Monday, May 27, 2024

Dubai IPOs Raised Billions Amid Economic Growth

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Companies in Dubai raised Dh34.5 billion ($9.4 billion) through selling shares on the Dubai bourse in the past three years, with investor demand exceeding Dh1 trillion. The Dubai Financial Market’s general index became the fifth-best performer globally last year, driven by a significant increase in trading activities, capital inflows, and new investors. The UAE topped the GCC region in terms of IPO funds raised in 2023, accounting for $6.07 billion or 56.3% of the total. The positive performance of listed stocks is expected to encourage more firms to list this year, with Parkin, a company set up by Dubai to oversee parking operations, currently raising up to Dh1.57 billion from its public float. The listing of Dubai Electricity and Water Authority was the largest GCC IPO in 2022, raising $6.1 billion.

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Local News