Proceeds From GCC IPOs Decline 6% in H1 2025 to $3.4bln

GCC IPO markets were shaped by significant geopolitical shifts in the first half of 2025, with proceeds declining 6% to $3.4 billion from the previous year’s $3.6 billion raised, according to Kuwaiti research firm Markaz.

In a year impacted by economic uncertainty, oil price volatility and US tariffs threatening to ignite a global trade war, the GCC still managed to outpace the previous year in terms of offerings with 24 listings, compared to the 23 recorded in H1 2024.

According to Markaz, Saudi Arabia still took the top spot, raising $2.86 billion from IPOs in the first half of the year, through 22 offerings, a notable rise from the $2.1 billion raised in 2024, across 19 offerings.

The kingdom’s figure constituted to 85% of the total GCC IPO proceeds raised during the year, representing a 36% increase in IPO value compared to H1 2024.

The most notable decline was reported by the UAE, which raised $163 million in 2025, dropping 88% from the $1.32 billion raised from IPOs in H1 2024. In 2024, the UAE’s offerings constituted 37% of total GCC IPO proceeds, across three offerings.

Markaz reported Alpha Data’s IPO as the only one for the year, which did not include Dubai Holding’s $584 million residential real estate investment trust, which surged more than 13% on its trading debut on May 28.

Elsewhere, Oman’s Asyad Shipping Company IPO was reported as one of the biggest trading debuts for the sultanate during the first half of the year, raising $333 million. The March 12 listing also achieved the highest gain at 835% by the end of H1 2025, according to Markaz.

Saudi Arabia’s Umm Al Qura for Development and Construction Company followed recording a gain of 51% during H1 2025.

Flynas the largest IPO on Tadawul and the region during H1 2025 witnessed a 3.4% drop in the first day performance but ended the period recording a 0.2% drop compared to its offer price.

Companies in the materials sector witnessed negative returns compared to their offer price, with Saudi’s marble producer Hedab Alkhaleej Trading Co. witnessing a decrease of 30% in its share price during H1 2025, while the Nomu-listed Dkhoun National Trading Company decreased by 27% and Service Equipment Co. decreased by 26%.

According to Markaz data, at the end of H1 2025, only 10 out of the 24 IPOs had shown positive return compared to their offer price, while Kuwait, Qatar, and Bahrain saw no IPOs during this period.

GCC IPO pipeline

Markaz reports Saudi is expected to continue its dominance in the IPO market with strong activity across multiple sectors. Upcoming IPOs include Sports Club Co., AlRamz Real Estate Company, National Unified Procurement Company, Tabby on the Main Market, along with Riyad Capital.

The UAE expects to witness activity in the industrials and technology sectors, according to Markaz, with Etihad Airways and Amanat Holding Education platform expected before 2026 ends.