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1/16/25, 4:22 PM UAE, Saudi markets eye fresh wave of blockbuster IPOs after record 2024 - Arabian Business: Latest News on the Middle East, Re…

This comes as the Gulf region’s two largest economies build on a year that saw Saudi Arabia list 57
companies while the UAE raised $6 billion from just seven IPOs.

The UAE’s IPO pipeline could include potential landmark deals such as national carrier Etihad
Airways, online marketplace Dubizzle, hospitality firm Five Holdings, and IT company Alpha Data,

though none have officially confirmed listing plans.

Saudi Arabia kicked off 2025 with the successful listing of Nice One Beauty Digital Marketing
Company on Wednesday, the kingdom’s first unicorn tech company to debut on the Main Market,

while United Cartons Industries and Umm Al Qura for Development have secured approvals for
upcoming listings. Budget airline Flynas is awaiting regulatory approval for what could be the
kingdom’s first airline IPO.

Contrasting market dynamics

The two markets are taking markedly different approaches to public offerings. The UAE has
focused on fewer but larger deals, with food delivery platform Talabat and retailer Lulu
Group leading seven listings that collectively raised AED22 billion ($6 billion) in 2024. Other

significant listings included Abu Dhabi National Hotels Catering, NMDC Energy, Alef
Education, Spinneys, and Parkin.

“Saudi Arabia is a large economy, with total GDP pegged at $1.07 trillion. Compare this with UAE’s
GDP of nearly half at $505 billion,” said Vijay Valecha, chief investment officer at Century Financial.

The kingdom’s higher number of listings was partly driven by its Nomu parallel market platform,
which allows smaller companies to list with reduced regulatory requirements. Its 57 IPOs in 2024

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