11 GCC IPOs raise $1.6bn, strong momentum in Saudi Arabia
The GCC equity capital market showed strong activity in the first quarter, with 11 IPOs raising a total of $1.6 billion, up from $1.2bn across 10 listings in Q1 2024.
This demonstrates continued positive investor sentiment in the region's capital markets, despite prevailing global uncertainties, said PwC Middle East in its IPO Watch Q1 2025 report.
Saudi Arabia contributed $1.1 billion, which accounts for 69% of total IPO proceeds. This strong performance stems from three main market listings and momentum on the Nomu parallel market, where six listings raised an additional US$62m, reinforcing the Kingdom's role as a regional engine of capital markets development, the report said.
In the UAE, digital transformation and system integrator Alpha Data raised $163 million on the Abu Dhabi Exchange. Oman, meanwhile, made headway in its privatisation journey with the listing of Asyad Shipping on the Muscat Stock Exchange, raising $333 million, demonstrating the region's commitment to diversifying capital markets and unlocking new value for investors.
Muhammad Hassan, Capital Markets Leader at PwC Middle East, stated: 'Recent global macroeconomic developments resulting from trade tariffs have had a pronounced impact on both global and GCC equity markets as well as oil prices. Although increased volatility and market uncertainty affects IPO activity in the short term, we remain positive on the long-term outlook of regional capital markets. Therefore, it's imperative that prospective issuers remain prepared to take advantage of potential IPO opportunities.'
GCC markets have shown notable resilience, despite external pressures. The S&P GCC Composite Index, for example, recovered from a sharp dip in early April and is now trading just 1% below where it began the year, highlighting regional investor confidence and market stability.
Consumer markets were the leading sector in Q1 2025, accounting for 42% of total IPO proceeds. This trend underscores investor interest in retail and lifestyle-driven businesses and signals continued growth in sectors closely aligned with evolving consumer behaviours across the region, the report said.
The report also highlights increased activity in the region's debt capital markets. Bond issuance surged to $4.6 billion in Q1 2025, up from $1.6 billion during the same period last year. Sukuk issuance also saw growth reaching $4.1 billion. Notably, 70% of all GCC bonds and sukuks issued during the quarter were issued on Nasdaq Dubai, affirming the emirate's position as a key regional hub for fixed income instruments. -
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If your employer does not respond or denies your request without cause, you can file a complaint with the Public Authority of Manpower. Who is affected : All private sector expats (Article 18 residency) and their dependents; government employees have long needed departmental permission for travel. : All private sector expats (Article 18 residency) and their dependents; government employees have long needed departmental permission for travel. Why now? Authorities say the measure will prevent illegal departures, ensure workers fulfill financial obligations, and crack down on abuses like absconding or labor market irregularities. The new exit permit regulation is deeply intertwined with the 'kafala' sponsorship system, a framework widely prevalent in the Gulf. Under kafala, migrant workers' visas are tied directly to their employers, granting sponsors considerable control over their employees' legal status and, historically, their movement. While many GCC countries have taken steps to reform or abolish aspects of kafala, the re-introduction of an exit permit in Kuwait is set to enhance employer oversight on their staff. According to the Public Authority of Manpower (PAM), the primary objectives of the exit permit are multi-faceted: Strengthening oversight : The measure aims to enhance governmental oversight of expatriate worker movement, providing a clearer picture of who is entering and exiting the country. : The measure aims to enhance governmental oversight of expatriate worker movement, providing a clearer picture of who is entering and exiting the country. Balancing rights : The permit seeks to 'ensure a balance between the workers' and employers' rights.' This suggests an effort to prevent situations where workers might leave the country with outstanding financial obligations or without fulfilling their contractual duties. : The permit seeks to 'ensure a balance between the workers' and employers' rights.' This suggests an effort to prevent situations where workers might leave the country with outstanding financial obligations or without fulfilling their contractual duties. Minimising violations : The authority hopes to reduce violations linked to unauthorised departures, such as workers leaving without settling debts or without proper documentation. : The authority hopes to reduce violations linked to unauthorised departures, such as workers leaving without settling debts or without proper documentation. Curbing visa trading: A significant underlying motive for this regulation, as highlighted by officials, is to help curb illicit visa trading and irregularities within the labor market. The process for obtaining an exit permit has been designed to be primarily online and accessible 24/7. 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