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8/15/24, 2:37 PM UAE IPOs raise $890mln in Q2 2024

UAE: $381.2mln in local stock market liquidity at start of week. Image courtesy WAM. Image for illustrative purpose.
IPO
UAE IPOs raise $890mln in Q2 2024

The report shows that IPO activity was seen across a diverse range of sectors this quarter

Staff Writer, WAM (Emirates News Agency)

August 14, 2024

Initial public offerings (IPOs) in the UAE markets raised US$890 million in the second quarter (Q2) of this
year, according to a recent economic report.

The PwC Middle East’s latest IPO+ Watch said that notable IPOs in the second quarter included Alef
Education on the Abu Dhabi Securities Exchange (ADX) with US$515 million and Spinneys on the Dubai
Financial Market (DFM) with US$375 million, two of the largest IPOs in the UAE.

Saudi Arabia led IPO activity in the GCC region, raising US$1.6 billion or 61 percent of the total IPO
activity recorded in the region in Q2 2024.

According to the report, notable IPOs on the Saudi stock market during the quarter included the IPO of
Dr. Soliman Abdel Kader Fakeeh Hospital Company, which raised US$763 million on the Tadawul stock
exchange, while this quarter witnessed the first IPO on the Boursa Kuwait in two years, in which Beyout
Investment Group Holding Company raised US$147 million.

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