The UAE and Saudi Arabia recorded 10 public offerings worth $1.2 billion in 3 months

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25 private companies and 10 investment funds active in various sectors intend to list their shares in the markets of the Middle East and North Africa region during the year 2024.

The UAE and Saudi Arabia markets witnessed 10 registrations Public offerings With total revenues of $1.2 billion in the first quarter of this year, according to Ernst & Young’s report on IPO activity in the Middle East and North Africa region for the first quarter of 2024.

The IPO market gained strong momentum during this quarter at the global level, as the first quarter of this year witnessed a total of 287 public offerings, raising $23.7 billion, an increase of 7% in value on an annual basis.

The aforementioned level of activity indicates that market participants have overcome the uncertainties caused by recent economic fluctuations and the election year around the world.

25 private companies and 10 investment funds active in various sectors intend to list their shares in the markets of the Middle East and North Africa region during the year 2024.

Saudi Arabia leads the number of planned public offerings announced with 21 IPOs, followed by the UAE with one IPO. Outside the borders of the Gulf Cooperation Council countries, the Raya Information Technology Company in Egypt and the Algerian Popular Credit Company announced the offering of their shares for public subscription.

The performance ranking of stock exchanges in the Middle East and North Africa is distributed as follows:

  • The Egyptian Stock Exchange is in first place with gains of 8% during the first quarter of 2024.
  • The first market in the Kuwait Stock Exchange with a growth rate of 7.5%,
  • Dubai Financial Market by 4.6%.

At the end of the quarter, eight out of 10 IPOs registered in the Middle East and North Africa region achieved positive returns compared to the offering price, with the MBC Group recording the highest gains of 128%.

Saudi Arabia ranked first in terms of initial public offerings in the Middle East in 2023, recording the largest number of initial public offerings in the region with 36 offerings, according to the TransAct Middle East report issued by PricewaterhouseCoopers.

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