Arab stock markets hit record $4.56 trillion in 2023, led by UAE and Saudi Arabia
[ad_1]
Arab stock markets soared to record levels in 2023, with combined gains of $493 billion (AED1.81 trillion), driven by strong performances in the United Arab Emirates and Saudi Arabia.
The market capitalization of Arab stock exchanges increased to around 4.558 trillion, 216 million and 586 thousand dollars at the end of 2023, compared to around 4.65 trillion, 559 million and 3 dollars at the end of 2022, according to data official compiled by WAM.
The United Arab Emirates led the charge, adding $117.5 billion to its market value, reaching $990.6 billion at the end of last year. This remarkable feat was driven by strong growth on both the Abu Dhabi Stock Exchange (ADX) and the Dubai Financial Market (DFM). ADX added $88.8 billion to its capitalization, rising to $803.4 billion, while DFM witnessed an increase of $28.7 billion, raising its total market value to $187.2 billion.
The Saudi Stock Exchange (TADAWUL) was another notable performer, generating $368.2 billion in profits and catapulting its market capitalization to over $3 trillion.
Egypt’s stock market also posted impressive gains, adding $16.8 billion and expanding its market value to $55.6 billion.
The Casablanca Stock Exchange soared $9.6 billion to $63.2 billion and the Beirut Stock Exchange rose $5.9 billion to $20.4 billion. The Qatar Stock Exchange maintained its momentum, adding $4.5 billion to $171.6 billion.
Emerging markets also posted promising gains. Damascus soared to $4.27 billion, while Muscat rose $170.3 million to $61.8 billion and Tunisia added $137.5 million to reach $7.9 billion.
At the end of 2023, the Kuwait Stock Exchange stood at $131.6 billion, the Oman Stock Exchange at $23.9 billion, the Bahrain Stock Exchange at $20.6 billion, and the Palestine Stock Exchange at $20.6 billion. 4.62 billion dollars.
News source: Emirates News Agency
[ad_2]
