Page 74 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/15/24, 2:45 PM PRESSR: PwC Middle East report highlights two UAE listings in Top 5 GCC IPOs for Q2 2024 — TradingView News
Commenting on the findings, Muhammad Hassan, Capital Markets Leader at PwC

Middle East, said: “We have witnessed some volatility in the first half of 2024 in

the performance of GCC stock exchange indices and oil prices. That said, the
number of new IPOs in the GCC continued to remain strong. Saudi Arabia

continued to dominate the IPO market, with H1 2024 experiencing 19 IPOs

compared to 17 IPOs in H1 2023.”

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

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

Financial Services ($256m), Energy, Utilities and Resources ($148m), Industrials,
Manufacturing and Automobile ($407m), and Technology, Media and

Telecommunication ($515m). This quarter was also the first time Boursa Kuwait

saw its first IPO since 2020, with the Beyout Investment Group Holding Company

raising $147m.

In addition, there were a number of sizable sukuk issuances this quarter, raising

more than $10bn compared to $2.6bn raised in the same period last year,
indicating a robust appetite for Sharia-compliant financial products. More than

a third of the sukuks were issued on Tadawul, while 67% of bonds and sukuks

were issued by the regional governments.

Looking forward, the outlook for the GCC IPO market continues to remain

positive with strong issuance expected for the remainder of 2024, subject to

the wider geopolitical environment and oil prices.

Find the full report here.

-Ends-

About PwC

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