The IPO landscape in the Gulf Cooperation Council (GCC) region reflected shifting geopolitical and economic dynamics in the first half of 2025, with total proceeds dipping 6% year-on-year to $3.4 billion, according to a report by Kuwaiti financial services firm Markaz. This compares to $3.6 billion raised in the same period last year.
Despite the economic headwinds—including oil price volatility, U.S. tariff tensions, and broader global trade war concerns—the region recorded 24 IPOs, slightly above the 23 listings in H1 2024.
Saudi Arabia Leads the Charge
Saudi Arabia continued its dominance, accounting for 85% of total IPO proceeds in the region. The Kingdom raised $2.86 billion through 22 IPOs, a significant jump from $2.1 billion across 19 offerings during the same period last year. That’s a 36% year-on-year increase in IPO value, underscoring the country’s ongoing push to deepen and diversify its capital markets under Vision 2030.
UAE Sees Steep Drop in IPO Value
In contrast, the United Arab Emirates experienced a sharp decline. The country raised only $163 million from IPOs in the first half of 2025, a dramatic 88% fall from the $1.32 billion recorded in H1 2024. The report identified Alpha Data as the only IPO completed in 2025 so far, while Dubai Holding’s $584 million REIT was excluded from the tally despite making a strong debut with a 13% gain on May 28.
Oman and Saudi Deliver Notable Debuts
Oman’s Asyad Shipping Company stood out with one of the biggest IPO gains in the region. The company raised $333 million on its March 12 listing and posted a staggering 835% return by the end of H1 2025.
Meanwhile, Saudi Arabia’s Umm Al Qura for Development and Construction Company delivered a 51% gain, while regional budget airline Flynas, the largest IPO on Tadawul in H1 2025, saw a first-day dip of 3.4% and ended the period down 0.2% from its offer price.
Sector Performance: Materials Under Pressure
IPOs in the materials sector underperformed during the first half. Notably, Hedab Alkhaleej Trading Co., a Saudi marble producer, saw its share price fall 30%. Other underperformers included:
- Dkhoun National Trading Co. (Nomu-listed): down 27%
- Service Equipment Co.: down 26%
Only 10 of 24 IPOs Delivered Positive Returns
By the end of H1 2025, only 10 out of 24 IPOs in the GCC had recorded positive returns compared to their offer price, Markaz reported. Meanwhile, Kuwait, Qatar, and Bahrain saw no IPO activity during the first half of the year.
Saudi to Maintain IPO Momentum
The IPO pipeline remains robust in Saudi Arabia, which is expected to maintain leadership with upcoming listings including:
- Sports Club Co.
- AlRamz Real Estate Company
- National Unified Procurement Company
- Buy-now-pay-later platform Tabby (Main Market)
- Riyad Capital
The UAE is also preparing for renewed IPO momentum, particularly in the industrials and technology sectors, with Etihad Airways and Amanat Holding’s education platform expected to list before the end of 2026.
