Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase of 12.5% over the previous year, according to data released by the DFM, Emirates News Agency Wam said in a report.

The growth was driven by a number of factors, including the strong momentum in the market since the announcement of the listing of government and semi-government companies, as well as the increasing popularity of online trading, it said.

The new accounts were distributed over the months of the year, with a notable YoY spike of 184 % in December, when 6,088 new accounts were opened. This was due in part to the strong demand from investors for the initial public offering (IPO) of the Dubai Taxi Corporation.

Surging new investor accounts bolster Dubai's Financial Market, injecting potential for greater liquidity and trading activity.

In the meantime, the 29 brokerage firms operating in the Dubai Financial Market executed over 3.83 million transactions in 2023, a 32.7% increase compared to 2022's 2.88 million. – TradeArabia News Service