2025-10-30
Mena IPO Pipeline Remains ‘Strong’: EY
The outlook for Middle East and North Africa (Mena) IPOs (initial public offerings) remains "strong", with 19 companies and funds across various sectors intending to list on the region’s exchanges, according to Ernst and Young (EY).
"With strong regulatory frameworks and a healthy pipeline leading into Q4 (fourth quarter) of 2025, the region is well-positioned for sustained, long-term growth which is likely to attract continued international participation," Brad Watson, EY-Parthenon Mena Leader, said.
Saudi Arabia continues to lead with 13 entities, including Almasar Alshamil Education Company and Al Romansiah Company, having received approval from the Capital Market Authority (CMA), EY said in its latest report.
In the UAE, ALEC Holdings was successfully listed on the Dubai Financial Market (DFM) as of October 15, 2025.
"In Q4-2025, we can look forward to a healthy pipeline, highlighting the region’s position as a hub for capital market activity," Gregory Hughes, EY-Parthenon Mena IPO Leader, said.
With lower oil prices, he said, it continues to see economic diversification from non-oil revenues, and the sector focus for Saudi listings transitioned from healthcare and mobility in Q2-2025 to real estate, hospitality, construction and retail.
Amid shifting market dynamics, performance in this past quarter reflects the increasing depth and maturity of Mena capital markets, supported by a steady pace of listings across multiple sectors and geographies, Watson said.
"Companies are becoming increasingly strategic with market timing – carefully assessing investor sentiment and macroeconomic conditions before going public," he added.
In the non-GCC (Gulf Co-operation Council) countries, Diar Dzair from Algeria and Gharb Papier Et Carton from Morocco have announced their intention to list, pending regulatory approval.
This trend is supported by sustained policy momentum, diversified market participation and a growing focus on the integration of environmental, social and governance (ESG) aspects. These factors continue to position the region as a key destination for capital formation and investment.
Highlighting that regulatory reforms in Mena are progressing as regional markets mature; it said in the UAE, updated governance rules now permit the combination of board chair and chief executive officer roles under defined conditions, while Saudi Arabia’s CMA initiated consultations on proposed amendments to market-making regulations and foreign ownership limits.
"These steps are aimed at enhancing liquidity, transparency and access to capital," EY report said.
According to the EY Mena IPO Eye Q3 (third quarter) 2025 report, the region continued to demonstrate healthy activity and investor interest, with 11 IPOs, raising $0.7bn in total proceeds. The number of listings increased by 120% compared with the same quarter last year, driven by mid-market activity.
"With strong regulatory frameworks and a healthy pipeline leading into Q4 (fourth quarter) of 2025, the region is well-positioned for sustained, long-term growth which is likely to attract continued international participation," Brad Watson, EY-Parthenon Mena Leader, said.
Saudi Arabia continues to lead with 13 entities, including Almasar Alshamil Education Company and Al Romansiah Company, having received approval from the Capital Market Authority (CMA), EY said in its latest report.
In the UAE, ALEC Holdings was successfully listed on the Dubai Financial Market (DFM) as of October 15, 2025.
"In Q4-2025, we can look forward to a healthy pipeline, highlighting the region’s position as a hub for capital market activity," Gregory Hughes, EY-Parthenon Mena IPO Leader, said.
With lower oil prices, he said, it continues to see economic diversification from non-oil revenues, and the sector focus for Saudi listings transitioned from healthcare and mobility in Q2-2025 to real estate, hospitality, construction and retail.
Amid shifting market dynamics, performance in this past quarter reflects the increasing depth and maturity of Mena capital markets, supported by a steady pace of listings across multiple sectors and geographies, Watson said.
"Companies are becoming increasingly strategic with market timing – carefully assessing investor sentiment and macroeconomic conditions before going public," he added.
In the non-GCC (Gulf Co-operation Council) countries, Diar Dzair from Algeria and Gharb Papier Et Carton from Morocco have announced their intention to list, pending regulatory approval.
This trend is supported by sustained policy momentum, diversified market participation and a growing focus on the integration of environmental, social and governance (ESG) aspects. These factors continue to position the region as a key destination for capital formation and investment.
Highlighting that regulatory reforms in Mena are progressing as regional markets mature; it said in the UAE, updated governance rules now permit the combination of board chair and chief executive officer roles under defined conditions, while Saudi Arabia’s CMA initiated consultations on proposed amendments to market-making regulations and foreign ownership limits.
"These steps are aimed at enhancing liquidity, transparency and access to capital," EY report said.
According to the EY Mena IPO Eye Q3 (third quarter) 2025 report, the region continued to demonstrate healthy activity and investor interest, with 11 IPOs, raising $0.7bn in total proceeds. The number of listings increased by 120% compared with the same quarter last year, driven by mid-market activity.
Source: GULF TIMES