Dubai is witnessing subscription requests of $ 183 billion
A gathering kicks off today in the emirate to discuss sector opportunities in the Middle East and North Africa
Monday – 1 Rajab 1444 AH – January 23, 2023 AD Issue No [
Dubai Financial Center (Middle East)-
Dubai: «Middle East»--
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and Chairman of the Supreme Committee for the Development of Capital Markets and Stock Exchanges in Dubai, said that Dubai achieved 40 percent of the IPO activities in the Gulf region last year, with a value of subscription requests amounting to 673 billion. dirhams ($183 billion), indicating that Dubai’s global economic momentum will continue in accordance with the Emirate’s economic agenda “D33”, stressing at the same time the continued consolidation of Dubai as a major global financial capital.
And the Deputy Ruler of Dubai indicated that the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, contributed to strengthening the position of the financial markets in Dubai.
Sheikh Maktoum bin Mohammed’s speech came before the start of the IPO Summit for the Middle East and North Africa region at the Museum of the Future in Dubai from January 23 to 25 (January) and organized by the Dubai Financial Market and Dubai World Trade Center, as part of the Supreme Committee’s strategy to develop markets Money and stock exchanges, with the aim of highlighting the increasing momentum witnessed by the financial markets in Dubai in terms of IPOs and investments, as the summit provides an effective platform to explore the opportunities offered by the Dubai Financial Market in this field in cooperation with experts in capital markets and IPOs.
For his part, Hilal Al-Marri, Director General of the Department of Economy and Tourism in Dubai, Chairman of the Board of Directors of the Dubai Financial Market, confirmed that the strategy of the Supreme Committee for the Development of Financial Markets and Stock Exchanges contributed significantly to the development of the performance of financial markets in Dubai over the past period, and formed a basic pillar to support the vision of Dubai. To consolidate its position as a leading global financial center, accelerate the transition to a more sustainable economy, and continue to promote strong initial public offerings.
He added that Dubai continues its leadership at the global level, to achieve the goals of the Dubai Economic Agenda “D33” to be among the most important 4 global financial centers, based on an operational environment and legal and regulatory frameworks, which attract major financial institutions and global financial technology companies.
In addition, Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai, said that the market has a distinguished list of companies in the government and private sectors seeking to implement public offerings and be listed on the market, which calls for confidence in the market’s ability to achieve stronger achievements. and larger in 2023 and beyond. Hamed Ali added: “We seek to implement the Dubai Financial Market’s strategy aimed at developing a world-class dynamic system for capital markets in cooperation with all market participants so that the market continues to play its vital role in the rapid and effective implementation of Dubai’s ambitious strategy towards developing capital markets and contribute strongly to the implementation of Dubai Economic Agenda projects.
According to information released yesterday, the MENA IPO Summit aims to bring together various players within the value chain for IPOs. The inaugural session will highlight the strong momentum and promising prospects for the IPO sector in Dubai.
The summit gathers a large group of the most prominent experts in the field of financial markets to exchange experiences and shed light on the latest developments related to public offerings and the opportunities and challenges associated with the transformation to a public joint stock company. The summit will also discuss ways to disseminate the best practices of governance and social and environmental responsibility, in addition to reviewing a roadmap for startups and small and medium-sized companies in Dubai, which includes developments in the regulatory environment and business culture and the opportunities available to them to take advantage of the capital markets to enhance their activities and reach the stage of public subscription.
The Dubai International Financial Market witnessed the implementation of five initial public offerings, through which the new companies raised 31 billion dirhams (8.4 billion dollars).
The United Arab Emirates