see foreign investment from Chinese, Russian as well as some British and European investors,” according to Ms Dabeet.
Mr Halawi says more foreign institutions are demonstrating higher investment appetite in the region.
Institutional investors accounted for 66 per cent of trading value at DFM in the first half of this year.
Interest for emerging markets, the oil story and the fact that the region, with Saudi Arabia and the UAE at the forefront, is working to attract foreign capital are attracting investors
Amer Halawi,
head of research, Al Ramz Capital
The market fabric is changing as the markets in UAE have “historically been construed as 80:20 retail to institutional” investment, Mr Halawi says.
The market is now changing structurally to become more institutional investment heavy, which is reliable for the long term, he adds.
Sectors attracting interest
It’s a mix of banks, real estate, oil and gas, construction and manufacturing as well as some of the state enterprises that have listed shares through IPOs, Ms Dabeet points out.
Investors in this region always look for yield and most recent opportunities for investors were the IPOs and secondary market offerings, particularly by Adnoc Drilling and Saudi Aramco, Mr Halawi says.
“If you look at the make-up of IPOs, for example, in Dubai, it's been more utility-like sectors, such as Salik, Dewa, Empower and Parkin. These are stable businesses with high dividend yields,” he says.
“In Abu Dhabi, we've seen interest in technology companies (Phoenix, Bayanat, Presight), smaller companies with AI, perhaps cryptocurrency as a backdrop, and also the oil ecosystem, where Adnoc has been very active.”
Mr Masood says that besides banks, which have traditionally been well-received by retail investors, real estate has done well, especially over the last four years.
Emaar Group, including Emaar Properties and Emaar Development, and Aldar in Abu Dhabi have displayed consistent performance. All these names have done well on the business side and tend to distribute dividends. These factors appeal to retail investors, he adds.
Shift in investment trends
Within Saudi Arabia’s Tadawul index, some mid-cap and small-cap stocks have performed much better than larger companies like Aramco and Saudi National Bank, according to Mr Masood.
“That is a clear indication that discerning investors don't just buy something because it's big or ranks high on market cap scale. They pay attention to fundamentals,” he says.
“It also indicates that investors favour certain themes. In the case of Saudi Arabia, the theme is domestic demand-oriented businesses because they tie into Vision 2030.”
In the UAE, stocks of banks and real estate companies have performed well, as well as newer companies like Parkin.
“None of these are speculative counters. When you think of retail investors, one assumes incorrectly that they can be speculative. But, looking at the recent past, that would not appear to be the case,” Mr Masood says.
Mr Halawi believes the region is moving towards infrastructure, energy transition and technology.
Ms Dabeet from amana says while gold remains one of the most popular assets for trading, regional retail investors are diversifying into multiple assets like cryptocurrencies, alongside trading products such as FX, futures and cash contracts for differences.
Most favoured markets
Ms Dabeet picks the UAE, both DFM, and ADX, as well as Saudi Arabia's Tadawul.
Mr Masood says the Qatar stock market has been soft. It did well leading up to the Fifa World Cup in 2022.
"The economy is now working through digesting the excess capacity built. You see this in the performance of their equity market, too," he says.
Kuwait’s equity market has been firm after the recent political developments where the parliament was dissolved and suspended for a few years, he adds.
Guide to buy stocks in the UAE
Obtain your National Investor Number
If you're a resident, you need to acquire a National Investor Number, which is valid for trading on both ADX and DFM.
Apart from going physically to the ADX and DFM offices, investors can also get the NIN through the options below:
1. ADX app and/or their accredited brokerage firms
2. DFM app
3. Any accredited brokerage firm’s app (including banks which allow investments)
4. Sahmi app in conjunction with UAE Pass
Choose a broker
Investors can open an investment account with any broker listed on the DFM website.
Alternatively, many banks now offer integrated investment services through their apps, allowing trade directly from the bank account.
Understand the fee structure
Review and understand the fee structure of the chosen broker or bank.
Start investing
Once the investment account is set up and funded, an investor can start trading through the broker or the bank platform. They should research stocks, place orders and then manage their investments.
Courtesy: Wali Khan, investor
RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
RACE CARD
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA); Dh 200,000 (Turf) 1,600m
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA); Dh 200,000 (T) 1,600m
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB); Dh 380,000 (T) 1,600m
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA); Dh 500,000 (T) 1,600m
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA); Dh 5,000,000 (T) 2,200m
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA); Dh 150,000 (T) 1,400m
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T); 1,400m
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
THREE
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Naga
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COMPANY%20PROFILE
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AT%20A%20GLANCE
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What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
MATCH INFO
Everton 2 (Tosun 9', Doucoure 93')
Rotherham United 1 (Olosunde 56')
Man of the Match Olosunde (Rotherham)
RESULTS
5pm: Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Jawal Al Reef, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
Winner: AF Seven Skies, Bernardo Pinheiro, Qais Aboud
6pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: Almahroosa, Fabrice Veron, Eric Lemartinel
6.30pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Sumoud, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m
Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,400m
Winner: Adventurous, Sandro Paiva, Ali Rashid Al Raihe
COMPANY%20PROFILE%20
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
Look%20Both%20Ways
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Tips%20for%20travelling%20while%20needing%20dialysis
%3Cul%3E%0A%3Cli%3EInform%20your%20doctor%20about%20your%20plans.%C2%A0%3C%2Fli%3E%0A%3Cli%3EAsk%20about%20your%20treatment%20so%20you%20know%20how%20it%20works.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPay%20attention%20to%20your%20health%20if%20you%20travel%20to%20a%20hot%20destination.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPlan%20your%20trip%20well.%C2%A0%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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Race card
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Sholto Byrnes on Myanmar politics
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Where to Find Me by Alba Arikha
Alma Books
First Person
Richard Flanagan
Chatto & Windus
more from Janine di Giovanni
Mohammed bin Zayed Majlis
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
UAE currency: the story behind the money in your pockets
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Company%20Profile
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
