Capital markets across the Middle East and North Africa raised AED 6.24 billion from 10 initial public offerings in the final quarter of 2025, underscoring the continued maturation of the region’s IPO landscape. According to the EY MENA IPO Eye Q4 2025 report by EY, issuers and investors remained focused on fundamentals and execution amid more selective market conditions.
Saudi Arabia led activity with six listings, while the UAE, Morocco and Kuwait accounted for the remainder. The largest offering of the quarter came from Société Générale des Travaux du Maroc (SGTM) on the Casablanca Stock Exchange, followed by ALEC Holdings PJSC on the Dubai Financial Market.
For the full year, MENA recorded 49 IPOs raising AED 26.81 billion. Looking ahead, sentiment remains constructive, with 18 companies expected to list in early 2026 across sectors including industrials, technology, utilities and logistics.
Gulf Economist Staff Writer