GCC IPOs raise $3.4bn in H1 2025 as Saudi Arabia dominates regional listings
This marks a 6 per cent year-on-year drop in IPO proceeds, compared to $3.5bn raised from 23 IPOs during the same period last year.
Despite the modest decline overall, Saudi Arabia continued to dominate the regional IPO landscape, while the UAE saw an 88 per cent decrease in proceeds compared to the first half of 2024.
Gulf IPO proceeds by country
Saudi Arabia was the clear leader, accounting for 85 per cent of total IPO proceeds in the region.
Saudi Arabia: $2.8bn from 22 IPOs (Up 36 per cent YoY)
UAE: $163m from 1 IPO – Alpha Data, a software firm (Down 88 per cent YoY)
Oman: $333m from 1 IPO – Asyad Shipping Company
Kuwait, Qatar, Bahrain: No offerings in H1 2025
The Industrials sector was the top performer, raising $1.4bn – nearly 43 per cent of all proceeds – led by Flynas and Asyad Shipping.
Sector Proceeds Percentage share
Industrials $1.4bn 43 per cent
Real estate $576m 17 per cent
Healthcare $505m 15 per cent
Financial services $408m 12 per cent
Technology $204m 6 per cent
Consumer staples $136m 4 per cent
Materials $102m 3 per cent
Consumer discretionary $34m 1 per cent
Of the 24 IPOs, 10 recorded positive returns by the end of H1 2025.
Top performers:
Asyad Shipping Company: +835 per cent since March 12 listing
Umm Al Qura (Saudi Arabia): +51 per cent
Underperformers
Hedab Alkhaleej Trading Co.: –30 per cent
Dkhoun National Trading Company: –27 per cent
Service Equipment Co.: –26 per cent
Flynas: –0.2 per cent overall (despite brief first-day drop of 3.4 per cent)
GCC market performance – H1 2025
Market indices showed mixed results in the first half of 2025:
Market YTD performance
Boursa Kuwait +18.1 per cent
Dubai Financial Market +10.6 per cent
Abu Dhabi Exchange (ADX) +5.7 per cent
Qatar Stock Exchange +1.7 per cent
Muscat Securities Market –1.7 per cent
Bahrain Bourse –2.1 per cent
Saudi Tadawul –7.6 per cent
Saudi Arabia is expecting to continue its dominance in the IPO market with strong activity across multiple sectors by PIF-led listing while the UAE expects to witness activity in the industrials and technology sectors.
Moreover, Kuwait's Capital Markets Authority has officially launched a new regulatory framework to support the listing and trading of emerging companies on Boursa Kuwait in hopes to encourage public listings and enhance the Kuwaiti market
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