Saudi Arabia led the Gulf Cooperation Council’s IPO market in 2024, ranking seventh globally in IPO proceeds, according to Kamco Invest’s latest report. The Kingdom accounted for 42 out of 53 GCC IPOs, maintaining its position as the regional leader and signaling robust investor confidence.
Key Highlights:
- GCC IPO Growth: IPOs across the GCC raised $12.9 billion in 2024, a 19.8% increase from $10.8 billion in 2023, despite global IPO markets facing their weakest year since 2009.
- Saudi Contributions: Saudi companies raised $4.1 billion, representing 31.6% of total GCC proceeds. The UAE led in proceeds with $6.2 billion, followed by Oman with $2.5 billion.
- Notable Saudi Listings:
- Nomu–Parallel Market: Hosted 28 IPOs.
- Main Market: 14 IPOs, including standout listings like Dr. Soliman Abdel Kader Fakeeh Hospital, which was oversubscribed 119 times, raising $91 billion in orders. Other notable IPOs included Almoosa Health, Miahona Utilities, and Nice One Beauty Digital Marketing.
Sector and Market Insights:
Sectors such as health care, materials, and professional services dominated Saudi IPOs, showcasing strong fundamentals and market resilience. The GCC collectively ranked fourth globally in IPO proceeds, behind China, the US, and Japan.
Looking Ahead:
- Saudi Arabia’s 2025 Pipeline:
- Public Investment Fund (PIF): Expected to drive IPO activity with listings like Saudi Global Ports, Nupco, and Tabreed District Cooling.
- Private Companies: Key players such as flynas, Tabby, and Ejada Systems are preparing for IPOs.
- GCC Market Outlook: Oman plans to privatize 30 assets, including Asyad Group and Oman Electricity Transmission Co. The UAE anticipates major IPOs from FIVE Hotels, Dubizzle Group, and Dubai Holding’s real estate companies.
Resilient Market:
Despite geopolitical and economic challenges, the GCC IPO market remains robust, reflecting its growing importance as a global financial hub.