Saudi Arabia is Expected to Lead the IPO Drive in MENA.

Saudi Arabia is Expected to Lead the IPO Drive in MENA.

RIYADH: Saudi Arabia will lead the Middle East and North Africa region’s initial public offerings in 2024, with 27 companies planning to list on the Kingdom’s main market, according to an analysis.

In its most recent report, Dubai International Financial Centre, in collaboration with the London Stock Exchange Group, stated that the MENA region’s IPO pipeline appears promising this year. Several companies postponed their listings from 2023 to early and mid-2024 in anticipation of more favorable market conditions.

“Deals will be driven mainly by Saudi Arabia, where 27 companies have expressed intent to list on the Saudi Exchange (Tadawul), in addition to expected follow-on issuances from Aramco and Savola,” said the DIFC. It added, “Meanwhile, the IPO pipeline in the UAE includes listings.

According to the report, privatizing government-backed entities increases economic diversification, private sector development, and sovereign liquidity creation in the MENA region.

“Driven by the rise in IPOs, capital markets across the MENA region have seen significant growth, with reforms dedicated to improving market infrastructure, attracting even greater foreign investment flows,” Arif Amiri, chief executive officer of the DIFC Authority.

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