The IPO market in the Middle East and North Africa region saw strong momentum during the first quarter of 2024, with the UAE and Saudi markets recording a total of 10 IPOs with proceeds amounting to $1.2 billion. At the global level, there were 287 public offerings that raised $23.7 billion, an increase of 7% in value on an annual basis. This level of activity indicates that market participants have overcome uncertainties caused by recent economic fluctuations and election years around the world.
According to Ernst & Young’s latest report, there are currently 25 private companies and 10 investment funds active in various sectors that intend to list their shares in the markets of the Middle East and North Africa region during the year 2024. Saudi Arabia leads the number of planned public offerings announced with 21 IPOs, followed by the UAE with one IPO. Outside the borders of the Gulf Cooperation Council countries, two companies – Raya Information Technology Company in Egypt and Algerian Popular Credit Company – announced their intention to offer their shares for public subscription.
In terms of stock exchange performance, Egypt’s Egyptian Stock Exchange (EGX30) topped with gains of 8% during the first quarter of 2024, followed by Kuwait’s first market with a growth of 7.5%, and Dubai’s Dubai Financial Market with a growth of 4.6%. Out of ten IPOs registered in MENA region during this period, eight achieved positive returns compared to offering price. The highest gains were recorded by MBC Group at 128%, while Saudi Arabia once again led IPO activity in MENA region with three large-scale IPOs worth $1.9 billion.
Sustainability is becoming increasingly important in financial markets in MENA region as well as globally. In response to this trend, Abu Dhabi Stock Exchange has issued mandatory guidelines for preparing ESG reports for listed companies, while Muscat Securities Market introduced voluntary guidelines for ESG disclosure last year with plans to implement mandatory sustainability reporting by
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