Nasdaq Dubai delivered its strongest annual performance to date in 2025, reaching new peaks in debt capital market activity. A record total value of new listings drove the exchange past the USD 100 billion threshold for outstanding Sukuk, a definitive benchmark of Dubai’s global leadership in Islamic Finance.
This momentum was reinforced by the debut of five new issuers, underscoring the deep confidence entities place in Nasdaq Dubai’s robust regulatory environment and infrastructure. Market momentum was driven by a robust mix of sovereign issuances and repeat corporate listings, alongside surging participation in Islamic and sustainable finance. This consistent activity underscores the scale and resilience of Nasdaq Dubai’s fixed income ecosystem, further cementing Dubai’s position as a premier global financial hub.
Over the course of the year, Nasdaq Dubai listed a broad range of Sukuk and bond issuances across sovereigns, government-related entities, financial institutions, and corporates, reflecting the scale, and diversification of its issuer base. Sovereign and government-related issuances remained a cornerstone of activity, supported by continued issuances from the UAE Federal Government, the Republic of Indonesia, China Development Bank, and the governments of Sharjah and Ras Al Khaimah.
Corporate issuances also gained further traction in 2025, with regional banks, real estate developers, and infrastructure-linked entities actively accessing the market. Both debut and repeat issuers continued to select Nasdaq Dubai as their preferred listing venue, reflecting the exchange’s flexibility in accommodating diverse funding strategies and capital structures. Leading institutions and corporates such as Emirates NBD, Emirates Islamic, Sharjah Islamic Bank, Mashreq, Ajman Bank, Majid Al Futtaim, Arada, Binghatti Holding, OMNIYAT, Sobha Realty, and Dubai Aerospace Enterprise, listed a range of instruments spanning conventional Bonds, Green and Sustainability-Linked issuances, and Additional Tier 1 capital.
Islamic finance remained central to Nasdaq Dubai’s offering. By year-end, the exchange reached a historic milestone, with the total outstanding value of Sukuk listings exceeding USD 100 billion, further strengthening its position as one of the world’s leading Sukuk listing venues. Growth in Green and Sustainability-Linked Sukuk reflected the increasing convergence of Sharia-compliant finance with ESG objectives. In parallel, Nasdaq Dubai strengthened its leadership in ESG-related issuances, reinforcing its position as a regional platform of choice for sustainable capital.
International engagement deepened further during the year, with Nasdaq Dubai continuing to strengthen its connectivity with global capital markets, particularly in Asia. Listings by institutions such as China Development Bank, Industrial and Commercial Bank of China, Bank of China, and Emirates NBD’s CNY-denominated bond highlighted the exchange’s cross-border connectivity. Meanwhile, the launch of New Development Bank’s USD 50 billion Euro Medium Term Note programme underscored Nasdaq Dubai’s growing relevance as a platform for multilateral and supranational issuers.
Together, these developments marked a year defined by record activity, market maturity, scale, and sustained issuer confidence, reinforcing Nasdaq Dubai’s role in advancing global debt capital markets and supporting Dubai’s position as an international financial centre.
Performance Highlights
FTSE NASDAQ DUBAI UAE 20 INDEX
The index rose 15.37% over the year to 4,854.40 at the end of 2025 from 4,207.52 at the end of 2024. It tracks liquid stocks listed on UAE stock exchanges.
MEMBERS' MARKET SHARE BY VALUE OF EQUITIES TRADED - 2025
MOST ACTIVE 10 MEMBERS BY MARKET SHARE %
Chairman's Message
In 2025, Dubai’s financial markets reached new levels of maturity and scale, supported by a clear mandate for long-term economic growth. The emirate maintained its position as a trusted gateway for international capital, attracting sustained interest from issuers and investors across regions.
Against this backdrop, Nasdaq Dubai recorded its strongest year on record for debt listings, reflecting both the scale of market activity and the growing sophistication of issuers accessing the platform. The exchange played a central role in providing a well-regulated and efficient platform that enables issuers to raise capital while upholding high standards of transparency and market integrity. This role remains central to Nasdaq Dubai’s contribution to Dubai’s broader financial ecosystem.
Market activity during the year demonstrated increasing maturity, with issuers returning to Nasdaq Dubai through established funding programmes and repeat transactions. This pattern reflects a shift towards more structured and long-term capital market engagement, underpinned by confidence in the exchange’s regulatory framework and operational efficiency.
Islamic finance remains a core pillar of Nasdaq Dubai’s offering. In 2025, the exchange surpassed USD 100 billion in outstanding Sukuk listings, positioning it among the world’s leading centres for Sukuk listings. Growth in green and sustainability-linked Sukuk further highlighted the alignment between Islamic finance principles and global sustainability objectives.
Nasdaq Dubai’s progress remains closely aligned with Dubai’s wider economic agenda, including the objectives of the D33 strategy. By supporting capital formation and maintaining strong governance standards, the exchange continues to contribute to the long-term resilience and competitiveness of Dubai’s financial ecosystem.
Looking ahead, Nasdaq Dubai will continue to build on this strong foundation. Through ongoing engagement with issuers, investors, regulators, and partners, the exchange is well positioned to support sustainable market growth and reinforce Dubai’s standing as a leading global financial and capital markets centre.
Business Review
Nasdaq Dubai achieved its strongest annual performance to date in 2025, reaching new peaks in debt capital market activity. This record-breaking year was characterized by a robust mix of sovereign issuances and repeat corporate listings, alongside surging participation in Islamic and sustainable finance. The continuous engagement from both debut and repeat issuers underscores the deep confidence global entities place in the exchange’s robust regulatory environment.
Sovereign and government-related issuances played a central role, with regular listings and tap issuances reinforcing Nasdaq Dubai’s standing within established funding programmes.
Corporate issuance also demonstrated depth and diversification. Financial institutions, real estate developers, and infrastructure-linked entities accessed the market through Sukuk, conventional bonds, green and sustainability-linked instruments, and Additional Tier 1 capital securities. In total, corporate and financial institution issuances amounted to USD 15.36 billion, reflecting both evolving funding needs and greater sophistication in capital structures.
Islamic finance remained a defining strength of the market. During the year, Nasdaq Dubai crossed a significant structural milestone, with the total outstanding value of Sukuk listings surpassing USD 100 billion – an eightfold expansion from USD 12.6 billion in 2013 when this platform was launched. This growth reflects sustained international demand and the exchange’s ability to attract leading sovereign, supranational, financial, and corporate issuers.
International participation expanded further in 2025, with increased issuer and currency diversification, including greater use of non-USD instruments. Listings by Asian financial institutions, sovereign-related entities, and multilateral organisations contributed USD 12.4 billion in value, underlining Nasdaq Dubai’s role as a platform connecting regional issuers with global pools of capital.
By year-end, total debt listings on the exchange reached USD 30.6 billion across 60 issuances, highlighting Nasdaq Dubai’s role as a leading venue for fixed income listings.
Alongside listings activity, Nasdaq Dubai continued to enhance its market infrastructure and connectivity. Initiatives such as the launch of a direct Central Securities Depository link with AIX CSD improved settlement efficiency and supported cross-border activity, strengthening overall resilience of the market.
By maintaining a disciplined and issuer-focused approach, Nasdaq Dubai strengthened its position in 2025 as a trusted international exchange, supporting Dubai’s broader financial ambitions and laying the strong foundation for continued growth.
SUKUK AND BONDS
During 2025, Nasdaq Dubai recorded the listing of 60 debt instruments with a total value of USD 30.6 billion, comprising 9 bond issuances valued at USD 4.97 billion and 51 Sukuk issuances valued at USD 25.63 billion. Sovereign and government-related issuances amounted for 50% of total listings by value amounting to USD 15.24 billion, with the remaining 50% comprising issuances by banks and corporates totaling USD 15.36 billion.
Nasdaq Dubai continues to rank among the world’s leading Sukuk listing venues by total outstanding value, reflecting the scale and consistency of activity across its Islamic finance market. By end of the year, the total outstanding value of Sukuk listed on the exchange exceeded USD 105 billion, supported by sustained issuance from sovereign, supranational, financial, and corporate entities. Since inception, Nasdaq Dubai has hosted more than USD 245 billion in cumulative bonds and Sukuk issuances, including USD 177 billion in Sukuk.
The depth of the Sukuk market reflects sustained growth underpinned by repeat issuance and long-term issuer participation. In 2025, Sukuk listings from entities including the Republic of Indonesia, the Islamic Development Bank, the Government of Ras Al Khaimah, and Emirates Islamic contributed over USD 25.63 billion in new listings from both existing and debut issuers, reinforcing Nasdaq Dubai’s role as a gateway for international capital flows into the Islamic economy.
Sustainable finance remained an important component of fixed income activity during the year. Green and sustainability-linked Sukuk featured prominently, alongside other ESG-related instruments. ESG-linked issuances during the year totaled USD 6.65 billion, bringing the total outstanding value of ESG-related debt listed on Nasdaq Dubai to USD 30.08 billion.
These issuances reflect Nasdaq Dubai’s ability to support a diverse issuer base and a wide range of funding structures, reinforcing Dubai’s position as a key international centre for Sukuk and bond listings.
EQUITIES
The FTSE Nasdaq Dubai UAE 20 Index, which tracks liquid stocks listed on UAE exchanges, reflected market performance over the year. The index closed at 4,854.40 at year-end, compared to 4,207.52 at the end of the previous year, supported by trading activity across a range of sectors.
Equities trading during the year was driven by active participation from market members, with leading brokerage firms accounting for the majority of traded value. This activity reflects continued investor engagement and the role of Nasdaq Dubai within the wider UAE equities market.
THOUGHT LEADERSHIP AND MARKETSITE
During the year, Nasdaq Dubai’s MarketSite continued to serve as a central platform for thought leadership, market dialogue, and international engagement, supporting Dubai’s position as a hub for global capital markets.
Throughout the year, the MarketSite hosted a diverse programme of high-level events, bringing together global investors, policymakers, and industry leaders to discuss capital market development, sustainability, innovation, and cross-border investment flows. Key engagements included international forums, investor roadshows, and capital markets days in major financial centres, reinforcing strong connectivity between Dubai and global markets.
Key forums and events hosted during the year included:
The Future of Legal Practice: Technology, AI & Beyond in collaboration with Al Tamimi and Co. exploring the evolving intersection of law, innovation, and emerging technologies.
China –UAE Trade and Capital Market Forum, strengthening cross-border cooperation and investment flows between the two markets.
MSCI Seminar, providing institutional insights into global index developments and regional market dynamics.
Endeavor Dubai Forward Industry Tour, connecting high-growth companies with market leaders and ecosystem partners.
ESG Majlis Dubai – Sustainable Investment Trade-offs, organised by GEFI, facilitating informed discussions on ESG integration and responsible capital allocation.
Alongside institutional engagement, the MarketSite supported financial education and talent development by hosting educational sessions for students from over 15 leading local and international universities. These initiatives provided practical exposure to market dynamics and emerging trends, contributing to knowledge transfer and long-term market sustainability.
Celebratory bell ringing ceremonies marked a strong year for fixed income activity, with the number of listings admitted to Nasdaq Dubai. Issuers from regional and international markets chose Nasdaq Dubai as their listing venue, including the UAE Federal Government and Ajman Bank, alongside landmark listings such as, OMNIYAT’s Green Sukuk, ICBC’s multi-currency Green Bonds, and China Development Bank’s dual-currency bonds. These milestones further reinforced Nasdaq Dubai’s leadership in fixed income markets and its role in strengthening Dubai’s global capital markets ecosystem.
MARKET OUTLOOK & PRIORITIES
Looking ahead, Nasdaq Dubai is well positioned to continue playing a leading role in global debt capital markets as funding needs, investor preferences, and capital flows evolve. Debt markets across the GCC are expected to remain active, supported by sovereign funding programmes, infrastructure investment, and continued diversification of funding sources.
Islamic finance will remain central to this outlook. Global Islamic finance assets encompassing sukuk, Islamic banking, takaful and related segments are projected to reach approximately USD 9.7 trillion by 2029, up from USD 5.98 trillion at the end of 2024, reflecting sustained expansion across Sharia-compliant markets and ongoing investor interest. This trajectory reinforces the long-term role of established international listing venues that offer scale, liquidity, and global reach.
Nasdaq Dubai will continue to provide a robust platform for regional and international issuers across sovereign, financial institution, and corporate segments. With multi-currency capabilities and a mature regulatory framework, the exchange is well placed to support evolving funding strategies and facilitate cross-border capital raising in the years ahead.
Sustainable finance is also expected to remain a key area of growth within global debt markets. Forecasts indicate that annual issuance of green, sustainability-linked, and other labelled bonds is expected to remain substantial in the coming years, supported by continued investor demand for instruments aligned with environmental and social objectives. Nasdaq Dubai will continue to support these instruments as part of its broader fixed income offering.
The exchange’s Growth Market will remain an important avenue for small and medium-sized enterprises seeking access to capital markets, supporting business expansion and contributing to Dubai’s wider innovation and entrepreneurship agenda.
In addition, real estate-linked instruments, including Real Estate Investment Trusts, are expected to continue attracting investor interest, particularly in markets offering transparency, income generation, and scale. Nasdaq Dubai will continue to develop this segment alongside its broader market offering.
Aligned with Dubai’s ambition to remain a leading global financial centre, Nasdaq Dubai will continue to invest in market infrastructure, strengthen international connectivity, and support long-term capital formation, reinforcing its role in the regional and global capital markets ecosystem.
Corporate Governance
BOARD OF DIRECTORS
At the foundation of a well governed company is an effective Board that provides good leadership, strategic guidance and oversight, within a framework of prudent and effective controls that enable risk to be assessed and managed.
The Nasdaq Dubai Board is committed to the highest standards of corporate governance and business integrity. The Board continues to ensure that we adhere to the best governance principles and practices.
The Nasdaq Dubai Board represents and acts on behalf of its shareholders, Dubai Financial Market and Borse Dubai, and is committed to strong corporate governance policies, practices and procedures designed to make the Board more effective in exercising its oversight role for achieving the Company’s strategic objectives and for the stewardship of the Company’s resources. The Board adopts the view that corporate governance should promote good performance and integrity as well as conformance with legislation and that effective governance practices enhance the Company’s ability to achieve its strategy and sustainable success.
While the Board does not have responsibility for day to day management of the Company, it stays informed about the Company’s business and provides guidance to the management through periodic meetings and other interactions. In accordance with good governance practice, the roles of Chairman and Chief Executive are distinct and separate with a clear division of responsibilities. This separation of roles promotes more effective communication channels for the Board to express its views on Management. The Chairman presides over meetings and is responsible for the running and leadership of the Board and ensuring its effectiveness. The Chief Executive has delegated authority from the Board and is responsible to the Board for managing the Company’s business. We believe that this separation of roles and allocation of distinct responsibilities to each role facilitates communication between senior management and the full Board about issues such as corporate governance, succession planning, executive compensation, and Company’s performance.
The Board has adopted a formal schedule of matters specifically reserved for its decision making, which includes the annual budget, strategy and long term business objectives, major projects and contracts and significant capital expenditure. The Board has created three Committees to ensure effective and efficient Board operations in accordance with their respective Charters.
During the financial year, the Board met on 4 occasions. The Board has continued to oversee the Company’s strategy, risk framework and financial performance. The Board used Nasdaq’s online board portal, Directors Desk, for its meetings, which make the board process efficient and has the benefit of considerable savings in resources, paper and printing.
The Nasdaq Dubai Board comprises 6 Non-Executive Directors including the Chairman, Abdul Wahed Al Fahim. Biographical details of the Directors and the Committees on which they serve are set out below. The biographies demonstrate a wide range of experience and skills, including leadership and knowledge of corporate governance requirements and practices, enabling the Board members to discharge their responsibilities and to bring independent judgment on matters of strategy, performance and standards of conduct which are important to the success of the exchange.
BOARD CHARTER
Nasdaq Dubai’s governance framework is set out in its Board Charter. The Charter details the corporate governance framework, coordinates and aligns supporting policy documents and establishes an environment that enables the Board and officers of Nasdaq Dubai to meet their responsibilities under the prevailing law and to demonstrate good governance practices.
NON-EXECUTIVE DIRECTORS / INDEPENDENCE
In accordance with Dubai Financial Services Authority (DFSA) Authorised Market Institution regulation and the Articles of Association, a sufficient number of Board members should be Independent Non-Executive Directors. The Non-Executive Directors, four of whom are Independent, bring wide and varied commercial experience to the deliberations of the Board and its Committees.
An assessment of Directors’ independence is carried out periodically and at appointment for new Directors. Each Director discloses their status i.e. independent or connected and has the opportunity to disclose changes in external directorships and other potential conflicts of interest. The Board ensures that there are sufficient number of Independent members at all times. The assessment was reviewed by the Nomination and Remuneration Committee and its recommendations were made to the Board for its approval.
A third of the Non-Executive Directors are subject to annual re-election by the shareholders at the Annual General Meeting. In relation to Board remuneration, they receive an annual retainer together with meeting attendance fees for Board and Committee meetings.
BOARD & COMMITTEE MEETINGS 2025
The Board held four scheduled meetings. A table of Board and Committee meeting attendance is set out below. Comprehensive Board and Committee papers, comprising an agenda and formal reports and briefing papers are sent to Directors in advance of each meeting. Each meeting includes a wide ranging report from the Chief Executive, a report on Nasdaq Dubai’s financial performance and reports from the Committees’ Chairmen.
During the year, the Board considered the following among other matters:
The review and approval of year 2024 results
Appointment of external auditors for year 2025
Annual AML Return
Progress update on Budget 2025
BOARD ATTENDANCE
| Member | Board | Audit & Risk Management | Market Oversight | Nomination & Remuneration |
|---|---|---|---|---|
| No. of Meetings: | 4 | 4 | 4 | 3 |
| Abdul Wahed Al Fahim | 4 of 4 | 4 of 4 | 4 of 4 | 3 of 3 |
| Edward Knight | 4 of 4 | -- | 4 of 4 | -- |
| H.E. Essa Kazim | 4 of 4 | -- | -- | -- |
| George Möller | 4 of 4 | 4 of 4 | 4 of 4 | -- |
| Jamal Nasser Lootah | 4 of 4 | 4 of 4 | -- | 3 of 3 |
| Rashid Al Shamsi | 4 of 4 | -- | -- | 3 of 3 |
BOARD COMMITTEES
Board Committees play an important role in the governance process and assist the Board in discharging its duties.
The standing Committees of the Board include: The Audit and Risk Management Committee, the Market Oversight Committee and the Nomination and Remuneration Committee. The Chair of each Committee reports to the Board on actions taken at each meeting. Each Committee has the authority to retain independent advisers. Each Committee has its own Charter, providing written terms of reference that define its authorities, duties and membership. In line with good practice, membership of the Committees is entirely non-executive and the majority are independent Directors.
AUDIT AND RISK MANAGEMENT COMMITTEE
The Audit and Risk Management Committee is chaired by Jamal Nasser Lootah. The other members are Abdul Wahed Al Fahim and George Möller. The company secretary acts as secretary to the Committee. The Committee is responsible for the independent and objective oversight of internal control and risk management, internal compliance, governance issues, financial reporting, external and internal auditors and financial controls.
During the year, the Committee met on 4 occasions. The Committee met with the independent external auditors, Deloitte, to consider the results of the annual audit and to review the annual financial statements for year 2024. The Committee reviewed the annual budget and periodic financial performance. The Committee recommended the annual budget, the annual financial statements and Deloitte to be reappointed as the external auditor for year 2025 to the Board for approval. The Committee reviewed the risk management reports from Market Operations and Annual AML Return. The Internal Audit function, provided by Dubai Financial Market, met regularly with the Committee which received the Internal Audit Plan for 2025 and 2026, progress on Internal Audit together with the Internal Audit reports following the completion of each audit. The Committee reviewed and recommended the amendments to the Code of Ethics and Conduct Policy and AML Policy to the Board.
MARKET OVERSIGHT COMMITTEE
The Market Oversight Committee is chaired by George Möller. The other members are Abdul Wahed Al Fahim and Edward Knight. The company secretary acts as secretary to the Committee. The Committee is responsible for the independent oversight of Market Regulation which includes Issuer & Market Surveillance and Anti Money Laundering & Compliance functions. It also supervises the regulatory functions carried out by other areas of Nasdaq Dubai, including the application of the exchange’s Rules, Members' conduct of business and the clearing and settlement function.
During the year, the Committee met on 4 occasions. The Committee met on each occasion with Compliance and received updates on regulatory and compliance matters, including feedback on meetings with the DFSA. The Committee also received reports on any market incidents as part of its regulatory oversight function. The Committee reviewed and approved the annual member compliance report for 2024-2025 and the plan for year 2025-2026. The Committee recommended for Board approval the extension of term of Practitioner Committee members. The Committee reviewed the credit rating for debt portfolio and annual budget including resources for the Compliance team.
NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee is chaired by Rashid Al Shamsi. The other members are Abdul Wahed Al Fahim and Jamal Nasser Lootah. The company secretary acts as secretary to the Committee. The Committee is responsible for new appointments to the Board, succession planning for the Board and executive management and reviewing the independence of Directors. It is also responsible for recommending Non-Executive Directors remuneration for Board approval, approving performance measures and target setting for the Chief Executive and broad policies and programs for employee benefits.
During the year, the Committee met on 3 occasions. The Committee reviewed Director Independence, the Human Capital annual budget and set the targets and objectives for the Chief Executive. The Committee received reports from Human Capital on key matters.
INTERNAL CONTROL AND RISK MANAGEMENT
Internal control aims to ensure that processes and controls are in place to achieve Nasdaq Dubai’s business objectives. Internal audit provides assurances that these processes and controls are effective and being complied with on an ongoing basis. Through risk management, Nasdaq Dubai is able to identify, understand, manage, and mitigate risks to its business in order to reduce the probability that those corporate objectives are jeopardised by unforeseen events.
INTERNAL CONTROL
The Board has overall responsibility for ensuring that Management maintains an adequate and effective system of internal control and for reviewing its adequacy and effectiveness on an ongoing basis. Such a system is designed to support the identification and management of risks affecting Nasdaq Dubai and the business environment in which it operates. Nasdaq Dubai operates a system of internal control which provides reasonable assurance of effective and efficient operations covering all controls, including financial and operational controls and compliance with laws and regulations. Processes are in place for identifying, evaluating, managing, and mitigating risks that may face the exchange. The Board, through the Audit and Risk Management Committee (ARMC), regularly reviews these processes. The ARMC is responsible for the independent and objective oversight of Nasdaq Dubai’s internal control and risk management systems, internal compliance, governance issues, financial reporting, external and internal auditors and financial controls. Additionally, the adequacy and effectiveness of controls is periodically reviewed within the business areas. Regular reports are made to the ARMC by Management, Internal Audit, Risk Officer and Compliance covering matters such as financial controls, compliance and operational controls. The ARMC monitors resolution of any identified control issues of significance through to a satisfactory conclusion.
Management is responsible for establishing and maintaining adequate internal control over financial reporting. In accordance with International Financial Reporting Standards (IFRS), the internal control over financial reporting is a process designed under the supervision of the Chief Executive and the Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes.
Nasdaq Dubai’s internal control over financial reporting includes policies and procedures to provide for the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; provide reasonable assurances that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that receipts and expenditures are being made only in accordance with authorisations of Management and the Board; and provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Company’s assets that could have a material effect on the consolidated financial statements.
Management assesses the effectiveness of internal controls to satisfy itself that the processes followed are effective. The system of internal financial and operational controls is also subject to regulatory oversight by the DFSA.
The purpose of the Internal Audit function is to assist the Board and Management in the effective discharge of their fiduciary and administrative responsibilities by providing independent, objective assurance and consulting services with respect to evaluating risk management, control, and governance process. To ensure independence and objectivity, Internal Audit reports directly to the ARMC. For administrative matters, the Head of Internal Audit has a secondary reporting line to the Chief Executive Officer. The Internal Audit function adopts standards issued by the Institute of Internal Audit (IIA). Internal Audit services are provided by Dubai Financial Market which follows a risk based audit approach. An annual risk based internal audit plan is prepared; in addition to management request and required mandatory audits.
All key areas subject to high and/or medium risks such as compliance, financial, information technology and operations are included in the plan while the non-priority and low risk areas are excluded or to be considered later depending on circumstances. During the planning process key business areas and operational risks are identified, compiled, risk rated and ranked to draw a final risk assessed audit scope of work that factors in high and medium risk areas. The audit plan, submitted to the ARMC for approval, provides information about the risk assessment, the current order of priority of audit projects and how they are to be carried out. The audit plan outlines the key departments, activities and processes to audit and estimated start dates and completion timelines as well resources dedicated for the audit. Internal Audit submits regular activity reports to the ARMC and Management summarizing the results of the audit assignment including significant risk exposures and control issues.
RISK MANAGEMENT
Risk management is a systematic and continuous process that revolves around defining and identifying risks in each department, measuring, monitoring, managing, mitigating and reporting significant risks to which Nasdaq Dubai may be exposed. Nasdaq Dubai has established a Risk Management Framework (RMF) to ensure that the exchange continues to be a stable, credible, and reliable organisation that manages all potential risks to its stakeholders. Nasdaq Dubai has a Risk Officer with overall responsibility for the risk management function in relation to the activities carried out by the exchange and for overseeing the implementation of the RMF. The Head of Department within each unit and function is responsible for establishing and maintaining pertinent risk management. The functions and systems for internal control and internal audit are part of the overall risk management process.
Nasdaq Dubai’s Exchange, Clearing and Central Securities Depository operations place significant emphasis on managing risk, including business continuity and default management. Nasdaq Dubai’s RMF is subject to specific regulation and supervision by the DFSA. In operating a Clearing House, Nasdaq Dubai acts as the Central Counterparty (CCP) to transactions executed on the Exchange between Member firms. As a CCP, Nasdaq Dubai is exposed to various clearing related risks, including Counterparty Risk, Credit Risk, Operational Risk and Liquidity Risk. The Head of Market Operations in consultation with the Risk Officer, is responsible for implementing the Board’s strategy for identifying, monitoring, managing and mitigating these risks. One primary risk management tool is the requirement placed on Clearing Members to provide margin payments and collateral to Nasdaq Dubai in accordance with its Business Rules. In addition to the collateralisation of obligations, other risk management tools adopted by the Board include rigorous Clearing Membership standards, dedicated clearing capital, netting arrangements and advanced risk management monitoring techniques.
CORPORATE RESPONSIBILITY
Nasdaq Dubai continues to align closely with global efforts to promote sustainability and responsible market development, leveraging its role as an international exchange to support the transparent, well-regulated, and resilient capital markets.
The strong alignment between Islamic finance principles and sustainability remains a defining feature of the exchange’s positioning, reinforcing its role as a leading venue for ESG-related Sukuk and sustainable debt instruments. Building on this foundation, in 2025, Nasdaq Dubai continued to facilitate sustainability and ESG-related issuances during the year, with total issuance reaching USD 30.08 billion. These transactions supported a range of environmental and social objectives, directing capital towards initiatives aligned with long-term sustainability priorities.
Nasdaq Dubai remains committed to supporting the UAE’s Green Agenda 2015–2030 and the country’s ambition to achieve net zero emissions by 2050. Through continued investment in digital transformation, operational efficiencies, and responsible business practices, the exchange works to reduce its environmental footprint while supporting broader market awareness of climate-related considerations.
Beyond its own operations, Nasdaq Dubai plays an important role in encouraging sustainable finance practices across the market ecosystem. By providing a credible platform for green, sustainability-linked, and other ESG-related instruments, the exchange supports issuers and investors seeking to integrate environmental and social considerations into capital allocation decisions.
Through these efforts, Nasdaq Dubai continues to contribute to the development of a resilient and forward-looking financial ecosystem. Its approach to corporate responsibility reflects a long-term commitment to sustainability, collaboration, and responsible market development, aligned with Dubai’s wider economic and environmental ambitions.