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Saudi Arabia emerges 7th Globally, Leads GCC in IPO Proceeds

Saudi Arabia emerged as the leader in the Gulf Cooperation Council’s IPO market in 2024, securing the seventh position globally in total IPO proceeds. According to Kamco Invest’s latest report, the Kingdom dominated the region with 42 out of 53 GCC IPOs, solidifying its leadership and setting the stage for continued growth in 2025.

Most Saudi IPOs occurred on the Nomu–Parallel Market, which hosted 28 listings, while the main market recorded 14 IPOs. Standout listings included Dr. Soliman Abdel Kader Fakeeh Hospital, oversubscribed 119 times with orders worth $91 billion. Other notable IPOs featured Almoosa Health, Miahona Utilities, and Nice One Beauty Digital Marketing, reflecting strong investor confidence.

GCC IPO Market Sees Record Growth

The GCC issuers collectively raised $12.9 billion in 2024, marking a 19.8% increase from $10.8 billion in 2023. Despite global IPO markets hitting their weakest performance since 2009, the region showed resilience and growth.

Saudi companies contributed $4.1 billion, representing 31.6% of total GCC proceeds. The UAE led in proceeds with $6.2 billion, but its share dropped from 56.3% in 2023 to 47.8% in 2024. Oman ranked third with $2.5 billion from state-backed privatizations, equating to 19.3% of regional proceeds.

Saudi IPO Highlights

The Nomu–Parallel Market hosted 28 of Saudi Arabia’s IPOs, while the main market recorded 14. Key listings included Dr. Soliman Abdel Kader Fakeeh Hospital, oversubscribed 119 times with $91 billion in orders. Other notable listings were Almoosa Health, Miahona Utilities, and Nice One Beauty Digital Marketing.

Local investor demand drove strong results, reflecting the resilience of Saudi capital markets. This occurred despite challenges such as declining oil prices and geopolitical tensions.

Healthcare, materials, and professional services emerged as the most active sectors in Saudi IPOs. These industries showcased strong fundamentals and investor confidence, according to Kamco Invest’s report.

Globally, the GCC ranked fourth in IPO proceeds, trailing China, the US, and Japan. This reinforces the region’s growing stature as a financial hub.

Outlook for 2025

Saudi Arabia plans to continue its dominance with 31 IPOs in the pipeline for 2025. The Public Investment Fund will drive major listings, including Saudi Global Ports, Nupco, and Tabreed District Cooling. Private companies such as flynas, Tabby, and Ejada Systems are also preparing IPOs.

Oman plans to privatize up to 30 assets, with Asyad Group and Oman Electricity Transmission Co. expected to go public. In the UAE, anticipated listings include hotel operator FIVE and real estate firms under Dubai Holding.

Despite geopolitical tensions and economic pressures, the GCC IPO market remains robust. A diverse pipeline of offerings across sectors highlights the region’s ability to navigate global uncertainties and maintain investor interest.

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