Arab bourses’ market cap hit $4 trillion by end of 2022

The market cap of Arab stock exchanges exceeded $4 trillion by the end of 2022, according to the Arab Monetary Fund (AMF). In a press statement, the Arab Monetary Fund said that the market value of the Abu Dhabi Securities Exchange reached $714.6 billion in the reference year, while that of Dubai Financial Market was valued at $158.4 billion.

The market value of the Saudi Stock Exchange was $2.63 trillion; while that of the Qatar Stock Exchange was $167.09 billion.

The market cap of the Boursa Kuwait was $152.7 billion; while that of the Muscat Stock Exchange was $61.6 billion.

The Casablanca Stock Exchange’s market cap was $53.6 billion; while that of the Egyptian Exchange was $38.8 billion; and that of the Bahrain Bourse was $30.2 billion, according to the Arab Monetary Fund’s statement.

The market value of Amman Stock exhange reached $25.4 billion; that of Palestine Exchange was $4.89; while Beirut Stock Exchange was put at $14.4 billion; and Damascus Securities Exchange was valued at 2.06 billion.

The UAE ranked fifth in the world in terms of stock trading interest, according to a recent survey by UK financial services company CMC Markets.

Being the only Arab nation in the top 10, the UAE was the fourth in terms of search levels on “swing trading” and the fifth country with the most interest in day trading.

The study examined Google Trends data of search terms frequently used by people interested in stocks and trading, which were then combined to give each English-speaking country a total search score.

Topping the list was Singapore with a total search score of 555 out of a maximum of 700 followed by India with a score of 492 and Canada with a score of 462.

The US came in fourth place with 453 points and the UAE came with a score of 374 with a huge interest in day trading.

According to the Arab Monetary Fund, the Abu Dhabi Securities Exchange market reached $714.6 billion in 2022 while the Dubai Financial Market was worth $158.4 billion in the same year.

Moreover, the Saudi Stock Exchange market value was $2.63 trillion while the Qatar Stock Exchange was at $167.09 billion and the market cap of Kuwait’s stock exchange market Boursa was worth $152.7 billion.

The Dubai Chamber of Commerce has announced the launch of the Medical Labs and Diagnostic Centers Business Group to support the healthcare sector.

The new business group will foster a collaborative relationship between its members and stakeholders to boost medical labs and diagnostic centers within the healthcare sector. It also aims to improve the sector’s competitiveness.

The Chamber of Commerce is one of the three chambers operating under Dubai Chambers that plans to increase the number of business groups that represent economic sectors and activities in Dubai from 30 to 100 by March 2023.

“The setting up of this business group comes at the right time as it brings together businesses within the diagnostic labs sector and further strengthens Dubai’s burgeoning healthcare industry,” said Maha Al-Gargawi, executive director of business advocacy at Dubai Chambers.

Dubai’s healthcare market is worth more than $4.6 billion annually, hosting the largest medical free zone Dubai Healthcare City which includes 160 clinical partners across 150 specialties.

According to a report by the UAE Ministry of Economy, medical tourism sales are expected to have a compound annual growth rate of 17 percent between 2021 and 2025.

UAE’s airline Emirates has completed the refresh of an Airbus A380 and is placing it into service with the latest products and interiors across all cabins.

The Airbus was refurbished under the airlines’ $2 billion retrofit program and was deployed for its first flight from Dubai to London Heathrow on Friday.

“Customers will notice the difference the moment they step onboard - the spacious A380 will look and feel even more impressive and comfortable,” Tim Clark, president of Emirates airline said.

To deliver the largest known aircraft refurbishment program in aviation history, Emirates recruited 190 new project personnel and is working with 48 major partners and suppliers.

“With our latest interiors and products, this newly-refurbished aircraft elevates our inflight experience in all classes of travel, and enables us to offer more premium economy seats to meet customer demand,” Clark added.