Saudi Arabia solidified its leadership in the Gulf Cooperation Council’s IPO market in 2024, generating $4.1 billion across 42 listings—the highest number in the region. According to a report by The Kuwait Financial Centre (Markaz), the GCC saw a 23% rise in IPO proceeds, totaling $13.2 billion from 53 public offerings, up from $10.7 billion in 2023.
The Kingdom contributed 31% of total GCC IPO proceeds, ranking second to the UAE. The Saudi Exchange (Tadawul) raised $3.8 billion from 14 IPOs on its main market, while its parallel market (Nomu) accounted for $297 million from 28 IPOs. Notable IPOs included Dr. Soliman Fakeeh Hospital, Almoosa Health Group, and Nice One.
Sector Highlights:
- Energy: $3.7 billion (28% of total proceeds), driven by Abu Dhabi’s NMDC Energy and Oman’s OQ IPOs.
- Consumer Staples: $3.1 billion (24%), led by Lulu Retail Holdings and Spinneys.
- Consumer Discretionary: $2.7 billion (20%), with Talabat and Nice One among key contributors.
- Healthcare: $1.4 billion (10%), supported by Saudi offerings.
UAE Takes the Lead:
The UAE topped the GCC IPO market for the third consecutive year, raising $6.4 billion (49% of total proceeds). Major contributions came from NMDC Energy and Lulu Retail Holdings in Abu Dhabi, and Talabat in Dubai.
Other GCC Performances:
Oman recorded its highest IPO proceeds, raising $2.5 billion, led by OQ Exploration and Production. Kuwait and Bahrain also returned to the IPO scene after years, contributing $147 million and $24 million, respectively.
Saudi Arabia is expected to maintain strong IPO momentum, with over 50 listings projected in the next two years. Seven IPOs have already received regulatory approval for Q1 2025.
This robust activity underscores the GCC’s growing appeal in global capital markets.