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While Abu Dhabi has seen a lull in IPOs this year, other Gulf countries, particularly Saudi
Arabia, have experienced more activity. Four Saudi companies have collectively attracted
$176 billion in orders for their IPOs. Notably, Saudi health-care group Dr. Soliman Abdel
Kader Fakeeh Hospital Co. saw its shares rise by 9.9% on its debut, reaching 63.2 riyals
from an offer price of 57.5 riyals per share. The IPO raised 2.86 billion riyals ($763
million) and drew cornerstone investors such as the Abu Dhabi Investment Authority
and Olayan Saudi Investment Co.

Saudi Arabia's stock exchange has reported that over 50 firms have applied for listings,
indicating a robust pipeline of upcoming IPOs. Recent share sales in the kingdom's
health-care sector have performed well, generating significant wealth for top
shareholders. Additionally, the Saudi government recently launched a $12 billion
secondary share sale in oil giant Aramco, which sold out shortly after opening.

Arabian Oud's IPO Plans

Perfume retailer Arabian Oud is preparing for a potential IPO in Saudi Arabia. The
company has hired Emirates NBD Capital and SNB Capital to manage the share sale.
Details such as timing and valuation are still under discussion. Founded in 1982 by
Sheikh Abdul Aziz Al-Jasir, Arabian Oud operates 1,200 stores across 37 countries and
claims to be the world's largest supplier of oriental fragrances.

Oud perfume, derived from the resin of the aquilaria tree, is a traditional Middle Eastern
fragrance and one of the rarest natural resources in the world. Arabian Oud's IPO plans
come amid a hot market for deals in Saudi Arabia, with recent IPOs drawing substantial
interest from institutional investors.
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