Page 64 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/15/24, 2:43 PM MENA IPOs raise $2.64 billion in Q2 2024, led by Saudi Arabia - Finance Middle East

The UAE also made significant contributions, with Alef Education Consultancy and Spinneys raising a combined
$890 million, accounting for 33.8% of the quarter’s total proceeds. Kuwait marked its first listing since Q4 2019,
with Beyout Investment Group (BIG) Holding Co. raising $147 million on the Kuwait Stock Exchange.

The remainder of 2024 is expected to see further IPO activity, with 16 private companies and seven funds across
various sectors intending to list on MENA exchanges. Among these, 14 companies are from Saudi Arabia, one
from the UAE, and one from Egypt.

“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,” said Gregory Hughes, EY MENA IPO Leader. “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.

Gregory Hughes

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