Page 114 - ALEF EDUCATION PR REPORT - AUGUST 2024

MENA IPO Market Flourishes With $2.64 Billion

Raised, UAE And Saudi Arabia At Forefront

By Rhonita Patnaik

Updated: Tuesday, August 13, 2024, 17:07 [GST]

The IPO market in the Middle East and North Africa (MENA) region resilience in Q2 2024.
Fourteen IPOs generated total proceeds of $2.64 billion, marking a 45.3% increase compared to
the same period last year.
According to an Ernst & report on IPO activity in the MENA region, Dr. Soliman Abdul Kader
Fakeeh Hospital Co listed on Saudi Arabia's main market during this period. This listing raised
$764 million, accounting for 29% of the region's IPO proceeds for the quarter.

The Abu Dhabi Securities Exchange (ADX) saw Alef Education Consultancy LLC's listing, which
contributed 19.5% or $515 million to the total proceeds. Together with Spinneys 1961 Holding
Plc, these UAE companies accounted for 33.8% of the region's total proceeds for the quarter.
Saudi IPOs collectively raised $1.6 billion during this period. The Saudi Manpower Solutions
Company (SMASCO) secured the kingdom's second-largest amount, while Rasan Information
Technology Company followed with $224 million.
Boursa Kuwait experienced its first listing since Q4 2019 with Beyout Investment Group (BIG
Holding). This listing raised $147 million, marking a significant event for Kuwait's market.

https://www.onearabia.me/business/middle-east-ipo-surge-led-by-uae-saudi-arabia-011-
060249.html