MENA REGION SAW 14 IPOS VALUED AT $2.1BN IN Q1; SAUDI LEADS THE LOT

Initial public offerings (IPOs) in the Middle East and North Africa (MENA) region are off to a robust start in 2025, with 14 listings raising a combined $2.4bn in the first quarter — more than doubling the proceeds recorded during the same period last year, according to the latest EY MENA IPO Eye Q1 2025 report.

Saudi Arabia once again emerged as the undisputed leader in regional IPO activity, accounting for 12 of the 14 listings during Q1.

The kingdom’s Tadawul Main Market hosted the region’s biggest deal of the quarter — Umm Al Qura for Development & Construction — which raised $523m, or 22 per cent of total MENA IPO proceeds. Almoosa Health and Derayah Financial followed with $450m and $400m raised, respectively.

Beyond Saudi Arabia, the UAE and Oman recorded one IPO each. Alpha Data debuted on Abu Dhabi Securities Exchange (ADX), raising US$163 million in the software and IT services space. Oman’s Asyad Shipping Company SAOG raised $333m via the Muscat Stock Exchange (MSX).

Saudi IPOs this quarter spanned a mix of industries — signalling growing diversification away from oil-centric sectors.

• Real estate management: 28 per cent of proceeds

• Healthcare: 24 per cent

• Financial services: 21 per cent

• Retail: 17 per cent

“This year started on a positive note. MENA capital markets continue to show resilience,” said Brad Watson, MENA EY-Parthenon leader. “Saudi Arabia continues to dominate in both activity and proceeds.”

Gregory Hughes, EY MENA IPO and transaction diligence leader, highlighted the region’s shifting IPO landscape: “The upward trajectory reflects broader sector diversification. We anticipate more tech-driven IPOs this year across fintech, online retail, and foodtech.”

IPO pipeline

The pipeline for 2025 remains promising. At least 21 companies have announced intentions to go public. Of these, 17 are based in Saudi Arabia and have secured approval from the Capital Market Authority (CMA).

The UAE expects three listings, and Egypt is preparing one.

 With Saudi Arabia at the helm, MENA’s IPO market is building momentum in 2025 — buoyed by sectoral diversity, investor appetite, and a healthy listing pipeline. The region’s capital markets are positioning for continued strength through the rest of the year.

At a glance:

• Q1 2025 IPOs in MENA: 14

• Total proceeds: $2.4bn

• Y-o-Y increase in proceeds: 106 per cent

• Saudi Arabia listings: 12

  • Tadawul Main Market: 5 IPOs, $1.8bn

  • Tadawul Nomu (Parallel Market): 7 listings (including one direct), $69m

• Top performing exchanges:

  • Boursa Kuwait Premier Market Index: +10.7 per cent

  • EGX30 (Egyptian Exchange): +8 per cent

• Positive post-IPO returns: 11 out of 14 IPOs

Read: Dubai Residential REIT sets IPO price range, eyes up to Dhs1.79bn raise

2025-05-13T13:59:41Z