Dubai equities gain the most in region in 2024

The success of Dubai's economic diversification has once programme again come to the fore, as the city's benchmark index surged 27.1 per cent during the past year, a report showed.

- Somshankar Bandyopadhyay

According to data from Kamco Invest, Dubai was the best performing market in the GCC for the second consecutive year, with the Dubai Financial Market General Index closing 2024 at 5,158.7 points. "This was the biggest gain in the index in the last three years and the fourth consecutive year of gain," the report, authored by Junaid Ansari, Kamco's head of investment strategy and research, Mohamed Ali Omar, associate and Vineetha K. Yeluri, analyst, said.

Eight out of the nine sectors in the exchange witnessed growth during 2024. Unsurprisingly, the real estate index witnessed the biggest increase during the year recording a 63.1 per cent growth to close the year at 11,948.82 points, followed by the communication and materials sectors, which registered 44.3 per cent and 45.0 per cent gains respectively. On the other hand, the consumer staples| index registered a marginal yearly decline during 2024 falling by 0.9 per cent to close the year at 97.90 points.

"The strong gains in the index was underpinned by a steady IPO pipeline with the listing of a number of private companies during the year," the report said.

Takaful Emarat Holding topped the table with its stock price up by 247.8 per cent in 2024. National International Holding and Parkin Company followed, as their stock prices recorded gains of 233.3 per cent and 131.0 per cent, respectively. On the other hand, shares of Agility fell the most in 2024 at -76.9 per cent followed by Gulf Navigation and AI Mazaya Holding with declines of 27.4 per cent and 26.8 per cent, respectively.