Page 62 - SALIK PR REPORT - MARCH 2024

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."

https://www.msn.com/en-my/money/companies/dubai-s-parkin-surges-30-on-trading-debut-
in-uae-s-first-ipo-of-the-year/ar-BB1kgQVI