Saudi Arabia dominated the Gulf Cooperation Council’s initial public offering (IPO) market in the first half of 2024, raising $2.1 billion—a 141% annual increase. According to Markaz, the Kingdom accounted for 59% of the total IPO proceeds in the GCC, with 19 offerings. Key sectors include healthcare, technology, and renewable energy, attracting significant investment.
Top IPOs included Dr. Soliman Abdulkader Fakeeh Hospital Co., which raised $764 million, marking the largest GCC IPO. Other notable IPOs were Alef Education ($515 million) and Parkin Co. ($429 million). Despite a regional decline in IPO activity, Saudi Arabia’s market continues to expand, bolstered by Vision 2030 initiatives and increasing foreign investment, which reached SR198 billion ($52.79 billion) in 2023.
The overall GCC IPO proceeds totaled $3.1 billion from 23 offerings, a 32% decrease year-on-year. However, the Saudi market remains a key player in driving growth and innovation in the region.