The Dubai Financial Market (DFM) reported a significant increase in brokerage firms, with 56,345 new investor accounts opened in the first seven months of 2024. This marks an 85% rise from the same period last year, which saw 22,700 new accounts.
The surge in new accounts was attributed to investor interest in recent listings, including companies like Parkin and Spinneys. According to DFM data, there has been a steady month-by-month increase in new accounts. January saw 4,465 new accounts, followed by 5,557 in February. March recorded 16,574 new accounts, with 9,957 in April, 8,026 in May, 6,223 in June, and 5,543 in July.
July’s new accounts represent a 55% increase compared to July 2023, which saw 3,570 new accounts, indicating ongoing investor confidence in the market.
Among the brokerage firms, BHM Capital Financial Services led with 21,565 new accounts. Emirates NBD Securities added 14,130 new accounts, while Al Ramz Capital secured 7,115 new investor accounts. Other firms contributing to the market’s growth included ADIB Securities, with 3,313 accounts; International Securities, with 3,071 accounts; and Mashreq Securities, with 2,631 new accounts. FAB Securities, EFG Hermes (UAE), ADCB Securities, and HSBC Middle East Securities also contributed to the market’s expansion.
In addition to the increase in investor accounts, the DFM has seen active trading. The 30 brokerage firms operating in the market executed over 2.57 million transactions involving 58.4 billion shares, totalling AED114.5 billion in the first seven months of 2024.
