Dubai’s Financial Market sees a 171 percent surge in profits in Q1 2024!

Dubai will forever be known as the city of records, its remarkable skyline and an ambitious real estate and finance landscape - and no one can compare to the city in terms of expansion.

So, in case you missed it - The Dubai Financial Market (DFM) has reported an impressive surge in net profit of 171% for the first quarter of 2024.

And here are all the details…

This year, the net profit for DFM soared to AED 95.6 million, which is a significant leap from AED 35.3 million during the same period last year. This is an impressive 171% rise!

DFM's performance was highlighted by a growth in total consolidated revenue, which saw a rise of 64% going up to AED 148.1 million in Q1 2024 compared to AED 90.1 million in Q1 2023.

What brought about this surge?

This surge in revenue was credited to a notable increase in operating income, which totalled up to AED 62.5 million, along with investment returns and other income amounting to a total of AED 85.6 million.

Meanwhile, total expenses excluding tax amounted to AED 52.5 million.

A significant milestone for DFM was the increase in trading value, which already surpassed AED 25 billion during the first quarter of 2024, overtaking its previous high of AED 19 billion.

Additionally, the strong presence of foreign investors kept the momentum going.DFM attracted 44,259 new investors during the first quarter, with 85% of them being foreign investors, reflecting strong confidence and interest in DFM's trading and IPO opportunities.

This accounted for 47% of trading value during the first quarter and recorded purchases of AED 1.3 billion.

This was followed by institutional investors, who also played a significant role, with a 65% share of trading value and net purchases of AED 717 million.

What did the experts have to say?

Helal Saeed Al Marri, who is the Chairman of DFM, shared his confidence and pride in the strong performance of DFM during the first quarter of 2024. He spoke on the successful listing of Parkin, the first IPO of the year, as a testament to DFM's commitment in bringing value assets to the market and diversification. The impressive performance of the DFM General Index, which advanced by 4.59%, and the increase in market capitalization to AED 730 billion! Now, those are some big numbers.

Hamed Ali, who is the CEO of DFM and Nasdaq Dubai, also spoke on the DFM's commitment to its position as a leading financial market in the region. Speaking on DFM's continuous efforts to meet the evolving needs of customers and stakeholders, expressing confidence in achieving objectives and solidifying its position as a global financial hub!

Impressive, right?

In case you missed it, our Q1 2024 report is out too - check it out.

And if you are interested to know more about Dubai’s economy and the next upcoming things to look forward to in the city - click here to read about the Al Maktoum Airport!