Dubai Financial Market Sees 60% Surge in Net Profit for 2024

The Dubai Financial Market (DFM) has reported robust financial results for the first nine months of 2024, with net profit before tax increasing by 60% to AED 2.987 billion. Total consolidated revenues rose by 29%, reaching AED 4.603 billion compared to AED 3.566 billion during the same period last year. Operating income was AED 2.455 billion while investment returns added AED 2.148 billion. Total expenses, excluding tax provisions, increased slightly to AED 1.616 billion from AED 1.555 billion in 2023.

HE Helal Saeed Al Marri, the Chairman of DFM, attributed the strong performance to growing investor confidence, stating that new investor growth and the DFM General Index’s performance highlight Dubai’s appeal as a financial hub. In 2024, DFM attracted 91,151 new investors, 85% of whom were foreign, who contributed 49% of total trading value with net purchases of AED 1.5 billion.

The DFM General Index surged by 10.9%, closing at 450.348 points, with a total of 17 million trades executed, reflecting a 20% increase from the previous year. However, total trading value decreased by 6% to AED 727 billion. By September 2024, DFM-listed companies had a market capitalization of AED 757 billion, with Financials leading at 42% of the composition, followed by Utilities at 20% and Real Estate at 18%. CEO Hamed Ali confirmed DFM’s commitment to expanding its market offerings and enhancing liquidity.