Page 124 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:04 PM Regional IPOs raise $2.64bn in second quarter of 2024 - Times of Oman
Gregory Hughes, EY Mena IPO Leader, said: “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 percent
from 317 to 271, and proceeds decreased by 31 percent 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 percent of deal

volume and 46 percent 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.

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