DFM vs ADX is often the first comparison a new investor in the UAE makes, and Nasdaq Dubai adds a third option. The Dubai Financial Market (DFM), the Abu Dhabi Securities Exchange (ADX) and Nasdaq Dubai share a time zone and a trading week, but they differ in what they list, who regulates them and how you gain access.
This guide compares the three exchanges side by side for expat and GCC investors who live in the UAE, and explains when the differences matter in practice.
| Feature | DFM | ADX | Nasdaq Dubai |
|---|---|---|---|
| Location | Dubai (onshore) | Abu Dhabi (onshore) | Dubai International Financial Centre (DIFC), a financial free zone |
| Regulator | Capital Market Authority (CMA) | Capital Market Authority (CMA) | Dubai Financial Services Authority (DFSA) |
| What lists there | Shares in UAE companies, ETFs and some debt securities | Shares in UAE companies, ETFs and bonds | Sukuk, conventional bonds, equities (including international companies) and REITs |
| Main index | DFM General Index | FTSE ADX General Index (FADGI) | FTSE Nasdaq Dubai UAE 20 Index (20 UAE stocks across the three exchanges) |
| Continuous trading (UAE time, Monday–Friday) | 10:00–14:45 | 10:00–14:45 | 10:00–14:45 |
| Equity settlement | T+2 | Check with the exchange | Check with the exchange |
| Investor number | National Investor Number (NIN) | ADX investor number | NIN (the same number as for the DFM) |
| How to access | A broker licensed on the DFM | A broker licensed on ADX | A brokerage firm that is a member of Nasdaq Dubai |
In practice, the DFM and ADX tend to be the venues for investors building a holding in UAE company shares, while Nasdaq Dubai is more relevant to those interested in sukuk, bonds or the international companies listed there.
The Dubai Financial Market lists shares in UAE companies across sectors including banking, real estate, utilities and telecommunications, together with exchange-traded funds (ETFs) and a smaller number of debt securities. Its headline benchmark is the DFM General Index, a free-float, market-capitalisation-weighted index of its listed shares.
The Abu Dhabi Securities Exchange lists shares in UAE companies, along with bonds and ETFs; in 2025 it listed 17 new securities, including ETFs. Its benchmark is the FTSE ADX General Index. According to ADX, FTSE Russell became the administrator of the FTSE ADX co-branded indices from 10 January 2022.
Nasdaq Dubai, previously known as DIFX, is the exchange based in the DIFC. Fixed income plays a large part in its market: outstanding sukuk listed there exceeded USD 100 billion at the end of 2025, and it accounted for USD 146.1 billion of the USD 150.9 billion of debt securities outstanding across the DFM and Nasdaq Dubai, according to the Dubai Media Office. The UAE federal government’s Islamic Treasury Sukuk (T-Sukuk) are also listed there.
Nasdaq Dubai also lists equities, including secondary listings that allow international companies to trade in the region, and real estate investment trusts (REITs). Its FTSE Nasdaq Dubai UAE 20 Index tracks 20 stocks admitted to trading across Nasdaq Dubai, the DFM and ADX.
The DFM and ADX are supervised by the Capital Market Authority (CMA), the federal securities regulator. The CMA replaced the Securities and Commodities Authority under Federal Decree-Law No. 32 of 2025, and Federal Decree-Law No. 33 of 2025 regulates the capital market; both took effect on 1 January 2026, and the CMA is the legal successor to the former regulator.
Nasdaq Dubai sits in the DIFC, a financial free zone with its own regulator, the Dubai Financial Services Authority (DFSA). Abu Dhabi Global Market (ADGM) has a separate regulator, the Financial Services Regulatory Authority (FSRA), and the Central Bank of the UAE (CBUAE) oversees banking.
For investors, the regulator matters mainly through the firms you deal with. A broker or adviser should hold a licence from the regulator responsible for the activities it carries out, and the protections available to you depend on that regulator’s rules. Checking a firm’s licence directly with the regulator, for example through the DFSA’s public register for DIFC firms, is a sensible first step.
All three exchanges trade Monday to Friday, reflecting the UAE’s Saturday–Sunday weekend since 1 January 2022. Times below are in UAE time (GST, UTC+4).
| Session | DFM | ADX | Nasdaq Dubai (equities) |
|---|---|---|---|
| Pre-opening | 09:30–10:00 | 09:30–10:00 | 09:30–10:00 |
| Continuous trading | 10:00–14:45 | 10:00–14:45 | 10:00–14:45 |
| Pre-closing / closing auction | 14:45–14:55 | 14:45–14:55 | From 14:45 |
| Trade at last / close | 14:55–15:00 | 14:55–15:00 | Market closes at 15:00:20 |
Nasdaq Dubai has outsourced the trading functions for its securities to the DFM, according to its equities trading manual, which helps explain why its timetable mirrors the DFM’s. Hours change during Ramadan, and each exchange publishes an annual notice.
DFM equity trades settle on a T+2 basis, two working days after the trade date; confirm the current cycle for ADX and Nasdaq Dubai with the exchange or your broker. Bonds and sukuk can follow different arrangements, so it is worth confirming settlement timing with your bank or broker.
Access works in two steps: obtain an investor number, then open a trading account with a broker licensed on the relevant exchange.
Our guide to stocks in the UAE covers the investor number, broker selection and dividends in more detail.
For many investors, the choice of exchange follows from the investment: a company lists on a particular exchange, so to own it you trade where it is listed. The differences still matter in a few situations:
For a wider view of how UAE-listed shares fit alongside global stocks, ETFs and bonds, see our guide to investment in Dubai and the UAE.
For most investors, the DFM vs ADX question comes down to which companies they want to own, since many investors hold shares listed on both exchanges.
The DFM is based in Dubai and ADX in Abu Dhabi. Both are onshore exchanges supervised by the CMA that list shares in UAE companies and ETFs, with the same trading hours. Each has its own headline index and lists different companies, and ADX issues its own investor number.
Nasdaq Dubai is a separate exchange based in the DIFC, regulated by the DFSA and previously known as DIFX. It is a significant venue for sukuk and bonds and also lists equities and REITs.
A National Investor Number (NIN) is valid for both the DFM and Nasdaq Dubai. ADX issues its own investor number, so trading on all three requires two numbers, plus a trading account with a broker licensed on each exchange you use.
Non-residents can apply for a NIN with a passport copy, and ADX accepts a passport and national ID card from foreigners who do not live in the UAE. Each company’s foreign ownership limit still applies, and some companies are restricted to UAE nationals.
Nasdaq Dubai, which operates in the DIFC, is regulated by the DFSA. The DFM and ADX are supervised by the federal Capital Market Authority (CMA).