Page 100 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:00 PM Middle East sees surge with 14 IPOs raising $2.64 billion, led by UAE, Saudi Arabia – UAE Business and Travel Insights – TotalU…
The UAE’s Alef Education Consultancy LLC and Spinneys 1961 Holding Plc accounted for 33.8 percent of the
region’s total proceeds for the quarter.

Saudi IPOs raised $1.6 billion during the quarter, with Saudi Manpower Solutions Company (SMASCO) raising
the kingdom’s second-largest amount and Rasan Information Technology Company coming in third at $224
million.

Boursa Kuwait saw its first listing since the fourth quarter of 2019, with the listing of Beyout Investment Group
(BIG Holding) raising $147 million.

According to the report, the remainder of 2024 is set to see strong activity in the IPO market, with 16 private
companies and seven funds across various sectors planning to list on MENA exchanges.

Globally, IPO activity declined in comparison to Q2 2023, down 15 percent from 317 to 271, with proceeds
down by 31 percent from $40.4 billion to $27.8 billion.

https://totaluae.com/posts/emirates/middle-east-sees-surge-with-14-ipos-raising-2-64-billion-led-by-uae-saudi-arabia/#google_vignette 2/2