DUBAI FINANCIAL MARKET (PJSC)
INTEGRATED
2024
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Dubai Financial Market (PJSC)
Integrated Report 2024
Dubai Financial Market, P.O.Box: 9700 Dubai UAE. T: +971 4 305 5555
Email:customerservice@dfm.ae | Website: www.dfm.ae
Disclaimer
H.H. Sheikh Mohammed bin Rashid Al Maktoum
Dubai Financial Market (DFM) endeavors to provide and publish correct real-time data and information however it is not guaranteed to be timely or accurate and is for knowledge purposes only. DFM shall not assume any responsibility for any diminution, error and/or delay of data and information published. Consequently, DFM will not be liable for any claim or loss of any nature that may occur directly or indirectly, from the use of the data and information available at DFM or in any of its publications.
Vice President and Prime Minister of the UAE, and Ruler of Dubai
Copyright © 2025, Dubai Financial Market PJSC. All Rights Reserved. Published on 27 March, 2025
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TABLE OF CONTENTS
01 02 03 04 05
REPORT OVERVIEW STRATEGIC REPORT APPROACH TO SUSTAINABILITY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
108
08
About DFM
12 The Region's Global Financial Hub
14 A Glimpse of our Legacy
16 A Year in Review 2024
18 2024 Market Highlights
19 Investment Case
20 Executive Management
26 Chairman's Statement
28 CEO's Message
30 Our Business Model
32 Our Strategic Priorities
35 Economic & Regulatory Overview
38 Market Performance
60 Our Approach to Sustainability
64 Sustainability Governance
66 Active Ownership
69 Our People and Community
42 CFO's Review
44 Risk Management
49 Investor Initiatives and IPOs
75 Environmental Stewardship and Resource Management
78
Corporate Governance Report
105 Fatwa and Shari'a Supervisory Board Report Independent Auditor's Report
112 Consolidated Statement of Financial Position
113 Consolidated Statement of Profit or Loss
114 Consolidated Statement of Comprehensive Income
115 Consolidated Statement of Changes in Equity
116 Consolidated Statement of Cash Flows
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REPORT OVERVIEW
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ABOUT DUBAI
FINANCIAL MARKET (DFM)
Since its establishment in 2000, the Dubai Financial Market (hereinafter referred to as DFM or the Market) has become the leading financial market in the region attracting global companies and individuals seeking to accelerate their wealth and businesses positioning Dubai as a centre of excellence and growth.
Guided by the ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President of the UAE, Prime Minister and Ruler of Dubai, DFM operates according to Shari'a principles providing access to a multi-platform marketplace for raising capital, listing, and trading across a range of securities and asset classes. Through our integrated operations alongside Dubai Central Clearing and Depository and its sister exchange, Nasdaq Dubai, DFM ensures seamless connectivity for market participants at local, regional, and international levels.
Our Mission
We contribute to the growth of the Dubai economy by creating a global financial markets hub, providing seamless accessibility through a smart, fluid ecosystem conducive to growing investments, wealth of individuals and businesses in an accelerated and sustainable way.
Our Vision
We believe in accelerating tomorrow and in the potential of people, businesses, ideas and ambitious visions.
Our Values
DILIGENT:
We work with care and rigor. The details make the difference.
OPEN:
We are aware that the world is constantly changing around us. We seek out new and different ideas, opinions, and points of view.
COLLABORATIVE:
We are in this together, working hand-in-hand for growth and prosperity, when our clients' businesses thrive, we thrive too.
DETERMINED:
We approach our work with the end goal in mind and have a relentless spirit that ensures results.
PROACTIVE:
We take actions intended to cause change, rather than reacting to change.
Dubai has claimed the top spot in the 2024 Traveler's Choice Awards, reaffirming its position as the ultimate destination in TripAdvisor's Global Travelers' Choice Best of the "Best Destinations Awards" for the third consecutive year.
The UAE was ranked 7th most competitive economy globally in 2024 by the World Competitiveness Centre of the International Institute for Management Development (IMD), moving up 3 spots from 10th in 2023. It also retained its position as the most competitive economy in the Middle East and North Africa region for the 8th consecutive year.
Our Regulators
We are dedicated to offering issuers, brokers, and investors a dynamic, efficient, and well- regulated marketplace that facilitates capital raising while meeting their investment and trading needs.
Our operations adhere strictly to the Securities and Commodities Authority (SCA) and Dubai Financial Services Authority (DFSA) rules and regulations, ensuring the highest standards of compliance and integrity.
Securities and Commodities Authority (SCA):
DFM is subject to the regulatory authority of the Securities and Commodities Authority, a federal authority in the United Arab Emirates.
Dubai Financial Services Authority (DFSA):
Within DIFC, regulates Nasdaq Dubai, functioning as the securities supervisory authority. Operating independently, DFSA adheres to global standards, overseeing the Official List of Securities and approving Issuer Prospectuses in its jurisdiction.
Our People
18 NUMBER OF NATIONALITIES
49%46%22%
136 TOTAL EMPLOYEES
Dubai Central Securities Depository LLC (Dubai CSD) is the first independent central securities depository services company in the UAE. A subsidiary fully owned by DFM, safeguards market securities. It manages post-trade services, fostering close ties with listed companies. Responsibilities include administration, safe custody, registration, depositing, and ownership transfer.
Dubai Clear LLC, handles clearing, settlement, and risk management for DFM to operate its central counterparty (CCP) business for securities clearing and settlement.
Nasdaq Dubai, regulated by DFSA, is an Authorised Market Institution within DIFC, acting as a financial exchange and clearing house. Operating in a jurisdiction with an independent legal system based on English law, it serves as a global financial hub connecting Western Europe and East Asia.
Our Investors
DFM PJSC Share Information
1.2MN
TOTAL MARKET INVESTORS
65%
INSTITUTIONAL INVESTORS
TRADING SHARE
200+
NATIONALITIES
85%
FOREIGN INVESTORS
ONBOARDED
21%
138,262
NUMBER OF INVESTORS
ONBOARDED
50%
FOREIGN OWNERSHIP
OF MARKET CAP
FOREIGN INVESTORS
TRADING SHARE
LISTING DATE EXCHANGE SYMBOL ISIN NUMBER OF SHARES ISSUED FOREIGN OWNERSHIP LIMIT
March 2007
DUBAI FINANCIAL MARKET DFM AED000901010 8,000,000,000
49%
MARKET CAP AS OF 31 DEC '24
LAST TRADING DAY 2023
LAST TRADING DAY 2024
CHANGE
HIGH
LOW
AED 12,000,000,000
AED 1.39
AED 1.50
7.914% AED 1.62
AED 1.18
Our Shareholders
#26,114
By Ownership
COMPANY SHAREHOLDERS
Borse Dubai 80.66%Public Stake 19.34%
8 BILLION
By Nationality
SHARES ISSUED
Arab and GCC 1.01%
UAE 93.55%
Foreign 3.83%
DFM PJSC Financial Highlights 2024 (in Millions)
TOTAL REVENUE MIX
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The first exchange in the UAE,
For over 23 years, DFM has shaped Dubai's evolution into a premier global financial hub. By pioneering innovative solutions, attracting diverse investments, and promoting resilient governance practices, the Market has become a cornerstone of Dubai's economic growth and diversification.
DFM was established as a public institution with an independent legal entity by virtue of Decree 14/2000 issued by the Government of Dubai.
2000
Played a pivotal role in the upgrade of the UAE to "Emerging Market" status by international rating agencies such as MSCI and S&P Dow Jones by contributing to high standards and international best practices, including introduction of Delivery versus Payment and Securities Lending and Borrowing.
2013
First exchange to develop IPO Platform, solution for online subscription directly linked with receiving banks, enabling immediate listings after the IPO.
2014
This also includes the launch of an AED 2 billion Market Making Fund, the establishment of an AED 1 billion IPO Fund focusing on technology companies, and a range of significant structural and regulatory best-practice reforms.
2021
DFM successfully listed 5 new IPOs, launched a new general index, and welcomed further interest from international investors. Our achievements in 2022 included enhanced accessibility, increased market making activity and product diversification, leading to our improved market depth and breadth.
The first regional exchange to transform into a public shareholding company, floating 20% of its AED 8 billion capital, offered through an IPO that met great demand and subscriptions amounting to AED 201 billion.
2006
Lead the digital transformation in the capital markets sector through innovative solutions that reshaped investor experience, including the iVestor Card for cash dividend distribution, the eFSAH system and mobile apps.
2011
First exchange to launch its Sustainability Strategy, aiming to transform DFM into the leading sustainable exchange in the region by creating long-term shared values for
DFM stakeholders by 2025.
2018
The Dubai Securities and Exchange Higher Committee has announced the development of Dubai's financial markets, including the upcoming listings of ten government and private companies.
2021
2023
The listing of DFM Company on its own market with the trading symbol DFM. The DFM became the first Shari'a- compliant exchange globally, as part of the ambitious vision of the Dubai Government to transform Dubai into a global leader in Islamic Finance.
2007
Operational consolidation with Nasdaq Dubai to create a dynamic force in the region's capital markets, offering investors a greater choice of asset classes and accessibility to DFM and Nasdaq Dubai's listed securities via a single Investor Number (NIN).
2010
Launched first guide to ESG reporting. Launched the DFM Shari'a Index (DFMSI). Established Dubai Clearing & Central Depository Holding LLC.
2019
First regional market to offer derivatives on regional equities (futures on single stocks) as part of its diversification plan.
Upgraded its trading, surveillance, clearing and market data dissemination system to the worldclass Nasdaq Financial Framework (NFF) and launched the S&P/Hawkamah UAE ESG Index.
2020
Achieved robust trading activity and a remarkable 21.7% growth in the DFM General Index, positioning DFM as one of the top-performing exchanges globally. Two highly successful IPOs, Dubai Taxi Company and Al Ansari Financial Services, underscored DFM's status as the premier IPO market in the MENA region. Enhanced market depth and broadened investor base reinforced DFM's commitment to innovation, accessibility, and delivering exceptional value to stakeholders.
2022
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ANNUAL INTEGRATED REPORT 2024
A YEAR IN REVIEW
2024
In 2024, DFM achieved significant milestones, including a wave of IPO listings that invigorated the capital market ecosystem and attracted diverse global investors. The launch of ARENA, a private market platform, and strategic partnerships with leading global exchanges and fintech innovators have further strengthened market accessibility and innovation. High-profile investor roadshows, summits, and forums showcased Dubai's stature as a hub for financial excellence. These advancements, coupled with regulatory reforms and enhanced transparency, affirm DFM's commitment to becoming the region's leading sustainable financial market by 2025.
Hosted the 2nd Capital Market Summit, DFM Launches ARENA - Dubai's Private Market for
Capital Raising, listing and Investments Roundtable event in partnership with Shanghai Stock
Exchange Concluded the final IPO Accelerator Programme workshop with Dubai Chamber Parkin Company begins trading on DFM following successful IPO DFM Unveils iVestor - A new
Digital Platform and App
FinTech Summit 2024
DFM International Investor Roadshow in London in collaboration with HSBC's GCC Exchanges
Conference Bonds, Loans & Sukuk Middle
East 2024
DFM and Shenzhen Stock Exchange Signs MoU to Strengthen Cross-Border Financial Collaboration Partner with eToro, enabling its users to access DFM-listed stock Hosted exclusive workshop in collaboration with
MSCI on index inclusion and ESG ratings Partnered with Digital Dubai at GITEX to spotlight iVestor's fintech innovation DFM Partners with Mbank to Launch
IPO Upgrade programme
Talabat Holding debuts on DFM in largest tech IPO of 2024, MEIRA 16th Annual Conference
JAN
FEB
Hosted the MSCI Research Seminar Welcomed Arqaam Securities as a market maker on DFM
MAR
MAY
DFM and SIX Forge Strategic Partnership to
Market Accessibility
Spinneys 1961 Holding debuts on Dubai Financial Market after successful IPO
Granted Arqaam Securities Regulated Short Selling activity (RSS) on DFM
JUN
AUG
SEP
OCT
NOV
DEC
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MARKET HIGHLIGHTS
INVESTMENT CASE
69
EQUITY LISTINGS
IN DUBAI*
423 MN
AED +5% AVERAGE DAILY TRADED VALUE
164
BONDS & SUKUK LISTED VALUED OVER USD 132 BILLION*
107 BN
AED +5.5% TOTAL TRADED VALUE
10.48 BN
AED IPO CAPITAL RAISED IN 2024
33
UAE & REGIONAL EQUITY FUTURES*
907 BN
AED +32%
TOTAL MARKET CAPITALISATION
415 BN
AED IPO DEMAND
RECEIVED
3
INDEX FUTURES*
*Includes DFM and Nasdaq Dubai
DFM offers companies and investors with a unique opportunity to 'Go Global from Dubai,' leveraging its strategic position as a gateway to Dubai's flourishing economy.
POSITIONED FOR ACCELERATING & SUSTAINABLE GROWTH
• Dubai's Economic Agenda 'D33' aims to strengthen Dubai's leading position as a global and commercial financial hub.
• Government commitment towards the IPO programme.
• Reform of commercial companies' law to open foreign ownership limits of listed companies.
• Total market cap to GDP offers room to grow.
COMMITMENT TO ROBUST GOVERNANCE & RISK MANAGEMENT
• Two independent post-trade services subsidiaries - the Central Counterparty Equity and Derivatives Clearing Company (CCP) And the Central Securities Depository (CSD) Subsidiaries - to enhance efficiency and risk management.
• Two prominent regulators: Securities and Commodities Authority regulates DFM and Dubai Financial Services Authority regulates Nasdaq Dubai.
• DFM complies with all national ESG requirements and aligns with international standards to ensure business sustainability and catalyse ESG best practices across Dubai's capital markets.
IMPLEMENTATION OF CUTTING-EDGE TECHNOLOGY & INNOVATION
• The Nasdaq Financial Framework (NFF) system is an integrated ecosystem for trading, surveillance, clearing and market data dissemination featuring high throughout and an efficient protocol.
• Digital transformation strategy resulting in onboarding new investors and expanding total investor base.
• Track record of regional firsts to provide greater choice for investors.
STRONG FINANCIAL POSITION & SUSTAINABLE PROBABILITY
• Solid cash position and balance sheet.
• Long track record of generous dividends.
• Positive Net Profit Margin (65%+ 5-year average).
• Vertically integrated value chain with high operating leverage.