The Dubai Financial Market’s (DFM) trading value has surged by 270 percent in less than a month since Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, started overseeing the local bourse. 

The value of trades on the stock exchange stood at 15.5 billion dirhams ($4.2 billion) as of November 23, while market capitalisation hit 38.5 billion dirhams, the Dubai Media Office reported. 

Last October 31, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, tasked the deputy ruler to supervise the “development of local securities exchanges and the creation of strategic plans to develop Dubai’s financial markets”. 

Within three weeks following the appointment, the total number of transactions on the stock exchange jumped by 222 percent to 146,000. The DFM’s General Index also increased by 13.74 percent over the same period. 

“Strong results in the performance of the financial market [have been recorded since the deputy ruler was tasked] to supervise the financial markets and stock exchanges in Dubai on October 31, 2021,” the Dubai Media Office said. 

Early this month, Dubai announced plans to list 10 government and state-owned companies on the DFM and expand the stock market’s size to 3 trillion dirhams. 

The emirate also launched a market-making fund worth 2 billion dirhams and another fund worth 1 billion dirhams, to encourage companies in the technology sector to go public. 

The DFM, which operates the local bourse, also announced a set of new incentives to encourage initial public offerings and listings on the stock market. 

(Writing by Cleofe Maceda; editing by Seban Scaria ) 

Cleofe.maceda@refinitiv.com 

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© ZAWYA 2021