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Markets in Motion: From Listings to Leadership
Markets in Motion: From Listings to Leadership
In the post-pandemic market cycle, investors have been navigating fragmented liquidity, shifting rate expectations, and a renewed premium on governance, disclosure, and reliable market infrastructure. In that environment, “good stories” are not enough; markets are increasingly judged by whether they can consistently deliver three things: a predictable listing pipeline, healthy secondary-market trading, and the post-trade safeguards that reduce friction for global capital.
Dubai's public markets have become a useful case study in that context - less because of any single IPO, and more because a multi-year reform agenda has translated into measurable outcomes across performance, participation, and market structure. Importantly, this is not occurring in isolation: capital markets development is explicitly linked to the emirate's broader economic agenda, including the Dubai Economic Agenda D33, which aims to double the size of Dubai's economy by 2033 and seeks to firmly establish Dubai as one of the top three cities globally to invest, live, and work in.
Why D33 makes capital markets a “means,” not the “end”
D33 is often discussed through the lens of sectoral growth and competitiveness. Capital markets sit underneath that ambition as an enabler: they mobilise domestic savings, provide transparent price discovery, support privatisation programmes, and give companies an alternative (or complement) to bank-led financing. In other words, listings and debt issuance are not the objective; they are mechanisms to fund scale, broaden ownership, and raise institutional confidence over time. That framing matters because it moves the emphasis from IPO visibility to measurable progress in market depth.2024 on the scoreboard: performance, liquidity, and participation
In 2024, Dubai was the best-performing market in the GCC for the second consecutive year, with the Dubai Financial Market (DFM) General Index up 27.1% and boasting a market capitalisation of AED 907 billion (~USD 247 billion) - up 32% YoY. DFM also reported net profit (pre-tax) of AED 409.3 million (~USD 111.5 million) and total traded value of AED 107 billion (~USD 29 billion), with average daily trading value reaching AED 423 million (~USD 115 million).Two participation signals are particularly relevant for “repeatability” of demand. First, DFM onboarded 138,262 new investors in 2024, with 85% identified as foreign investors. Second, DFM reported foreign investors contributed 50% of total trading value in 2024, while institutional investor trading share rose to 65% (from 58% in 2023). Together, these suggest the market's liquidity is increasingly tied to a broader (and more international) investor base - not only retail spikes around IPO windows.
Institutional context behind the exchanges
Alongside the two market exchanges - DFM and Nasdaq Dubai - Dubai's capital markets sit within a wider financial-services ecosystem anchored by the Dubai International Financial Centre (DIFC). DIFC concentrates a significant share of the region's cross-border financial intermediation and supporting infrastructure under the DFSA and DIFC Courts, while hubs such as Dubai Multi Commodities Centre (DMCC) and Dubai World Trade Centre continue to channel enterprise formation and issuer pipelines into the broader economy. DMCC also owns the Dubai Gold & Commodities Exchange (DGCX), a UAE Securities & Commodities Authority - regulated derivatives exchange that adds a risk-management and price-discovery layer across contracts spanning precious metals, energy and FX.The listings pipeline: not just volume, but variety
The current cycle is best understood as a pipeline rather than isolated flotations. The turning point traces back to the Dubai Securities & Exchange Higher Committee's programme of 2021 to accelerate listings and introduce market-support initiatives. Since the committee's establishment, Dubai has reported 10 listings, raising over AED 43 billion (~USD 11.7 billion), and generating demand exceeding AED 1.2 trillion (~USD 327 billion) - a scale that matters because it signals depth beyond a single deal.In 2024, the pipeline broadened beyond predominantly government-linked issuers. DFM reported three listings - Parkin, Spinneys, and Talabat - raising AED 10.48 billion (~USD 2.85 billion) in total.
Talabat (listed 10 Dec 2024): Delivery Hero SE's MENA delivery platform; the IPO was a partial sell-down by Delivery Hero's wholly-owned selling shareholder, priced at AED 1.60/share with the free float upsized to 20% amid strong demand - raising ~AED 7.5 billion (~USD 2.0 billion) and implying a market capitalisation of ~AED 37.3 billion (~USD 10.1 billion), while Delivery Hero retained a long-term majority stake. Parkin (Mar 2024): oversubscribed 165×, drew USD 71 billion in demand, and rose 30%+ on debut - a reminder of how powerful local and regional order books can be in the right setup. Spinneys (May 2024): attracted AED 71 billion (~USD 19 billion) in orders and was 64× oversubscribed, according to DFM's 2024 year-end summary.Dubai's 2025 calendar reinforced that the pipeline didn't end with the 2024 “headline year”:
Dubai Residential REIT (May 2025): reported demand of around AED 56 billion (~USD 15.3 billion) - about 26× covered - and listed with a market cap around AED 14.3 billion (~USD 3.9 billion). ALEC Holdings PJSC (Oct 2025): DFM described it as the UAE's largest-ever construction-sector IPO, raising AED 1.4 billion (~USD 0.4 billion) on demand of about AED 30 billion (~USD 8.1 billion) - 21×+ oversubscribed, implying a market cap of AED 7 billion (~USD 1.9 billion) at listing.And to anchor the cycle's early momentum: Dubai Taxi Company (Dec 2023) was reported as 130× oversubscribed, raising roughly AED 1.2 billion (~USD 326 million).
This matters for market depth: thematic diversity helps keep investor attention across cycles, supports sectoral breadth in indices, and improves the odds of consistent trading activity rather than one-off “event liquidity.”
Market plumbing: post-trade reforms that reduce friction
Oversubscription headlines are easy; durable liquidity is harder. That is where market structure matters.Dubai's post-trade stack includes Dubai Clear (a central counterparty for equity clearing) and Dubai CSD (an independent central securities depository), launched as part of broader efforts to modernise settlement and reduce counterparty risk.
In 2025, DFM also launched a centralised Securities Lending and Borrowing (SLB) programme, operated by Dubai Clear as CCP, explicitly positioning it as a liquidity and price-discovery tool and aligning it with international risk-management practices. In practical terms, SLB expands lendable supply and supports hedging/market-making - both of which are important if the market wants stronger secondary trading and greater institutional activity.
Depth beyond equities: bonds and sukuk as a parallel growth engine
Dubai's capital markets story is not only about equity IPOs. Nasdaq Dubai has positioned itself as a major venue for sukuk listings; its own product page cites USD 81.98 billion of sukuk currently listed (with USD 79.47 billion on Nasdaq Dubai).On the policy/market-development side, committee updates have highlighted the scale of debt listings: one official summary cited 155 bonds and sukuk valued at AED 484 billion (~USD 132 billion) across DFM and Nasdaq Dubai. And in a 2024 accomplishments update, Nasdaq Dubai was described as leading globally in sukuk listings by value, with 51 sukuk and bond listings and significant issuer diversity (including issuers from outside the UAE).
More recently, Nasdaq Dubai-related disclosures have also pointed to total outstanding value of debt securities listed exceeding USD 145 billion - useful context for how quickly the fixed-income shelf has scaled alongside the equity pipeline.
From reform to measurable outcomes
Dubai's recent capital markets trajectory illustrates how policy alignment, issuer pipelines, and market infrastructure can translate into tangible outcomes. In the last few years, listings on DFM and Nasdaq Dubai contributed to expanding the scale and sectoral mix of Dubai's capital market, while investor participation broadened geographically and institutionally.Post-trade reforms, including central clearing, securities depository independence and the introduction of securities lending, have reinforced the market's operating framework. Alongside growth in debt and sukuk listings, these developments position capital markets as an operational component of Dubai's wider economic agenda. In that sense, Dubai's public markets reflect an integrated approach that links issuance activity, liquidity formation and institutional participation within the D33 framework.
Note to the Reader: This article is part of Mint's promotional consumer connect initiative and is independently created by the brand. Mint assumes no editorial responsibility for the content. This article does not constitute financial advice.
Source: LiveMint
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