Page 84 - ALEF EDUCATION PR REPORT - AUGUST 2024

Middle East sees surge with 14 IPOs raising $2.64

billion, led by UAE, Saudi Arabia

• 17 hours ago

Picture used for illustrative purposes only.
The IPO market in the Middle East and North Africa (MENA) region remained resilient during the
second quarter of this year, with 14 IPOs registering total proceeds of US$2.64 billion, up 45.3
percent compared to the same period last year.

According to the Ernst & Young report on IPO activity in the MENA region, the second quarter of this
year saw the listing of Dr. Soliman Abdul Kader Fakeeh Hospital Co on Saudi Arabia’s main market,
raising $764 million, 29 percent of the region’s IPO proceeds for the quarter, followed by Abu Dhabi
Securities Exchange’s (ADX) listing of Alef Education Consultancy LLC, which contributed 19.5
percent or $515 million.

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The UAE’s Alef Education Consultancy LLC and Spinneys 1961 Holding Plc accounted for 33.8
percent of the region’s total proceeds for the quarter.
Saudi IPOs raised $1.6 billion during the quarter, with Saudi Manpower Solutions Company
(SMASCO) raising the kingdom’s second-largest amount and Rasan Information Technology
Company coming in third at $224 million.

https://www.gulftoday.ae/business/2024/08/13/middle-east-sees-surge-with-14-ipos-raising-
$264-billion-led-by-uae-saudi-arabia