GCC IPOs raise $3.4bn in H1 2025 as Saudi Arabia dominates regional listings

This marks a 6 per cent year-on-year drop in IPO proceeds, compared to $3.5bn raised from 23 IPOs during the same period last year.

Despite the modest decline overall, Saudi Arabia continued to dominate the regional IPO landscape, while the UAE saw an 88 per cent decrease in proceeds compared to the first half of 2024.

Gulf IPO proceeds by country

Saudi Arabia was the clear leader, accounting for 85 per cent of total IPO proceeds in the region.

• Saudi Arabia: $2.8bn from 22 IPOs (Up 36 per cent YoY)
• UAE: $163m from 1 IPO – Alpha Data, a software firm (Down 88 per cent YoY)
• Oman: $333m from 1 IPO – Asyad Shipping Company
• Kuwait, Qatar, Bahrain: No offerings in H1 2025

The Industrials sector was the top performer, raising $1.4bn – nearly 43 per cent of all proceeds – led by Flynas and Asyad Shipping.

Of the 24 IPOs, 10 recorded positive returns by the end of H1 2025.

Top performers:

• Asyad Shipping Company: +835 per cent since March 12 listing
• Umm Al Qura (Saudi Arabia): +51 per cent

Underperformers

• Hedab Alkhaleej Trading Co.: –30 per cent
• Dkhoun National Trading Company: –27 per cent
• Service Equipment Co.: –26 per cent
• Flynas: –0.2 per cent overall (despite brief first-day drop of 3.4 per cent)

GCC market performance – H1 2025

Market indices showed mixed results in the first half of 2025:

Saudi Arabia is expecting to continue its dominance in the IPO market with strong activity across multiple sectors by PIF-led listing while the UAE expects to witness activity in the industrials and technology sectors.

Moreover, Kuwait’s Capital Markets Authority has officially launched a new regulatory framework to support the listing and trading of emerging companies on Boursa Kuwait in hopes to encourage public listings and enhance the Kuwaiti market