Investor Presentation
q1 2025
Content
Welcome to DFM 4
Dubai's Economic Outlook 10
Business Highlights 13
Operational & Financial Highlights 18
Welcome to DFM
Dubai Financial Market
1st Exchange in UAE
1st Regional Exchange to go Public
1 Capital Market
Dubai Financial Market (DFM) is the leading financial market in the region, operating as a thriving and powerful multi-asset platform marketplace for raising capital, listing and trading across a range of securities and asset classes.
DFM leverages integrated operations with its subsidiary Dubai Central Clearing and Depository and its sister exchange Nasdaq Dubai to seamlessly connect various market participants locally, regionally, and globally.
As the IPO and listing exchange of choice for leading issuers across key economic sectors and international companies seeking dual listing, we play a vital role in
empowering economic development in the UAE.
Our Market
Ownership Structure as of 31st March 2025
Public Float
19.34%
Borse Dubai
80.66%
By Nationality 93.07% UAE
6.93% International
DFM leverages integrated operations with its subsidiary Dubai Central Clearing and Depository and its sister exchange Nasdaq Dubai to seamlessly connect various market participants locally, regionally, and globally.
Two Regulators: Securities and Commodities Authority regulates DFM and Dubai Financial Services Authority regulates Nasdaq Dubai.
66.7%
Brokers
Investors
80.66%
33.3%
CSD | CCP
DFM at a glance
AED 897bn
Total Market Cap
+19,366
New Investors
q1 2025 Highlights
-1.2%
DFMGI Performance
36
Equity Futures including 3 index futures*
159
Listed bonds & Sukuk valued USD 140bn*
69
Number of Listed Companies*
830k
Total Number of Trades
AED 663mn
Average Daily Traded Value
AED 41bn
Total Traded Value
* Includes Nasdaq Dubai
Multiple listing solutions catering to variety of companies
DFM Caters to companies of all sizes and stages of maturity and provides a range of listing solutions for companies looking
to raise capital and access a liquidity venue.
Closed Listing
Private Listing
Public Listing
Liquidity Access Family Businesses & ESOPs Private Trading Platform White-Listed Investors Only
Private Disclosures
Pre-IPO Capital Private Growth Companies Capital Raising Platform
Professional & Retail Investors Robust Disclosures
IPO
Mature Companies Capital Raising Platform All Investors
Comprehensive Disclosures
Our Strategic Priorities
Listings & Product
Diversification
Leveraging the exchanges flexible and diversified listing options.
Diversified product offering that includes Equities, Fixed income instruments, derivatives REITs and ETFs.
Enhance Market
Accessibility
Increase the number of members providing fintech solutions and Direct Market Access (DMA).
Attract investors focusing on youth via digital channels.
Advance Operational
Efficiency
Automation of core post-trade processes.
Maintain a robust regulatory and compliance framework for DFM and its subsidiaries.
Nurture Talent &
Performance
Aligning performance development framework to corporate performance targets.
Develop and empower future capital markets specialists through our Future Leaders Program.
Dubai's Economic
Outlook
Key Highlights GCC Equity Markets Index Performance q1 2025
Dubai remains the No. 1 global ranking for Greenfield FDI projects in 2024, marking its fourth
consecutive year.1
Dubai welcomed 18.72 million international overnight visitors during the 2024, marking a 9% rise compared to the 17.15 million visitors during the same period last year.2
Equity markets globally remained under pressure for the third consecutive month after uncertainty related to US trade policies forecasted slowdown in the US economy affecting investor sentiment. The response across GCC indices indicates that regional risk assets will likely mirror trends observed in developed markets.3
10.70%
MSI
qSI
KWSE TASI ADX DFM BHB
-0.10% -0.50% -1.20% -1.70%
-3.20%
-4.60%
Number of International Visitors Global Cities Ranking by Greenfield FDI Projects (2024)
18.72
17.15
14.36
7.28
2021 2022 2023 2024
1117
442
384
200
197
191
161
Dubai Singapore London NYC Bangalore Riyadh Hong Kong
1Financial Times Ltd.'s 'fDi Markets' data 2Dubai Department of Economy and Tourism 3GCC Exchanges Data
Key Highlights Dubai GDP Growth (%)
Dubai's GDP expands by 3.1% in the first nine months of 2024 to reach AED339.4 billion.1
Economic growth in the GCC region is forecasted to significantly increase from an estimated 1.7% in 2024 to 3.5% in 2025, although it is about 0.6 percentage points lower than the previous forecasts, due to the extension of the OPEC+ production cuts until April. However, stronger growth in non-oil activities, primarily driven by the financial services, manufacturing, trade and tourism sectors, continues to gain momentum, supported by economic reforms aimed at diversifying the region's non-hydrocarbon economy.
Growth in the UAE's non-oil private sector moderated in March, till comfortably above the neutral 50.0 level.
Real GDP Growth in GCC Economies (%)
6.20%
4.40%
3.30%
3.10%
2021 2022 2023 9M 2024
UAE PMI- Non-oil Sector Growth Remains Strong
9.6 58
56
7.1 7.5 7.5 54
Threshold Level (0-100 Index (>50 = improvement since previous month)
3.5
4.5
3.6 3.9
4.7
5.7
3.3
4.1
4.2
5.8
5.9
3.3
2.5
3.1
4.4
6 52
50
3 3 3.2 2.9 48
1.2
0.4
1.7
1.4 1.5 1.9
1.3 1 46
44
42
GCC UAE Sau-0d.8i Arabia qatar Kuwait Oman Bahrain 40
-2.7
-3.6
1Financial Times Ltd.'s 'fDi Markets' data 2UAE Central Bank quarterly Economic Review December 2024, International Monetary Fund, World Economic Outlook and Regional Economic Outlook (F=Forecast) 3S&P Global UAE Purchasing Managers' Index (PMI)
Business Highlights
Regional and International Investors
Retail and HNWI play a key role in liquidity on DFM. 28% of trading activity is from retail and HNWI's, showing their
importance on the market. 19,366 new investors were onboarded in q1 2025, of which 86% were foreign nationals.
1.2mn Total Investor Base
200
Nationalities
19,366
New Investors Onboarded
86%
Of which are Foreign
Institutional Investors' Trading Share (%)
72%
24%
2013 q1 2025
Institutional Ownership (% of Market Cap)
87%
70%
2013 q1 2025
Foreign Investors' Trading Share
43%
53%
Foreign Ownership (% of Market Cap)
21%
16%
2013 q1 2025 2013 q1 2025
q1 2025 Market Performance
AED bn
907
897
688
582
375
411
340
Market Capitalization
-1%
Total Traded Value AED bn
101 107
90
66
72
53
+61%
41
25
2019 2020 2021 2022 2023 2024 q1 2025
2019 2020 2021 2022 2023 2024 q1 2024 q1 2025
Market ADTV
+67%
Average Number of Trades Per Day
AED'000
+70% 13.4
10.1
7.6
7.9
5.7
3.9
2.6
3.5
663
AED mn
357
403
423
398
291
213
261
2019 2020 2021 2022 2023 2024 q1 2024 q1 2025 2019 2020 2021 2022 2023 2024 q1 2024 q1 2025
Sector Diversification
Trade
25%
Others
17%
Transportation
12%
Manufacturing
8%
Real Estate
9%
Financials
12%
Construction
7%
IT
5%
Utilities
3%
Food
3%
Others 1.6%
4%
4%
Consumer Telecoms Disc.
Industrials
12%
Real Estate
21%
Financials
40%
Utilities
16%
DFM listings
Focused primarily on 2 sectors
Dubai's GDP
Spread over many
different sectors
DUBAI'S REAL GDP BREAKDOWN1 - 9M 2024 DFM'S SECTOR BREAKDOWN2 - q1 2025
Opportunity
Capitalise on sector diversification demand
Figures may not add up to 100% due to rounding. 1 Statistics Center preliminary estimates q2 2024. 2 DFM sector breakdown is by market cap, others include consumer staples (1.5%) & materials (0.1%).
Sustainable Capital Market
ESG Index
The S&P/Hawkamah UAE ESG Index launched in 2020, comprised of 20 listed companies on the UAE exchanges and subject to annual assessment incorporating ESG criteria against which the company's disclosure practices are evaluated.
Inclusion of ESG indices increases the profile of a company for stakeholders and investors and provides public recognition for a company on its ESG practices.
S&P/Hawkamah ESG UAE Index
1700
1600
1500
1400
12/2023
01/2024
02/2024
03/2024
04/2024
05/2024
06/2024
07/2024
08/2024
09/2024
10/2024
11/2024
12/2024
01/2025
02/2025
1300
Green and ESG Listings Outstanding value of ESG bonds & Sukuk on Nasdaq Dubai (USD bn)
As the market moves towards greater adoption of ESG convergence, Nasdaq Dubai continues to be the preferred destination for green, sustainable and ESG bonds and Sukuk from the region and across the globe, with a total market value exceeding US$29 billion in q1 2025.
19.04
12.15
7.75
27.00 29.44 29.07
2020 2021 2022 2023 2024 q1 2025
Operational
& Financial Highlights
Share Performance
DFM PJSC Closing Price (AED) against DFMGI Dividends Per Share AED
1.70
1.40
1.10
0.80
0.50
DFM DFMGI
1.5
1.33
0.97
1.39
0.93
0.84
0.8
1.51
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
0.07
0.05
0.05
0.05
0.035
0.025
0.03
0.032
0.0168
2018 2019 2020 2021 2022 2023 2024 q1 2025
DFM PJSC Trading Activity
2013 2014 2015 2017 2019 2021 2022 2023 2024
AED mn
242%
142%
153%
171%
164%
94%
2
99
122
141
233
262
68%
256
280
85%
78
167
138
119
560
74%
133
281
Dividends Payout History
AED mn
32.4
26
18.5
12.1
12
8
8.7
3.6 3.6
4.4 3.8
6.3
5
5.6
7.6
6.0
2018 2019 2020 2021 2022 2023 2024 q1 2025
2013 2014 2015 2017 2019 2021 2022 2023 2024
*RE stands for Retained Earnings. **Calculated as dividend (paid following year) divided by the net profit of the year.
Total Revenue Mix (AED mn)
547.4
354.6
148.1
186.5
632.3
Total Revenue Mix (%)
Operating Expense (pre-tax) Breakdown (%)
207.1 217.7 223 52.5 51.6
6%
7%
6%
8%
26%
15%
10%
7%
1% 0.1% 0.6% 0.7% 0.5%
FY 2022 FY 2023 FY 2024 q1 2024 q1 2025
EBITDA (AED mn) and EBITDA Margin (%)
77%
16%
27%
23%
20%
10%
8%
36%
44%
58%
54%
57%
41%
37%
33%
39%
FY 2022 FY 2023 FY 2024 q1 2024 q1 2025
*Investment income includes profit earned on third party deposits.
Net Profit (pre-tax) (AED mn) and Net Profit Margin (%) 65%
27%
18%
11%
25%
19%
8%
27%
15%
8%
27%
12%
11%
407.1
63%
223.2
82%
78%
115.653 153.33
74%
488.646
60%
409.3
Expenses
41%
37%
41%
43%
43%
2022 2023 2024 q1 2024 q1 2025
329.5
41%
143.8
65%
95.6
72%
134.9
FY 2022 FY 2023 FY 2024 q1 2024 q1 2025
FY 2022 FY 2023 FY 2024 q1 2024 q1 2025
Figures may not add up to 100% due to rounding
Selected Balance Sheet Items (AED mn)
Main Financial Assets (AED mn)
Main Financial Assets Breakdown (%)
FY 2024 | q1 2025 | |
Investment Deposits | 3,426 | 3,351 |
Financial Assets Measured at FVOCI & amortized cost | 1,527 | 1,566 |
Goodwill | 2,879 | 2,879 |
Other Intangible Assets | 1,808 | 1,794 |
Equipment & Investment Property | 331 | 329 |
Total Assets | 10,514 | 11,048 |
Total Equity | 8,566 | 8,688 |
Total Liabilities | 1,948 | 2,360 |
q1 2025 | ||
Cash & Cash Equivalents | 783 | |
Investment Deposits | 3,351 | |
Less than 3 Months | 1,648 | |
Up to 1 Year but More than 3 Months | 1,703 | |
More than 1 Year | 0 | |
Other Financial Assets Measured at Fair Value -(FVTOCI) & amortized cost | 1,566 | |
Investment in Equity Securities | 928 | |
Managed Funds | 25 | |
Investment in Sukuk | 613 | |
Total | 5,700 | |
Investment in Equity Securities 16.2%
Cash and Cash Equivalents 13.7%
Investment in Sukuk 10.7%
Commentary
Managed Funds 0.4%
Investment Deposits 58.9%
Investment deposits are placed with financial institutions in the UAE, with profit rates ranging from 4.4% to 5.6% per annum.
Investment in Sukuk in the UAE matures in 2-7 years and carries an average fixed profit rate of 4% per annum.
93% of the investments made by DFM are within the UAE.
Consolidated P&L
For the quarter ended 31st March 2025
(AED'000) | 31-Dec-2022 | 31-Dec-2023 | 31-Dec-2024 | q12024 | q12025 |
Income | |||||
Trading commission fees | 200,493 | 226,064 | 232,140 | 48,470 | 73,359 |
Brokerage fees | 13,646 | 12,108 | 12,268 | 3,077 | 3,028 |
Clearing settlement and depositary fees | 25,679 | 88,905 | 81,769 | 7,600 | 4,498 |
Listing and market data fees | 9,981 | 11,200 | 10,982 | 2,592 | 2,782 |
Other fees | 7,108 | 10,752 | 15,911 | 723 | 2,262 |
Operating income | 256,907 | 349,029 | 353,070 | 62,462 | 85,929 |
Investment income | 79,989 | 168,808 | 215,682 | 55,335 | 52,841 |
Dividend income | 13,781 | 20,254 | 43,688 | 29,376 | 48,175 |
Other income | 320 | 9,121 | 19,907 | 890 | (474) |
Profit income | 3,639 | 226 | 0 | ||
Total investment and other income | 97,729 | 198,409 | 279,277 | 85,601 | 100,542 |
Total income | 354,636 | 547,438 | 632,347 | 148,063 | 186,471 |
Expenses | |||||
General and administrative expenses | (149,577) | (161,023) | (165,195) | (38,034) | (37,253) |
Amortisation of intangible assets | (56,489) | (56,489) | (56,489) | (14,122) | (14,122) |
Interest expense | (1,035) | (117) | (1,340) | (349) | (238) |
Operating expenses | (207,101) | (217,629) | (223,024) | (52,505) | (51,613) |
Profit & provision Expenses | (3,639) | (226) | 0 | 0 | 0 |
Total expenses | (210,740) | (217,855) | (223,024) | (52,505) | (51,613) |
Net profit for the period (BT) | 143,896 | 329,583 | 409,323 | 95,558 | 134,858 |
Tax Expenses | 0 | 0 | (32,954) | (5,961) | (7,803) |
Net profit for the period | 143,896 | 329,583 | 376,369 | 89,597 | 127,055 |
THANK YOU
DUBAI FINANCIAL MARKET +971 4 305 5555ir@dfm.ae https://www.dfm.ae
Dubai World Trade Centre (Rashid Tower) - Sheikh Zayed Road
PO Box 9700 Dubai
United Arab Emirates
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