‘There is interest in emerging markets coming from major investment banks,’ says Essa Kazim, director-general of DFM. ‘Their clients are interested in investing.’

Institutions, mainly from Europe and the US, account for 25-30 per cent of trading on the exchange, which is still dominated by retail investors.

On 5 November, UAE-based travel and tour agent Al-Firdous Holdings will list all of its shares on the DFM. The company, which specialises in Haj and Umrah services, has a capital of AED 600 million ($163 million).