Strong investor confidence as 11 GCC IPOs raise $1.6b in Q1
The GCC equity capital markets have showcased remarkable vitality, with the first quarter of 2025 continuing the momentum of a record-breaking 2024.
According to PwC Middle East's IPO Watch Q1 2025 report, 11 initial public offerings (IPOs) raised $1.6 billion in Q1 2025, a significant increase from $1.2 billion across 10 listings in Q1 2024. This surge underscores strong investor confidence in the region's capital markets, defying global economic uncertainties and positioning the GCC as a dynamic hub for investment.
Saudi Arabia led the charge, contributing $1.1 billion, or 69 per cent of total IPO proceeds in Q1 2025. The kingdom's dominance was driven by three main market listings on the Tadawul and six additional listings on the Nomu parallel market, which together raised $62 million. This performance cements Saudi Arabia's role as the region's powerhouse for capital market development, fueled by its ambitious economic diversification agenda.
The UAE also made significant strides. Alpha Data, a digital transformation and system integration leader, raised $163 million on the Abu Dhabi Exchange, highlighting the UAE's growing appeal for tech-driven listings. Meanwhile, Dham Reit Management, a Dubai Holding subsidiary, set a new benchmark with its Dubai Residential REIT IPO, priced at Dh1.1 per unit, marking it as the largest listed real estate investment trust in the GCC.
Adding to the UAE's vibrant market, Cafu, a leading fuel delivery app, is reportedly exploring a stake sale that could pave the way for its stock exchange debut, further diversifying the region's IPO landscape.
Oman, too, advanced its privatisation efforts with the listing of Asyad Shipping on the Muscat Stock Exchange, raising $333 million. This move reflects the GCC's broader commitment to unlocking new value for investors through diversified capital markets. Oman's strategic listings, including two businesses carved out of OQ in 2024, secured $2.5 billion, representing 19 per cent of the region's total IPO proceeds for the year.
The year 2024 was a landmark for GCC IPOs, with 53 listings raising a record $13.2 billion, the highest volume ever recorded in the region. Saudi Arabia led with 15 Tadawul IPOs and 27 Nomu listings, while the UAE accounted for 47 per cent of proceeds with seven high-profile IPOs, including Talabat Holding, Lulu Group, and NMDC Energy, which collectively raised $6.2 billion.
Tadawul listings alone contributed 30 per cent ($4.0 billion) of GCC proceeds. The final quarter of 2024 was particularly strong, with 26 IPOs, including 20 in Saudi Arabia, raising $8.5 billion — 64 per cent of the year's total proceeds. Three of the five largest GCC IPOs occurred in Q4, underscoring the region's accelerating momentum.Beyond IPOs, the GCC's capital markets saw $9.7 billion in bond issuances and $25.9 billion in sukuks in 2024, with 55 per cent issued by GCC governments, reflecting robust public-sector support. Contributions from Oman, Bahrain, and Kuwait further bolstered the region's record-breaking performance, with Oman ranking third in proceeds.
The GCC's IPO market is thriving, driven by economic diversification, investor enthusiasm, and strategic listings across Saudi Arabia, the UAE, and Oman. As Q1 2025 demonstrates, the region's capital markets are poised for continued growth, offering a beacon of opportunity for global investors.
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