Main Market
- Minimum market capitalisation
- Not specified
- Minimum free float
- 20%
- Track record
- 2 years
- Profit required
- Not specified
- Minimum shareholders
- 100
- Lock-up
- Not specified
Exchange comparisons
DFM or ADX
Listing requirements of DFM and ADX compared from the directory data. Check the primary sources before making decisions.
Data checked: 6 November 2026
Key facts
| Dubai Financial Market | Abu Dhabi Securities Exchange | |
|---|---|---|
| Location | Dubai, United Arab Emirates | Abu Dhabi, United Arab Emirates |
| Regulator | Capital Market Authority (CMA), formerly Securities and Commodities Authority (SCA) | Capital Market Authority (CMA), formerly Securities and Commodities Authority (SCA) |
| Trading currency | AED | AED |
| Indicative timeline | Not specified | Not specified |
| Listing segments | 2 | 2 |
Segments side by side
Figures by segment from the exchange rulebooks. Not specified means the rule does not set the figure or it has not been verified yet.
DFM
Private Market (private joint stock companies)
- Minimum market capitalisation
- Not specified
- Minimum free float
- Not specified
- Track record
- 2 years
- Profit required
- No
- Minimum shareholders
- Not specified
- Lock-up
- Not specified
ADX
Main Market (First Market)
- Minimum market capitalisation
- Not specified
- Minimum free float
- 20%
- Track record
- 2 years
- Profit required
- Not specified
- Minimum shareholders
- 100
- Lock-up
- Not specified
Growth Market (Second Market)
- Minimum market capitalisation
- Not specified
- Minimum free float
- 5%
- Track record
- 2 years
- Profit required
- No
- Minimum shareholders
- Not specified
- Lock-up
- Not specified
Dubai Financial Market
Who each exchange suits
- 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
What to check
- 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
Abu Dhabi Securities Exchange
Who each exchange suits
- Home market of Abu Dhabi government-related IPOs, deep pool of local institutional investors
- Growth Market allows a private joint stock company to list without an IPO
- Free float below 20% possible for companies with capital of AED 500 million or more
- Low exchange fees
What to check
- First Category needs profits in 2 of the last 3 years and 100 shareholders, otherwise the company trades in the Second Category
- Growth Market liquidity is limited, and transfer to the Main Market takes at least 3 years
- Rules are being re-issued under the new CMA framework (2026), check the current edition before filing
Requirements change. Always confirm with the exchange and the regulator before making decisions. Educational material. Not investment, legal or tax advice.
Other comparisons
Which of the two fits your company?
Eurasia Consulting Group compares exchanges on the numbers and structure of a specific company.
Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer