The Middle East and North Africa (MENA) witnessed a robust rebound in initial public offerings (IPOs) during 2024, highlighted by a strong fourth quarter. According to EY’s MENA IPO Eye Q4 2024 report, the region tallied 54 IPOs across the year, collectively raising $12.6 billion, marking a 12.5% rise in deal counts and a 17.6% increase in proceeds compared with 2023. The fourth quarter stood out even more, underscoring accelerating market dynamics as high-value listings attracted substantial investor interest and diversified sector representation. This momentum signals growing regional depth in capital markets, enhanced by ongoing reforms, sustainability considerations, and a broadened roster of market venues across the GCC and beyond.
Q4 2024 IPO Surge in MENA
The final three months of 2024 delivered a standout performance for IPO activity across the MENA region, powered by a combination of strong deal flow, strategic listings, and higher capital formation. In Q4 alone, 25 IPOs raised a total of $7.9 billion, representing a 32% increase in the number of listings compared with the same period in 2023 and a remarkable 59.4% surge in funds raised. This surge in the fourth quarter was not accidental; it reflected a confluence of favorable market conditions, robust liquidity, and strategic capital raising by both state-backed and private entities seeking to capitalize on high demand for regional assets.
Prominent among the high-value listings that propelled the Q4 proceeds were Talabat Holding plc, OQ Exploration & Production, and Lulu Retail Holdings. These three names punctuated the quarter’s activity with substantial capital inflows, illustrating the breadth of sector representation and investor appetite for both consumer-facing platforms and energy-related ventures. Talabat, which chose to list on the Dubai Financial Market (DFM), contributed the largest share of quarterly proceeds, accounting for 25.8% of the total funds raised in the period. This concentration underlines how single, well-capitalized listings can significantly influence quarterly and regional funding dynamics.
OQ Exploration & Production distinguished itself as another cornerstone listing in Q4, securing $2 billion in capital through what was described as the largest-ever IPO in Oman. The scale of this listing underscored a broader regional shift toward ambitious energy-sector plays and upstream opportunities, signaling interest from international and regional investors alike in the MENA’s energy transition and resource development narrative. Together, these two listings accounted for nearly half of the total Q4 proceeds, illustrating how a couple of blockbuster issues can shape the quarterly fundraising landscape and drive broader market confidence for subsequent issues.
Beyond the GCC, several notable debuts broadened the quarter’s geographic footprint. Morocco’s Compagnie Marocaine de goutte à goutte et de pompage (CMGP) and Egypt’s United Bank marked important market entrances, signaling a widening of IPO activity into frontier and emerging market segments within MENA. Their entries helped diversify the Q4 pipeline by adding new country representations and sectoral exposures, contributing to a more balanced quarterly mix across energy, consumer services, financial services, and other key industries.
The 2024 annual performance consolidated a compelling narrative for the region. With 54 IPOs raising $12.6 billion across the year, the MENA IPO market demonstrated notable resilience and growth momentum. The 12.5% increase in listing count, paired with a 17.6% rise in proceeds, pointed to an environment where more issuers were able to access capital markets successfully, while investors continued to seek exposure to high-growth opportunities. The fourth quarter’s substantial contribution to annual activity – accounting for nearly half of the year’s total deal flow in some analyses – highlighted the region’s ability to sustain momentum when market liquidity and investor confidence were most favorable.
In the broader context, these dynamics reflect a maturation of regional capital markets and the ongoing modernization of market infrastructure. The year’s end brought a sense of urgency among issuers to bring growth-stage opportunities to market ahead of potential macro headwinds, while investors sought to diversify portfolios with high-quality assets across multiple sectors. The combination of significant deal sizes, strategic sector coverage, and cross-border interest illustrated a robust platform for continued IPO activity into 2025, supported by governance improvements, sustainability commitments, and continued regulatory evolution across MENA exchanges.
Key Q4 Highlights and Sector Tailwinds
The standout quarter was marked by a handful of headline listings that catalyzed broader market enthusiasm. Talabat’s DFM listing, with its substantial contribution to quarterly proceeds, demonstrated the appeal of consumer platforms in a region with rising digital penetration and increasing online shopping maturity. The OQ Exploration & Production IPO underscored the continued appetite for energy assets and natural resources in a diversified regional economy seeking to balance growth with stable capital formation. Lulu Retail Holdings, another high-profile listing in Q4, underscored the consumer-led growth narrative and the appeal of diversified retail platforms within a rapidly evolving GCC consumer market.
The quarter’s success also reflected a diversified sector mix. The largest proceeds were not confined to a single industry, but instead spread across consumer services, materials, energy, and financial services. This diversification is a positive signal for market depth, indicating that investor enthusiasm was not concentrated in a narrow subset of sectors but rather reflected a broad-based confidence in the region’s growth opportunities. The Q4 results thus suggest a healthy equilibrium between demand for large, high-visibility listings and a broader pipeline of mid- to late-stage issuances across various markets and sectors.
Outside the GCC, the inclusion of CMGP from Morocco and United Bank from Egypt in Q4 broadened the regional footprint and provided greater representation for North and West African markets within the MENA IPO narrative. Their market debuts highlighted cross-border interest and the expanding scope of regional capital markets, which can help attract international investors seeking exposure to a wider array of growth stories and regulatory environments.
Saudi Arabia’s Dominance in Q4 2024
Saudi Arabia emerged as the principal engine of IPO activity in the Q4 2024 period, reinforcing its position as the leading market within the region’s IPO ecosystem. The Kingdom accounted for 17 of the 25 IPOs in Q4, underscoring a dominant market share that reflected both the scale of local capital markets and the attractiveness of Saudi listings to global investors. In terms of proceeds, Saudi Arabia delivered $1.2 billion for the quarter, signaling a strong capital formation environment supported by a mature exchange ecosystem.
Within Saudi Arabia, five listings took place on the Tadawul Main Market, contributing a combined $1.1 billion in proceeds. This concentration on the Main Market highlights the ongoing preference among large issuers for the most liquid and internationally recognized trading venue in the region, where visibility and trading access can be maximized for both domestic and international investors. The high-profile success of Main Market listings in Q4 served to validate the appeal of established liquidity channels as issuers consider the balance between regulatory oversight, investor reach, and post-listing liquidity.
The highest proceeds in Saudi Arabia for Q4 were recorded by two companies, each at $300 million: Arabian Mills for Food Products Company and United International Holding Company. These two issuers demonstrated how manufacturing and diversified holding platforms can command sizable capital raises in a single market window, contributing to the quarter’s overall momentum. Their success also points to a broader diversification across industries beyond energy, with consumer-oriented manufacturing and diversified holdings playing meaningful roles in the Saudi IPO landscape.
Looking at sectoral distribution within Saudi Arabia for Q4, the IPO activity spanned a wide range of industries. Commercial and professional services accounted for 20% of listings, reflecting the ongoing demand for professional organizations that support corporate growth and market expansion. Materials represented 12.5% of listings, indicating investor interest in supply chain and infrastructure-related opportunities tied to Saudi Arabia’s broader development plans. Food and beverages and healthcare each captured 10% of listings, underscoring the appeal of consumer staples, health-oriented services, and related supply chains in an economy undergoing rapid modernization. This diversified sector mix demonstrates the breadth of Saudi Arabia’s IPO pipeline during Q4 and reinforces the Kingdom’s central role in shaping regional IPO dynamics.
Saudi Arabia’s leadership in Q4 2024 also underscores the broader trend of Saudi markets serving as a primary catalyst for regional liquidity and deal flow. As the largest economy in the Gulf and a hub for large-scale capital deployment, Saudi Arabia’s exchange infrastructure, regulatory environment, and investor base continue to attract issuers seeking to optimize visibility and exit opportunities. The strong Q4 performance in Saudi Arabia aligns with the larger regional trajectory of expanding market depth and improving corporate governance standards that enhance investor confidence and broaden the appeal of regional IPOs to global participants.
Market Structure and Strategic Implications
The dominance of Saudi listings in Q4 2024 also has strategic implications for how regional markets allocate capital and structure future IPOs. The Tadawul Main Market’s capacity to absorb sizable offerings, coupled with a broad investor base and transparent regulatory oversight, remains a key driver of deal pricing, liquidity, and post-listing performance. The presence of a parallel market such as Nomu, while contributing to overall volume, reinforces the importance of market segmentation that can accommodate smaller and mid-cap issuers while still preserving efficient capital markets infrastructure. The Q4 outcomes suggest that issuers see value in combining high-visibility listings on the Main Market with continued activity in alternative platforms that broaden access to different investor profiles and risk appetites.
From an investor perspective, Saudi Arabia’s Q4 performance demonstrates the region’s growing appeal as a diversified investment destination. The mix of large-cap flagship listings, sector breadth, and a trajectory toward deeper market liquidity provides a compelling case for continued capital inflows in 2025. For policymakers and market operators, the lesson is clear: sustaining and expanding a robust market ecosystem requires ongoing focus on governance, disclosure, and investor protection, alongside continued innovation in trading platforms and product offerings that can attract a broader spectrum of global capital.
UAE’s Robust Performance and ESG Focus
The United Arab Emirates also delivered a strong Q4 2024 performance, reinforcing its reputation as a regional hub for high-profile listings and innovative corporate finance activity. The UAE welcomed four new listings during Q4, contributing to the overall quarterly momentum and reinforcing the country’s status as a key axis for regional IPO activity. On the Abu Dhabi Securities Exchange (ADX), Lulu Retail Holdings PLC registered a notable fundraising outcome, raising $1.7 billion, while ADNH Catering PLC successfully raised $235 million. These listings underscored the UAE’s strength in consumer platforms and diversified services, as well as the sustained appetite for sustainable and governance-forward enterprises that align with regional development goals.
Additionally, the Dubai Financial Market (DFM) added Talabat Holding plc to its roster of high-profile listings, with the company raising $2 billion. This aligns with the broader trend of high-value listings driving quarterly proceeds and underscores the UAE’s ability to attract marquee names that resonate with international investors seeking exposure to Middle Eastern growth narratives. The UAE’s Q4 activity reflects a broader strategic emphasis on ESG (environmental, social, and governance) considerations, alongside growth and expansion opportunities across multiple sectors.
The UAE’s push toward sustainability is reinforced by a forthcoming regulatory framework intended to accelerate decarbonization in the business landscape. As part of the national commitment to net-zero by 2050, the UAE introduced a law mandating carbon emissions reporting by businesses, with implementation beginning in May 2025. This regulatory development aims to encourage companies to adopt concrete decarbonization strategies, including the deployment of renewable energy solutions and carbon offsetting. The law’s emphasis on transparency and accountability is expected to influence IPO market dynamics by elevating the quality of environmental disclosures and attracting capital towards sustainable business models. In this context, the UAE’s ESG-focused regulatory environment is poised to shape listing criteria, investor evaluation, and the post-listing performance of newly issued securities, reinforcing the region’s position as a global beacon for responsible investment.
The combination of large, high-profile listings and a clear emphasis on sustainability within UAE market governance highlights a strategic alignment between capital markets and broader national ambitions. The market’s evolved framework supports access to capital for growth-oriented companies and creates a favorable environment for issuers to pursue public offerings grounded in robust governance, stringent reporting, and measurable decarbonization strategies. This alignment is expected to further attract both regional and international investors who prioritize sustainability and long-term value creation when selecting IPO opportunities.
ESG-Driven Valuation Dynamics and Investor Sentiment
The UAE’s emphasis on ESG and decarbonization narratives can influence valuation dynamics in several ways. First, enhanced disclosure standards can reduce information asymmetry, enabling investors to better price risk and growth potential across different sectors. Second, sustainability-focused listings may command premium valuations if investors perceive companies as better positioned to navigate regulatory changes, energy transition challenges, and evolving consumer preferences. Third, banks, asset managers, and sovereign investment bodies with long-term investment horizons may tilt allocations toward issuers demonstrating credible decarbonization plans and transparent governance practices, potentially narrowing risk premia and improving liquidity dispersion.
These dynamics are likely to be reinforced by continued collaboration among market participants to integrate sustainability into issuance processes, prospectus disclosures, and post-IPO governance frameworks. As issuers in the UAE and wider MENA region increasingly adopt transparent environmental metrics, investors may reward strong ESG performance with lower cost of capital, higher demand in primary markets, and more stable secondary trading activity. In turn, this trend can help sustain the region’s IPO pipeline, attract a broader international investor base, and support longer-term capital formation that aligns with climate and sustainability objectives.
2025 Outlook for MENA IPOs
Looking ahead to 2025, the MENA IPO market is positioned to extend its growth trajectory, supported by continued momentum from 2024, ongoing market reforms, and a strategic emphasis on sustainability and governance. EY’s leadership emphasizes that Q4 2024 accounted for 46% of the total regional IPO activity for the year, signaling that the fourth quarter’s strength may have a lasting effect on market expectations and issuer confidence as they plan their 2025 capital-raising strategies. The analyst team notes that Saudi Arabia’s Nomu Parallel Market remains a key driver of quarterly listings, contributing to a substantial portion of Q4 activity and highlighting the market’s role as a flexible platform for a wide spectrum of issuers.
In terms of the 2025 pipeline, EY anticipates continued activity with 38 companies and 22 funds expected to list across the region’s exchanges. Within the GCC, Saudi Arabia leads with 27 companies in the pipeline, followed by the UAE with three and Qatar with one. This projected mix indicates a continued emphasis on Saudi Arabia as a primary growth engine, while the UAE and other Gulf markets diversify the roster of potential issuers and expand cross-listing opportunities for regional and international participants.
Several prominent entities have been identified as potential candidates for 2025 IPOs within the MENA region. Notable names include Etihad Airways and Amanat Holdings from the UAE, alongside Panda Retail Company and Riyad Capital from Saudi Arabia. These prospects reflect the ongoing interest from both consumer-oriented groups and financial services players seeking to capitalise on favorable market conditions, investor appetite for growth stories, and the region’s broader reform agenda that supports public offerings and enhanced corporate governance.
Beyond individual issuers, the broader market infrastructure continues to evolve. The introduction of new platforms and the expansion of existing ones are expected to improve market accessibility, liquidity, and efficiency, further supporting IPO activity. The Arena platform from the Dubai Financial Market (DFM), anticipated to launch in 2025, is highlighted as a significant development designed to enhance market infrastructure, facilitate easier access for issuers and investors, and streamline the regulatory and operational processes associated with public offerings. This infrastructure enhancement is anticipated to complement ongoing governance improvements and sustainability initiatives, contributing to a more attractive and resilient IPO ecosystem in the region.
Market Outlook by Market and Sector
The 2025 outlook emphasizes continued leadership by Saudi Arabia while also acknowledging the growing relevance of the UAE and other Gulf markets as venues for diverse IPOs. A broad-based pipeline that includes a mix of energy, consumer services, materials, and financial services suggests that market participants expect a stable mix of listings across sectors, supported by pragmatic regulatory frameworks, strong investor demand, and broader macroeconomic tailwinds.
From a sectoral perspective, the 2025 pipeline is expected to reflect ongoing diversification. While energy-related listings may continue to play a prominent role in the region, consumer, technology-enabled platforms, healthcare, and sustainable infrastructure businesses could contribute meaningful volumes to annual totals. The region’s push toward digitalization, fintech growth, and sustainable business models may drive new listings that appeal to international investors seeking growth opportunities in dynamic markets with improving governance standards.
The outlook also contemplates potential cross-border listings, strategic partnerships, and international capital flows that can further enhance liquidity and market depth. As regional exchanges pursue extended investor roadshows, improved disclosure standards, and innovative product offerings, they are likely to attract a broader array of global participants, including sovereign wealth funds and large international asset managers, who are increasingly seeking exposure to the MENA growth story.
Conclusion
The 2024 year-end results underscore a robust and diverse IPO environment across the MENA region, driven by high-profile listings, sector breadth, and a forward-looking regulatory and governance framework. The fourth quarter in particular demonstrated the region’s capacity to mobilize substantial capital through a wide range of issuers, including energy, consumer, financial services, and industrial segments. Saudi Arabia’s market leadership and the UAE’s ESG-focused governance environment were central to this momentum, while Morocco and Egypt broadened regional participation and added new market dynamics to the year’s closing act.
As the region looks toward 2025, the pipeline and strategic developments suggest a sustained level of activity, with a broad mix of issuers across the GCC and non-GCC markets, and ongoing reforms designed to enhance market infrastructure, governance, and sustainability disclosures. The anticipated Arena platform from the DFM and the continued emphasis on governance and environmental accountability are expected to contribute to higher market efficiency, better liquidity, and stronger investor confidence. The combined effect of these factors points to a promising trajectory for MENA IPOs in 2025, with issuers across diverse sectors seeking to capitalize on favorable market conditions, supported by a strengthening capital markets ecosystem that aligns with broader regional growth and sustainability goals.