The market capitalization of UAE stock markets has reached $1 trillion, driven primarily by initial public offerings and strong domestic economic growth.

The combined market capitalization of two exchanges that make up the UAE market, the ADX and DFM, is higher than most emerging markets except India, China and Saudi Arabia, according to Bloomberg.

Dubai and Abu Dhabi have seen a boom in stock listings over the past two years, driven by government efforts to increase liquidity and growing investor demand. There are currently 100 companies listed on the ADX and 68 on the DFM.

The UAE’s strong economic performance, coupled with an expanding non-resource sector, is also helping to boost stock markets. In September, the UAE Central Bank revised its 2024 GDP growth forecast to 4% from a previous estimate of 3.9% made in June.