Saudi Arabia dominated the Gulf IPO landscape in Q2 2025, capturing 76% of total proceeds, according to PwC Middle East’s latest IPO Watch report.
The GCC raised $2.4 billion from four main market IPOs and eight listings on Saudi Arabia’s Nomu Parallel Market—nearly matching the $2.6 billion raised in Q2 2024, despite fewer listings.
Key drivers included the high-profile IPOs of Flynas, the first airline to list in the region in over 15 years, and Specialized Medical Co., which raised $500 million in June. Three IPOs across the region exceeded $500 million, signaling strong investor appetite.
PwC’s Muhammad Hassan noted that early Q2 volatility, driven by global trade uncertainties, led some firms to pause IPO plans. Despite this, landmark listings like Flynas and Dubai Residential REIT boosted momentum.
Foreign investor inflows also surged, reaching $4.2 billion—marking the sixth straight quarter of net positive flows into GCC equities. Saudi Arabia led with $1.4 billion in inflows, a sharp jump from $252.3 million in Q1.
Nomu continued to grow, with eight listings raising $128 million, up from $81 million last year. Meanwhile, Dubai’s REIT IPO signaled renewed interest in alternative assets.
Despite Tadawul’s 6% drop—affected by a 20% Brent crude price slide—the IPO outlook for late 2025 and early 2026 remains robust.