Page 60 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/15/24, 2:41 PM UAE IPOs raise $890 million in Q2 2024
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.

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

quarter, including Health Industries (US$774 m), Consumer Markets (US$530 m),

Financial Services (US$256 m), Energy, Utilities and Resources (US$148 m),

Industrials, Manufacturing and Automobile (US$407 m), and Technology, Media

and Telecommunication (US$515 m).

The report noted that there was a large number of Sukuk issuances during the

quarter, which raised more than US$10 billion compared to US$2.6 billion in the

same period last year, indicating a strong appetite for Sharia-compliant financial

products.

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