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Emirates NBD launches digital wealth platform amid IPO boom in MENA

Sheikh Rashid bin Saeed Al Maktoum, the ruler of Dubai at the time, founded NBD on June 19, 1963, making it the city's first national bank

The largest lender in Dubai, Emirates NBD, has launched a digital wealth platform for stock market investors as the initial public offering (IPO) boom continues in the UAE and the rest of the Middle East and North Africa (MENA) region.

Sheikh Rashid bin Saeed Al Maktoum, the ruler of Dubai at the time, founded Emirates NBD as the National Bank of Dubai (NBD) on June 19, 1963, making it the city’s first national bank.

On March 6th, 2007, NBD and Emirates Bank International (EBI) amalgamated to establish Emirates NBD. The Emirates NBD shares were formally listed on the Dubai Financial Market (DFM) on October 16, 2007.

Emirates NDB purchased Dubai Bank on December 1st, 2012.

The bank’s assets totalled AED 698 billion as of December 31, 2020; deposits totalled AED 464 billion; total revenue was AED 23.21 billion; and net profit was AED 7 billion. The Group has activities in the United Arab Emirates, Egypt, India, Saudi Arabia, Singapore, and the United Kingdom. China and Indonesia also have representative offices there.

With the new digital wealth platform, bank customers can trade across 21 capital markets for over 11,000 regional and international shares, as well as exchange-traded funds (ETFs).

According to the lender’s announcement in the first week of October 2023, the platform gives consumers access to stocks and ETFs listed on the Dubai Financial Market, Abu Dhabi Stock Exchange, Nasdaq Dubai, New York Stock Exchange, London Stock Exchange, and Nasdaq.

Users of the tool can invest, buy, and/or sell via the bank’s mobile app, ENBD X. As part of its 60th-anniversary festivities, the bank is first providing the service with no commissions for October, November, and December of 2023.

As the region continues to experience a wave of initial public offerings (IPOs) due to strong investor demand and liquidity, the lender created the platform.

According to EY, the Middle East and North Africa (MENA) had a record number of offerings in 2022, with 51 IPOs and USD 22 billion in total revenues.

There were 143% more listings in 2018 than there were in 2021 when 21 IPOs were launched.

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