Page 66 - ALEF EDUCATION PR REPORT - AUGUST 2024

Saudi Arabia dominates GCC IPO market with $1.6

billion in Q2 2024

The UAE also made significant contributions to the region's IPO activity, with two major deals
accounting for 34% of the total proceeds.

[Source photo: Krishna Prasad/Fast Company Middle East]

In Q2 2024, the GCC witnessed a significant uptick in IPO activity, with 14 listings raising a
combined $2.64 billion. This surge in capital was primarily focused on the healthcare, education,
and technology sectors.

Although the number of IPOs increased only marginally from 13 in Q2 2023, the total proceeds for
the quarter rose substantially by 45% year over year.

Saudi Arabia was at the forefront of this growth, securing $1.6 billion. The largest deal was the $764
million listing of Dr. Soliman Abdul Kader Fakeeh Hospital Co on the Tadawul stock exchange,
accounting for 29% of the region’s total IPO proceeds. Other significant IPOs in Saudi Arabia
included Saudi Manpower Solutions Company, which raised $240 million, and Rasan Information
Technology Company, which secured $224 million.

Kuwait also marked a milestone with its first IPO since 2019, as Beyout Investment Group Holding
Co raised $147 million on the Kuwait Stock Exchange.

In the UAE, two IPOs collectively contributed 34% of the region’s overall proceeds. Alef Education
Consultancy raised $515 million on the Abu Dhabi Securities Exchange, while Spinneys garnered
$375 million on the Dubai Financial Market.

https://fastcompanyme.com/news/saudi-arabia-dominates-gcc-ipo-market-with-1-6-billion-in-q2-
2024/