Page 94 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 11:59 AM Saudi and UAE lead MENA IPOs as 14 sales raise $2.6bn - Arabian Business: Latest News on the Middle East, Real Estate, Fina…
Of the companies intending to list, 14 are in KSA, including Riyad Capital LLC, United
International Holding Co. and Arabian Mills for Food Products, among others. One

company in the UAE has also obtained approval to list, alongside Go Bus in Egypt.

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

Globally, IPO activity declined in comparison to Q2 2023; the number of IPOs dropped by
15 per cent from 317 to 271, and proceeds decreased by 31 per cent falling from $40.4bn

to $27.8bn.

Image: Bloomberg

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