GCC IPO markets saw a 6% decline in proceeds during the first half of 2025, raising $3.4 billion from 24 listings, down from $3.6 billion across 23 deals in H1 2024, according to Markaz.
Saudi Arabia accounted for $2.86 billion of the total, up from $2.1 billion a year earlier, across 22 IPOs—85% of GCC proceeds and a 36% year-over-year increase. In the UAE, only Alpha Data listed, raising $163m, an 88% plunge from H1 2024.
Oman’s Asyad Shipping Company launched on March 12 with $333 million in IPO proceeds and ended H1 with an 835% gain. Saudi construction group Umm Al Qura delivered a 51% return. Flynas, the largest Tadawul IPO, fell 3.4% on its debut and closed the first half down 0.2%.
Materials sector offerings dragged, with shares of Saudi marble producer Hedab Alkhaleej falling 30%, Nomu-listed Dkhoun National down 27%, and Service Equipment Co. sliding 26%. Overall, only 10 of 24 IPOs closed with gains at the half‑year mark.
Sector breakdown shows industrials raised $1.4 billion (43% of the full total), led by Flynas, while real estate grew $576 million (17%) and healthcare $505 million.
Looking ahead, Saudi Arabia plans to maintain capital markets momentum with planned IPOs including Sports Club Co, AlRamz Real Estate, National Unified Procurement, Tabby and Riyad Capital. The UAE is preparing offerings in industrials and technology, notably Etihad Airways and Amanat Holding’s education platform.
