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proceeds of US$85.4m. Funds raised originate from a number of different sectors including
healthcare, equipment services, commercial and professional services, materials, mineral
resources, and finance and insurance services.
The Kingdom also leads in the IPO pipeline activity, with 14 Saudi companies announcing their
intention to list by the end of the year.

United Arab Emirates strong contributor, Kuwait marks first listing since Q4 2019

The United Arab Emirates (UAE)’s Alef Education Consultancy LLC, listed on the Abu Dhabi
Securities Exchange, raised US$515m in the academic and education services sector with its IPO.
The listing of Spinneys 1961 Holding Plc, a family business, on the Dubai Financial Market (DFM)
raised US$375m. Together, these two IPO listings in the UAE accounted for 33.8% of the quarter’s
total proceeds.

Marking the first listing in Kuwait since Q4 2019, Beyout Investment Group (BIG) Holding Co. raised
US$147m on the Kuwait Stock Exchange (KSE).

The remainder of 2024 is set to see robust activity in the IPO market, with an additional 16 private
companies and seven funds across various sectors intending to list on the MENA exchanges. Of the
companies intending to list, 14 are in KSA, including Riyad Capital LLC, United International Holding
Co. and Arabian Mills for Food Products, among others. One company in the UAE has also obtained
approval to list, alongside Go Bus in Egypt.

Gregory Hughes, EY MENA IPO Leader, says:
“The MENA IPO market continued to be led by the KSA and the UAE markets. However, the Kuwait
Boursa welcomed their first listing since 2019. There is a continued focus on economic
diversification away from oil and gas, with the MENA region continuing to see listings from a variety
of sectors including health care, education, consumer goods and professional services. As we
enter a phase of declining interest rates and continue to witness major country elections around
the world, we will monitor with interest the subsequent impact on regional markets and IPO
activity.”

Globally, IPO activity declined in comparison to Q2 2023; the number of IPOs dropped by 15% from
317 to 271, and proceeds decreased by 31% falling from US$40.4b to US$27.8b. The EMEIA region,
however, made a remarkable comeback, with inflation approaching ‘normal’ levels, interest rates
falling, stock markets rallying to hit all-time highs, and volatility remaining low. This comeback saw
the region regain the top global IPO market share by number – 45% of deal volume and 46% of value
- for the first time in 16 years.

Development in sustainable reporting

The International Financial Reporting Standards (IFRS) sustainability disclosure standards were
applied for annual reporting periods beginning January 2024, marking a major step towards the full
integration of sustainability reporting into the broader financial reporting process both globally and
in the MENA region.

https://www.adsmehub.ae/en/explore/post-details/mena-region-saw-14-ipos-valued-at-264bln-in-
q2-2024