The United Arab Emirates’ stock market has achieved a historic milestone, surpassing $1 trillion in total value for the first time. This achievement reflects the impact of a surge in local listings and the growing influence of firms tied to Sheikh Tahnoon Bin Zayed Al Nahyan, a key figure in Abu Dhabi’s ruling family and global business.
The UAE’s exchanges, located in Dubai and Abu Dhabi, are now larger than those in Madrid and Milan, marking a significant leap in the country’s ambitions to position itself as a global financial hub. While the Saudi Arabian stock market, valued at $3 trillion, remains ahead, the UAE’s milestone underscores its growing significance among emerging markets.
A central figure in this achievement is Sheikh Tahnoon, whose business empire spans numerous sectors and has played a pivotal role in driving the UAE’s economic diversification. His company, International Holding Co. (IHC), has seen an extraordinary rise of over 43,000% in recent years, reaching a market capitalization of $250 billion, nearly a quarter of the combined value of UAE’s stock exchanges. IHC has invested in high-profile ventures, including Rihanna’s Savage X Fenty lingerie line, Elon Musk’s SpaceX, and Aldar Properties, the UAE’s largest real estate developer.
Sheikh Tahnoon, who serves as Abu Dhabi’s deputy ruler, the UAE’s national security adviser, and the president’s brother, has been instrumental in steering the economy away from oil dependency. His leadership in business and investment reflects the broader vision of Abu Dhabi’s ruling family to transform the capital into a global financial center.
The UAE’s achievement has also been bolstered by a wave of initial public offerings (IPOs) since 2021, as companies seek to capitalize on the country’s expanding economy. Lulu International Holdings, the parent company of the popular hypermarket chain, completed the largest IPO in the UAE this year, further adding to the market’s value. More listings are anticipated, with major names like Etihad Airways, Talabat, and IT services firm Alpha Data reportedly preparing to go public.
The UAE stock market is part of the MSCI Emerging Markets Index, contributing 1.2% to the benchmark. While IHC itself is not included, many of its subsidiaries are part of the index, further highlighting its economic importance.
