Proceeds from initial public offerings (IPOs) in the Middle East and North Africa (MENA) region have surged, more than doubling to $2.4 billion in the first quarter of 2025. This increase represents a 106% rise year-on-year, driven by significant activity in Saudi Arabia, as reported by EY.

During this period, the number of IPO listings in the region increased to 14, up from 10 in the same quarter of 2024. Saudi Arabia was at the forefront, accounting for 12 of the 14 listings. The Saudi Stock Exchange (Tadawul) hosted five of these offerings, which together generated $1.8 billion, while the Nomu Parallel Market saw seven listings that secured an additional $69 million.

Brad Watson, the MENA EY-Parthenon Leader, noted that “KSA continues to dominate the MENA region’s market in terms of activity as well as proceeds.” He added that the IPO pipeline for the remainder of the year looks strong across various sectors and multiple countries.

Among the offerings, Um Al Qura for Development & Construction led with the largest IPO, raising $523 million, which accounted for 22% of the total proceeds. Almoosa Health followed closely, raising $450 million, and Derayah Financial secured $400 million.

In contrast, the UAE recorded one IPO during the quarter, with Alpha Data raising $163 million on the Abu Dhabi Securities Exchange (ADX). Additionally, Oman’s Muscat Stock Exchange (MSX) had one IPO, with Asyad Shipping Company raising $333 million.

(Writing by Cleofe Maceda; editing by Seban Scaria)