Page 111 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:02 PM Mena region sees 14 IPOs valued at $2.64bn in Q2 2024
Marking the first listing in Kuwait since Q4 2019, Beyout Investment Group (BIG) Holding Co raised $147 million 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 $40.4 billion to $27.8 billion. 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.--TradeArabia News Service

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