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7/15/24, 3:33 PM GCC IPO activity dips to $3.6bn in H1 2024 despite rise in Saudi Arabia - Dailynewsegypt

GCC IPO activity dips to $3.6bn in H1 2024 despite rise in Saudi

Arabia

Daily News Egypt
Last updated: July 14, 2024 10:00 pm

Kuwait Financial Centre (Markaz) released a report on initial public o erings (IPOs) in the Gulf
Cooperation Council (GCC) markets, revealing a 32% year-on-year decline in total proceeds for the rst

half (H1) of 2024. Issuers in the region raised $3.6bn through 23 o erings, compared to $5.3bn raised
through 21 o erings in the same period of 2023.

Despite the overall decline, Saudi Arabia emerged as the leader in IPO activity during the rst half. The

kingdom raised a total of $2.1bn from 19 o erings, representing a signi cant 141% increase compared to
H1 2023.

This surge accounted for 59% of the total GCC IPO proceeds. Conversely, the UAE witnessed a
substantial drop of 67% in IPO proceeds, generating $1.3bn through only 3 o erings, which constituted

37% of the regional total. Kuwait saw a single o ering raise $147m, contributing 4% to the overall gure.

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