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Nasdaq Dubai · Gulf

Nasdaq Dubai

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 (DIFC), United Arab Emirates
Regulator
Dubai Financial Services Authority (DFSA)
Trading currency
USD
Indicative timeline
Not specified

Listing segments

Main Market

Minimum market capitalisation
USD 250m
Minimum free float
25%
Track record
3 years
Profit required
No
Minimum shareholders
250
Lock-up
Not specified

DFSA Markets Rules (MKT VER24/03-25): expected market value of shares at listing at least USD 250 million (Rule 9.3.9; DFSA may reduce it); 25% of shares in public hands (Rule 9.3.10; DFSA may accept less for large, liquid issuers; holders of 5%+, directors and connected persons excluded); 3 years of audited IFRS accounts or a shorter period acceptable to DFSA (Rule 9.3.2); working capital sufficient for at least 12 months from listing (Rule 9.3.3). Nasdaq Dubai listing criteria: at least 250 shareholders, sponsor and compliance adviser, DFSA-approved prospectus, lock-up not mandatory. No profit test.

Growth Market (SME)

Minimum market capitalisation
Not specified
Minimum free float
25%
Track record
1 year
Profit required
No
Minimum shareholders
Not specified
Lock-up
12 months

For SMEs with expected market value below USD 250 million and no minimum valuation (MKT 1.3.3, 9.3.9(2)); a company stops being an SME if its average market value exceeds USD 500 million for 90 consecutive days. At least 1 year of audited accounts, up to 3 years if it has operated longer (Rule 9.3.2(a)); 25% free float; working capital for 12 months; all pre-listing shareholders locked in for 12 months from admission (Rule 9.3.11); compliance adviser normally required; shareholder number assessed case by case; DFSA-approved prospectus.

Foreign issuers

Open to issuers from any jurisdiction under the same DFSA rules; trading and listing in USD, English-language documentation, common-law DIFC framework. Dual listings are possible. A foreign issuer does not need to convert into a UAE PJSC.

Cost drivers

Per Baker McKenzie Cross-Border Listings Guide (updated 1 February 2026, secondary): Nasdaq Dubai application fee USD 5,000, initial listing fee for shares USD 70,000-250,000, annual fee USD 20,000-50,000; DFSA application fee USD 2,500, prospectus review USD 35,000 (USD 10,000 for the Growth Market), DFSA annual fee from a base of USD 2,500 plus a market-cap based amount (fixed USD 10,000 for the Growth Market).

Recent changes

Earlier versions of the DFSA MKT rules set a minimum market value of USD 10 million for shares; the current version (VER24/03-25) sets USD 250 million for non-SMEs and a separate SME regime (1 year of accounts, 12-month lock-in) below that threshold. The CMA reform of 2026 does not apply to DIFC, which stays under DFSA.

Strengths

  • International issuers that want USD listing under English common law (DIFC) without converting into a UAE PJSC
  • SMEs below USD 250 million via the Growth Market with only 1 year of audited accounts
  • Dual listings and debt or sukuk issuers seeking Gulf investors
  • No profit test on either market

Watch-outs

  • Equity trading liquidity is far lower than on DFM or ADX
  • 25% free float is higher than the onshore UAE minimum
  • Growth Market: 12-month lock-in for all pre-listing shareholders

Sources

  1. 01Nasdaq Dubai - Listing Criteriaprimary source
  2. 02DFSA Rulebook - Markets Rules (MKT) VER24/03-25primary source
  3. 03DFSA Rulebook MKT VER13/12-18 (older version)primary source
  4. 04Baker McKenzie Cross-Border Listings Guide - Nasdaq Dubai Quick Summary

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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