Page 55 - ALEF EDUCATION PR REPORT - AUGUST 2024

UAE IPOs Amass $890 Million In Q2 2024, Reflecting

Strong Market Trend

By Rhonita Patnaik
Updated: Wednesday, August 14, 2024, 18:02 [GST]

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

The PwC Middle East's latest IPO+ Watch highlighted that Alef Education on the Abu Dhabi
Securities Exchange (ADX) US$515 million. Additionally, Spinneys on the Dubai Financial Market
(DFM) garnered US$375 million, making them two of the largest IPOs in the UAE.

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

Key IPOs Across Sectors
The report indicated that notable IPOs on the Saudi stock market included Dr. Soliman Abdel Kader
Fakeeh Hospital Company, which raised US$763 million on the Tadawul stock exchange. This
quarter also saw Beyout Investment Group Holding Company raise US$147 million through the first
IPO on Boursa Kuwait in two years.

IPO activity spanned various sectors this quarter, including Health Industries (US$774 m),
Consumer Markets (US$530 m), Financial Services (US$256 m), Energy, Utilities and Resources

https://www.onearabia.me/business/uae-ipos-raise-890-million-q2-2024-011-060543.html