There were over 20,500 new investor accounts from brokerage companies on the Dubai Financial Market (DFM) in the first seven months of 2022, as the region sees a boom in initial public offerings (IPO).
The number of new accounts added to DFM showed a growth of 287 percent during the first seven months of 2022, compared to 5,306 new accounts in the same period last year, DFM said in a statement.
The Dubai bourse also reported a 63 percent rise in net profits over the first half of 2022, which was driven primarily from DEWA’s IPO.
“The 27 brokerage firms in the Dubai Financial Market executed over 1.41 million deals during the first seven months of this year, trading 40 billion shares valued at AED98.25 billion,” WAM said.
According to data, companies added 2,349 new accounts in July, followed by 2,850 accounts in June, 2,468 accounts in May, 4,258 accounts in April, 4,401 accounts in March, 3,231 accounts in February; and 995 accounts in January.
BHM Capital Financial Services acquired the largest share of new investor accounts during this period, totalling 3,471, followed by Abu Dhabi Islamic Bank securities with 2,855, then Emirates NBD securities with 2,731, ADCB securities with 1,369 accounts, international securities with 1,192 accounts and EFG Hermes with 1,081 accounts, the statement said.
The market also witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental companies, including the Dubai Electricity and Water Company (DEWA), the TECOM Group, and Union Coop, a statement by WAM said.
The announcement was made by the emirate as part of its strategy to double the size of its capital market by AED3 trillion and attract foreign investments as well.
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