Page 107 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:01 PM
https://www.pwc.com/m1/en/media-centre/2024/saudi-arabia-leads-gcc-ipo-momentum-in-q2-2024.html
Saudi Arabia leads GCC IPO momentum in Q2 2024, highlights PwC Middle East’s latest IPO+ Watch
The report shows that IPO activity was seen across a diverse range of sectors
this quarter, including Health Industries ($774m), Consumer Markets ($530m),
Financial Services ($256m), Energy, Utilities and Resources ($148m), Industrials,
Manufacturing and Automobile ($407m), and Technology, Media and
Telecommunication ($515m). This quarter was also the first time Boursa Kuwait
saw its first IPO since 2020, with the Beyout Investment Group Holding Company
raising $147m.
In addition, there were a number of sizable sukuk issuances this quarter, raising
more than $10bn compared to $2.6bn raised in the same period last year,
indicating a robust appetite for Sharia-compliant financial products. More than a
third of the sukuks were issued on Tadawul, while 67% of bonds and sukuks were
issued by the regional governments.
Looking forward, the outlook for the GCC IPO market continues to remain positive
with strong issuance expected for the remainder of 2024, subject to the wider
geopolitical environment and oil prices.
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