In the United Arab Emirates, listed stocks are now worth more than $1 trillion. This happened as a result of an increase in local listings and businesses connected to Abu Dhabi royals, which account for more than one-third of the overall valuation. The significance of the companies connected to Sheikh Tahnoon bin Zayed Al Nahyan is one element of the milestone that is very remarkable.
The UAE’s aspirations to establish itself as a major global financial center have advanced significantly with the opening of exchanges in Dubai and Abu Dhabi that are currently bigger than those in Madrid and Milan. The UAE’s achievement highlights its increasing importance among emerging markets, even though the $3 trillion Saudi stock market still leads.
UAE Stock Growth
Sheikh Tahnoon is the chair of International Holding Co. In recent years, IHC has grown by about 43,000%, and it is now valued at almost $250 billion, or 25% of the total value of the exchanges. Locals control 88% of IHC, according to data from the Abu Dhabi Stock Exchange. IHC, which began as a fish farming company, is now spearheading the initiative to diversify the UAE’s economy away from oil.
The ruling family of Abu Dhabi has made this $1 trillion accomplishment a top priority in their quest to make the United Arab Emirates a major international financial center. The Al Nahyan family’s members expect that the UAE’s growing market value would draw in global investment and motivate local capital to stay in the nation. A flurry of well-known initial public offerings (IPOs), such as Lulu International Holdings, which achieved the largest listing in the United Arab Emirates this year, also contributed to the market’s rise. More significant listings are anticipated, possibly including companies like Talabat, Delivery Hero’s Middle Eastern division, and Etihad Airways.
