Dubai Financial Market Market Value Reaches $ 4.2 Billion In 3 Weeks
The market value of the Dubai Financial Market (DFM) has jumped 270% in less than a month since Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Vice President of Dubai and Deputy Prime Minister and Minister of Finance, started overseeing the local stock exchange.
The value of stock market transactions stood at 15.5 billion dirhams ($ 4.2 billion) as of November 23, while the market capitalization reached 38.5 billion dirhams, the Dubai Media Office reported.
On October 31, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister and Ruler of Dubai, instructed the Vice-Governor to oversee the “development of local stock exchanges and the creation of strategic plans to develop markets Dubai financiers “.
Within three weeks of the appointment, the total number of stock trades jumped 222% to 146,000. The general index of DFM also increased by 13.74% during the same period.
âStrong results in the performance of the financial market [have been recorded since the deputy ruler was tasked] to oversee Dubai’s financial markets and stock exchanges on October 31, 2021, âthe Dubai Media Office said.
Earlier this month, Dubai announced plans to list 10 government and public companies on the DFM and expand the size of the stock market to 3 trillion dirhams.
The emirate has 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 exchange, also announced a series of new incentives to encourage initial public offerings and stock market listings.
(Written by Cleofe Maceda; edited by Seban Scaria)
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Â© ZAWYA 2021