Dubai Financial Market (DFM) brokerage firms opened 57,054 new investor accounts in 2023, a significant increase of 12.5% from the previous year, according to data published by the DFM.
The growth was driven by a number of factors, including strong market momentum since the announcement of the listing of government and semi-government companies, as well as the growing popularity of online trading.
New accounts were distributed throughout the months of the year, with a notable year-on-year increase of 184% in December, when 6,088 new accounts were opened. This was partly due to strong investor demand for the company’s initial public offering (IPO). Dubai Taxi Corporation.
The increase in new investor accounts strengthens Dubai’s financial market, injecting potential for greater liquidity and trading activity.
Meanwhile, the 29 brokerage firms operating in the Dubai financial market executed more than 3.83 million transactions in 2023, an increase of 32.7% compared to 2.88 million in 2022.
News source: Emirates News Agency