Dubai’s emergence as a financial hub for the Middle East led to the formation of the Dubai Financial Market (DFM) in March 2000.
And while global markets may have stumbled in 2008 as the economic downturn kicked in, that didn’t stop Dubai’s bourse from ending the year on a profit. In the year to December 31, the Dubai Financial Market generated an AED605m ($164.7m) net profit amid the financial crisis.
While profits were down from AED972m ($264.6m) the previous year, DFM’s chiefs insisted it was a tidy sum in difficult market conditions. During the same period, revenues reached $247.9m compared with $307.6bn in 2007.
The stock exchange is now one of three exchanges in the UAE followed by Abu Dhabi Securities Market (ADSM) and the Dubai International Financial Exchange.
The Dirham-denominated exchange recorded its biggest growth between 2004 and 2005 when there were significant increases in the volume of shares traded.