The Dubai Financial Market recorded an increase of 29% in total accumulated income, which reached 460.3 million dirhams, in the first nine months of 2024, while attracting 91.1 thousand new investors, of which 85% were strangers
The market index outperformed the regional markets, recording a 10.9% jump, closing at 4,503.48 points at the end of September last year, reaching the highest levels since 2014.
In detail, yesterday, the Dubai Financial Market announced its consolidated financial results for the first nine months of 2024, as net profits before taxes rose to 298.7 million dirhams, registering a significant increase of 60% compared to net profits in the same period last year. .
The market reported in a statement yesterday that it recorded, in the first nine months of 2024, an increase of 29% in total accumulated revenue, which reached 460.3 million dirhams, compared to 356 million dirhams in the same period last year, and operating income contributed the amount of 245.5 million dirhams of accumulated income, and investment results and other income contributed the amount of 214.8 million dirhams.
In the same period, total expenses without tax and allowances increased to 161.6 million dirhams, compared to 155.5 million dirhams in the first nine months of 2023.
In the first nine months of this year, the Dubai market attracted 91,151 new investors, 85% of whom were foreigners, which shows how attractive the market is on the world stage.
Foreign investors contributed 49% of the total trade value during that period, with net purchases by foreign investors reaching 1.5 billion dirhams. The increased participation of foreign investors, together with the activity of institutional investors, reflects the very important role of the Dubai Financial Market as a major financial center. These institutional deposits represented 65% of the total trading value during this period.
The Dubai Financial Market Index outperformed the region’s markets, recording a 10.9% jump, closing at 4,503.48 points in the first nine months of 2024, reaching its highest levels since 2014. The total number of transactions in the first nine months of the year 1.7 million transactions an increase of 20%, compared to the same period last year. However, total trade volume fell by 6% to AED 72.7 billion.
The market value of companies listed on the Dubai Financial Market reached 757 billion dirhams at the end of September 2024, and the contribution of the sectors to the market value reflected the level of diversity in the market, as the financial sector at the top of the scene. with a percentage of 42%, followed by the utilities sector with a percentage of 20%, and then the real estate sector with a percentage of 18%, and other sectors, such as businesses (13%) and communication services (4%), which ‘contribute to the increase of the diversity scene.
The Chairman of the Board of Directors of the Dubai Financial Market, Helal Saeed Al Marri, said: “The continued growth in the number of new investors in the Dubai Financial Market, and the positive performance of the market index, are evidence of the high confidence. of local and international investors in Dubai and its thriving financial system.”
He said: “The city continues to consolidate its prestigious position as a major financial centre, capitalizing on its role as an attractive destination for global talent and wealth,” noting that “the Dubai market, as one of the strategic pillars of the emirate’s economic situation, contributes to supporting Dubai’s vision to achieve global leadership and promote sectors.” “A key driver, and provides a successful and stable market environment that drives economic development.”
• The Dubai Financial Index outperformed the regional markets, recording a 10.9% jump in 9 months.
• %60 increase in net market profits before taxes, to 298.7 million dirhams.
2024-10-31 20:35:00
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