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DFM · Gulf

Dubai Financial Market

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026
Location
Dubai, United Arab Emirates
Regulator
Capital Market Authority (CMA), formerly Securities and Commodities Authority (SCA)
Trading currency
AED
Indicative timeline
Not specified

Listing segments

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

DFM Listing Rules (Module Two, 2025), Rule 2.21: Category One requires fully paid-up capital, at least 100 shareholders, free float of at least 20% of share capital and net equity of at least 100% of paid-up capital; DFM may waive the 20% free float if share capital is at least AED 500 million (about USD 136 million) and tradable shares are sufficient. Companies not meeting these conditions list in Category Two. Government PJSCs offered to the public are listed in Category One. No market cap test. Local PJSC: DFM rules require compliance with the Companies Law, the profit and track record tests for IPOs sit in CMA offering rules. Foreign company (Rule 2.17): paid-up capital at least AED 40 million (about USD 10.9 million), already listed abroad, at least 25% previously offered to the public (15% if market cap above AED 5 billion, about USD 1.36 billion), 2 years of audited accounts, net profits in each of the last 2 years, local representative and Listing Advisor for 1 year. Free zone company (Rule 2.13): paid-up capital at least AED 20 million (about USD 5.4 million), 2 years of audited accounts (government-owned 25%+ exempt), Listing Advisor for 1 year. No mandatory lock-up in DFM rules.

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

DFM has no separate Growth Market in its Listing Rules; private joint stock companies list without an IPO on the Private Market (Rule 2.23): general assembly approval, at least 2 years of operation with audited annual accounts (subsidiaries' or pre-conversion accounts accepted), net equity at least 100% of paid-up capital, publication of a summary of the last 2 years' audited results. No profit or free float test in the rule. The DFM website separately mentions SMEs with at least 1 year of financial records and no minimum market cap (this matches the Nasdaq Dubai Growth Market within the DFM group).

Foreign issuers

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).

Cost drivers

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.

Recent changes

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.

Strengths

  • 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

Watch-outs

  • 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

Sources

  1. 01DFM Module Two - Listing Rules (2025)primary source
  2. 02DFM Circular 02/2025 - Amendment to DFM Rules on Listing Categoriesprimary source
  3. 03DFM Fees List (as of July 2025)primary source
  4. 04DFM - Listing Equitiesprimary source
  5. 05Federal Decree-Law No. 32 of 2025 Concerning the Capital Market Authorityprimary source
  6. 06King & Spalding - A New Era for UAE Federal Securities Regulation: The 2025 CMA Decree-Laws
  7. 07Hunton - New UAE Commercial Companies Law Comes Into Effect
  8. 08Hadef & Partners - New SCA Regulation on Public Offering for free zone companies

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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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