The Dubai Financial Market reported an almost threefold jump in its third-quarter net income as trading value and the number of new investors rose.
Profit attributable to shareholders for the three months to the end of September climbed to Dh74.06 million ($20.18 million), from Dh25.64 million for the same period in 2022, the DFM said in a regulatory filing on Tuesday.
Trading commission fees for the June-September period jumped to Dh70.05 million, up from Dh41.08 million a year earlier.
Total income grew by more than 84 per cent on an annual basis to Dh137.91 million.
The rise in earnings underpins the bourse's “commitment to diversification and our forward-thinking initiatives to position DFM as the marketplace of choice for both investors and issuers”, its chairman Helal Al Marri said.
The DFM said its “notable increase” in the number of trades, overall trading value during the third quarter and influx of new investors reinforces Dubai’s position as a global financial centre.
The robust operational performance also drove the DFM’s net income for the first nine months to Dh186.2 million, up 109 per cent year on year.
The DFM’s total consolidated revenue increased by 48 per cent on an annual basis to Dh351.8 million, driven by Dh214.2 million in operating income and Dh137.6 million in investment returns and other income.
Total expenses during the first nine months climbed to Dh165.6 million, compared to Dh148.8 million during the same period of 2022.
The DFM, Dubai's main bourse, unveiled plans in 2021 to boost its size to Dh3 trillion and list 10 state-owned companies.
It also announced a Dh2 billion market-maker fund at the time to encourage the listing of more private companies from sectors such as energy, logistics and retail.
Several state-owned enterprises including utility Dubai Electricity and Water Authority, traffic toll operator Salik and free zone holding company Tecom have already listed their shares on the bourse.
Dubai-based family-owned company Al Ansari Financial Services also listed on the bourse this year.
The DFM's market capitalisation rose at the end of September to Dh697 billion, up from Dh576 billion in the same period in 2022.
The financial sector accounted for 41 per cent of the market capitalisation while utilities, real estate, industrials and communication services accounted for 23 per cent, 17 per cent, 14 per cent and 3 per cent, respectively, with others such as consumer staples making up the rest.
“With a significant increase in our trade numbers, expanding sector diversity and a surge in new investors, [the] DFM is well positioned to continue driving growth and innovation in the global financial landscape,” said Hamed Ali, chief executive of the DFM and Nasdaq Dubai.
“Our commitment to expanding our product verticals with the introduction of new asset classes, onboarding of digital brokers … and the launch of innovative programmes such as the IPO Accelerator underscores our dedication to strengthening the overall financial ecosystem.’’
The DFM said that the number of trades during the first nine months of the year rose to 1.43 million, a 37 per cent annual increase in trading activity.
Trading value rose by 13 per cent, year on year, to Dh78 billion as it attracted 35,357 new investors – 72 per cent of which were foreign investors – boosting the investor base to more than a million.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Company%20profile
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Company%C2%A0profile
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Killing of Qassem Suleimani
Killing of Qassem Suleimani
More on Quran memorisation:
Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
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Mobile phone packages comparison
