time to read 1 minutes

DFM and Nasdaq Dubai get busy MENA

DFM and Nasdaq Dubai get busy 

It’s time for some big moves on the Dubai Financial Market (DFM)… the stock exchange wants to expand its size in the coming months to AED 3t ($816b). One trick up its sleeve is to list 10 state-owned companies on the exchange — Dubai Electricity and Water Authority (DEWA) will be one of them. DFM also approved a AED 1b ($367m) fund to encourage tech companies to list on the exchange.

DFM’s move comes amid a series of de-listings and a lack of major IPOs on its exchange so far in 2021. After these latest announcements, the index registered a 2.6% growth. 

why it matters

This move follows Saudi Arabia's and Abu Dhabi's recent listings of several state-backed companies such as ACWA Power and ADNOC. Both stock exchanges (Tadawul and ADX) have witnessed a significant expansion in 2021, with larger listings and greater liquidity, and Dubai doesn't want to be left behind.