Page 131 - ALEF EDUCATION PR REPORT - AUGUST 2024

IPOs raise $2.64 billion in H1 as Mena outlook stays

robust

Story by Issac John
• 13h • 3 min read

Photo used for illustrative purpose only

The Middle East and North African IPO market is poised to see robust activity in the remainder of
2024 with an additional 16 private companies and seven funds across various sectors intending to
list on the region’s exchanges.
After a resilient first half led by the UAE and Saudi Arabia, the upcoming IPOs will be spurred by the
region’s ongoing privatisation drive on the back of increased liquidity, economic recovery, and
positive market sentiment, market experts say.

The first half of 2024 recorded a 45.3 per cent surge in IPOs that raised $2.64 billion.

An Ernst & Young report on IPO activity in the Mena region noted that of the 16 companies intending
to list in the coming months, 14 are in Saudi Arabia, including Riyad Capital, United International
Holding Co. and Arabian Mills for Food Products. One company in the UAE has also obtained
approval to list, alongside Go Bus in Egypt, said the E&Y report.

https://www.msn.com/en-ae/money/news/ipos-raise-264-billion-in-h1-as-mena-outlook-stays-
robust/ar-AA1oJE4J?ocid=BingNewsSerp