Despite a quieter third quarter, the GCC’s initial public offering (IPO) landscape is expected to remain robust through the end of 2024, according to PwC’s Middle East Capital Markets Leader, Muhammad Hassan. Companies from various sectors across the region are preparing for IPOs, keeping the outlook positive.
Notable IPOs have already taken place since the third quarter closed, including Oman’s largest IPO to date—OQ Exploration and Production—adding momentum to the forecasted activity for the final months of the year. In Q3, the UAE’s NMDC Energy secured the largest IPO in the country for 2024, raising $877 million, while three additional listings were recorded on Saudi Arabia’s Nomu – Parallel Market.
The third quarter also saw heightened activity in bond and sukuk issuances, with $4.4 billion raised through bonds—a 30% increase from the same period last year. Additionally, sukuk issuances totaled $5.2 billion, with a significant 88% of these taking place on the Qatar Stock Exchange or Nasdaq Dubai, reflecting sustained interest in diversified capital-raising mechanisms within the GCC.
This ongoing growth underscores the region’s appeal to both local and international investors as companies pursue expansion opportunities through public listings and debt issuances.
