IPOs in UAE raise USD890M in second quarter of 2024, Saudi Arabia dominates GCC market
Date
8/15/2024 8:48:05 AM
(MENAFN) In the second quarter of 2024, initial public offerings (IPOs) in the UAE markets generated a total of USD890 million, according to a recent report by PwC Middle East. The report highlights significant IPOs during this period, including "Alef Education" on the Abu Dhabi Securities Market, which raised USD515 million, and "Spinneys" on the Dubai Financial Market, which brought in USD375 million. These offerings are noted as some of the largest in the UAE this year.
The report also reveals that Saudi Arabia led the Gulf region in IPO activity during the same quarter, accounting for USD1.6 billion, which represents 61 percent of the total IPO volume in the region. Key offerings in the Saudi market included the IPO of Dr. Sulaiman Abdul Qader Fakeeh Hospital Company, which secured USD763 million on the Tadawul Stock Exchange. Additionally, the quarter marked the first IPO on the Kuwait Stock Exchange in two years, with Beyout Investment Group Holding Company raising USD147 million.
IPO activity across the GCC during this period was diverse, with notable investments across various sectors. Healthcare attracted USD774 million, consumer markets USD530 million, financial services USD256 million, and energy, utilities, and resources USD148 million. The industrial, manufacturing, and automotive sectors saw USD407 million in IPOs, while the technology, media, and telecommunications sector raised USD515 million.
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