Initial public offerings (IPOs) in the Gulf Cooperation Council (GCC) raised $1.6 billion in the first quarter of 2025, marking a 33% increase from the same period in 2024, according to PwC Middle East. Saudi Arabia accounted for 69% of the total, with $1.1 billion raised through three main market listings and six listings on the Nomu parallel market, which added $62 million.
The quarter saw 11 IPOs across the GCC, up from 10 in Q1 2024. The consumer markets sector led with $666 million in proceeds, representing 42% of the total. Financial services followed with $400 million, and the energy, utilities, and resources sector raised $333 million. The technology, media, and telecommunications sectors contributed $163 million, while the industrial, manufacturing, and automobile sectors attracted $34 million. Health industries recorded $5 million in IPO proceeds.
In the UAE, Alpha Data raised $163 million through its listing on the Abu Dhabi Exchange. Oman’s Asyad Shipping secured $333 million via the Muscat Stock Exchange, aligning with the country’s privatisation efforts.
Despite global economic uncertainties, including U.S. trade tariffs and recession concerns, the S&P GCC Composite Index recovered from a 7% decline in early April. It is now trading just 1% below its level at the start of the year.
Muhammad Hassan, PwC Middle East Capital Markets Leader, stated, “Recent global macroeconomic developments resulting from trade tariffs have had a pronounced impact on both global and GCC equity markets as well as oil prices. Although increased volatility and market uncertainty affects IPO activity in the short term, we remain positive on the long-term outlook of regional capital markets.”
The GCC’s debt capital markets also saw increased activity, with bond issuances reaching $4.6 billion in Q1 2025, up from $1.6 billion in Q1 2024. Sukuk issuances totalled $4.1 billion, with 70% of all GCC bonds and sukuks issued during the quarter listed on Nasdaq Dubai.
The IPO pipeline in the GCC remains strong, supported by ongoing government privatisation initiatives and investor interest in high-growth sectors such as technology, healthcare, and renewables.
