Page 59 - SALIK PR REPORT - MARCH 2024

3/22/24, 10:13 AM Dubai's Parkin surges 30% in UAE's first IPO of the year

V I D E O 0 8 : 1 2
UAE’s Parkin IPO: ‘Investors are excited about it,’
says Amwal Capital CIO

The Gulf more broadly has seen a stream of IPOs, with the large majority in
Saudi Arabia. In 2023, 35 Saudi companies were publicly listed, along with
eight in the UAE, two in Oman, and one in Qatar.

“I think we’re still within that spree of IPO bonanza, but it’s a healthy one,”
Fadi Arbid, founding partner and CIO of Dubai-based investment manager
Amwal Capital Partners, told CNBC.

“In Dubai it’s a very deliberate effort from the government to privatize some
trophy assets, and then open them to the public and to investors globally.
And Saudi Arabia is equally driven by the private sector and the government
as well.”

He added that IPOs in Saudi Arabia have the advantage of being “backed by
a deep retail market.”
“It’s still a healthy pipeline,” Arbid said. “It’s all about the pricing now.”

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