سوق دبي المالي

المُصدِرون الأجانب

Foreign companies may list on the DFM Main Market if they are a PJSC-equivalent, supervised at home, already listed on a foreign market (waivable), have paid-up capital of at least AED 40 million (about USD 10.9 million), at least 25% of shares previously offered to the public (15% if market cap above AED 5 billion), 2 years of audited accounts, net profits in the last 2 years, a local representative and a Listing Advisor for 1 year. Onshore IPO size: the Commercial Companies Law (Federal Decree-Law 32 of 2021, in force 2 January 2022) removed the old fixed 30-70% founders range; the offering percentage on conversion is set by the regulator (now CMA). Free zone companies offering publicly: 25-70% of capital under SCA Decision 25/RM of 2020. Government IPOs have floated as little as 5% (ADNOC Gas, ADX, 2023).

عوامل التكلفة

DFM Fees List (July 2025): initial listing fee for joint stock companies AED 18,000 (paid-up capital up to AED 500 million), AED 30,000 (AED 500 million to 2 billion), AED 60,000 (above AED 2 billion); annual fee AED 21,000 / 35,000 / 70,000 for the same bands (about USD 4,900-19,100). Plus XBRL registration AED 10,000. Advisers, bank and CMA prospectus costs are extra.

التغييرات الأخيرة

DFM Circular 02/2025 (in force 5 February 2025) rewrote Rules 2.21-2.22: Category One conditions restated (paid-up capital, 100 shareholders, 20% free float, equity 100%), government PJSCs go straight to Category One, the earlier profit test for moving from Category Two to One was dropped, and moves are now automatic on a 6-month suspension or accumulated losses of 50% of capital. From 1 January 2026 the SCA was replaced by the Capital Market Authority (CMA) under Federal Decree-Law No. 32 of 2025 (issued 1 October 2025, in force 1 January 2026; CMA is the legal successor of SCA) and Federal Decree-Law No. 33 of 2025 on capital markets, which repealed Federal Law No. 4 of 2000. Existing SCA decisions stay in force until replaced; market participants have a one-year transition period.

نقاط القوة

• Large, liquid onshore UAE market with strong retail and institutional demand for IPOs
• No market cap threshold: two listing categories let smaller PJSCs list
• Private Market route lets private joint stock companies list without an IPO
• Low exchange fees

نقاط تستدعي الانتباه

• Onshore issuer must be (or convert into) a UAE PJSC under the Companies Law, IPO prospectus approved by CMA
• Category Two status if fewer than 100 shareholders, free float below 20% or equity below paid-up capital; accumulated losses of 50% or 6-month suspension move a company to Category Two
• Foreign issuers need an existing foreign listing and 2 years of profits