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Emirates NBD, Dubai’s largest lender, has rolled out a digital wealth platform targeting stock market investors, as the initial public offering (IPO) boom continues in the UAE and the rest of the region.
The new offering enables bank customers to trade more than 11,000 regional and global equities, as well as exchange-traded funds (ETFs) across 21 capital markets.
The platform provides customers access to securities and ETFs on the Dubai Financial Market, Abu Dhabi Securities Exchange, Nasdaq Dubai, New York Stock Exchange, London Stock Exchange and Nasdaq, the lender announced on Friday.
The tool is embedded within the bank’s mobile app ENBD X, where users can invest, buy and/or sell. Initially, the bank is offering the service with zero commissions for the months of October, November and December this year, as part of its 60th anniversary celebrations.
The lender launched the platform as the region continues to see a string of initial IPOs amid strong investor demand and liquidity.
In 2022 alone, the Middle East and North Africa (MENA) saw a record number of offerings, with 51 IPOs and combined proceeds of $22 billion, according to EY.
Last year registered a 143% increase in the number of listings compared to 2021, when 21 IPOs were announced.
(Writing by Cleofe Maceda; editing by Seban Scaria)
