Market Movers

Gulf capital markets in focus as DFM doubles profits

The two-day Capital Market Summit will explore what’s driving the market, sustainable investing, fintech, digital transformation and market resilience

A man watches stock movements at the Dubai Financial Market stock exchange. (Photo: Getty Images)

The Gulf’s capital markets have remained hubs of activity amid inflation, geopolitical risk and higher interest rates. The how and why of this story will be in focus on Wednesday in Dubai as the two-day Capital Market Summit gets underway.

The Dubai Financial Market is set to host government officials, investment bankers and business leaders to identify what’s driving the market and explore trends in sustainable investing, fintech, digital transformation and market resilience. 

Helal Saeed Al Marri, Chairman of the DFM, is slated to be in conversation with May Nasrallah, Founder and Executive Chair of corporate advisory firm deNovo Partners on Wednesday.

Also on the agenda are Jim DeMare, President of Global Markets at BofA Securities; Claire Suddens-Spiers, a 27-year veteran and Co-Head of Equity Market Solutions at Rothschild & Co.; and Michael Wilson, Chief U.S. Equity Strategist and Chief Investment Officer at Morgan Stanley.

The DFM reported strong quarterly earnings today, more than doubling net profit year-on-year to $24 million amid a surge in foreign investor activity. The exchange operator attracted 44,259 new investors, of which 85% were from abroad.

Institutional investors’ share of trading value reached 65%. The imminent IPO of Spinneys on May 9 on the DFM is expected to raise up to $376 million for the UAE and Oman grocery retailer.  The total number of shares offered to retail investors has been increased by 7% as of today on strong investor demand.

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