Dubai Financial Market Achieves Record High Profits in Q1 2024

The Dubai Financial Market’s net profit before taxes increased by 171 percent in the first quarter ending on March 31 of this year 2024, reaching 95.6 million dirhams (about $26.03 million), compared to net profits for the same period in -last year 2023, which amounted to 35.3 million dirhams.

Total group revenue for Souq also increased Dubai Finance With 64 percent, to reach 148.1 million dirhams ($40.3 million) in the first quarter of this year 2024, compared to 90.1 million dirhams in the first quarter of 2023.

and distribution Income With 62.5 million dirhams from Operational processesAnd 85.6 million dirhams from Investments and other income, while total expenses, excluding tax, amounted to 52.5 million dirhams, compared to 54.8 million dirhams for the same period last year. The value of transactions in the Dubai Financial Market exceeded 25 billion dirhams in the first quarter of 2024, compared to 19 billion dirhams in the same quarter of 2023.

Said Hilal Al Marri, Chairman of the Board of Directors Dubai Financial Market: “With the publication of the results of the Dubai Financial Market for the first quarter of 2024, we are proud of our strong start this year, especially with the successful listing of “Parkin” Company, as the first IPO of the year 2024, which will fulfill our commitment to attract more prestigious listings to the market and increase growth and diversification within On the other hand, the excellent performance of the general index of the Dubai Financial Market strengthened market confidence in our strategic direction, as the general index registers an increase of 4.59 percent.

The value of the market increased by 6 percent compared to its level at the end of 2023, reaching 730 billion dirhams. The Board commends the proactive initiatives undertaken to reshape our markets and position… Dubai At the forefront of the global financial sector.

And hold Foreign investors For their strong presence in the market through a market share of 47 percent of their trading value in the first quarter, net investment Its value reached 1.3 billion dirhams as a result of the purchase, and their ownership percentage reached 20 percent of the total market value at the end of March 2024.

In the same context, the share of the investment centers reached 65 percent of the total trade value, with a net investment of 717 million dirhams as purchase money.

In addition, it became polarized Dubai Financial Market In the first quarter of this year, there were 44,259 new investors, of which 85 percent were foreign investors. These numbers reflect the confidence of market participants and their strong interest in trading and IPO opportunities in the Dubai Financial Market.

For his part, Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai, said: “The strong performance of the Dubai Financial Market in the first quarter of 2024 has strengthened and pushed its position as the leading financial market in the region. to continue its efforts to achieve excellence and ensure that the changing needs of its clients and all parties involved are met.” committed to achieving sustainable value for all partners and stakeholders.