48 IPOs in the MENA region raising $10.7 billion in 2023
The Middle East and North Africa (MENA) region witnessed, in 2023, 48 initial public offerings (IPOs), generating a total of $10.7 billion.
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Five of the IPOs were in the energy and logistics industries accounted for 58% of the total funds raised.
The Ernst & Young’s EY MENA IPO Eye Q4 2023 Report mentioned that 19 IPOs in the fourth quarter were alone $4.9 billion, and ADES Holding Company was a significant contributor in this period, accounting for 25% of the total IPO funds, closely followed by Pure Health Holding PJSC at 20%. The quarter’s IPO activities were predominantly in the GCC countries, with Egypt being the only non-GCC country recording IPOs in 2023.
In 2024, 29 companies across various sectors have announced plans to go public, with Saudi Arabia and the United Arab Emirates expected to lead in IPO volume. Additionally, Egypt is preparing for 4 IPOs.
The report revealed also that the Abu Dhabi Securities Exchange hosted 3 IPOs in the last quarter of 2023, raising a total of $1.8 billion. The 3 IPOs included Pure Health Holding PJSC, Investcorp Capital plc, and Phoenix Group PLC. Pure Health Holding PJSC experienced the highest first-day gain at 76%. The Dubai Financial Market also saw a new listing from the transportation sector with Dubai Taxi Company PJSC, valued at $315 million.
Saudi Arabia led the region in Q4 2023 IPO activity with 14 listings. ADES Holding Company raised the highest amount at $1.2 billion, followed by SAL Saudi Logistics Services Company at $0.7 billion. These were listed on the Tadawul Main Market, while the 12 other IPOs, collectively raising $140 million, were conducted on the Nomu, Parallel Market, which also witnessed the region’s only direct listing by Almujtama Alraida Medical Co.
The Muscat Stock Exchange marked Oman’s largest IPO to date with OQ Gas Networks SAOC raising $772 million. Oman’s sovereign wealth fund, Oman Investment Authority, is also preparing multiple IPOs to enhance its capital markets.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
