RIYADH: Saudi Arabia dominated Gulf stock markets in the second quarter of 2025, accounting for 76% of total initial public offering proceeds amid high investor demand for listings on its bourses. According to PwC Middle East’s most recent IPO Watch report, the Gulf Cooperation Council equities markets raised $2.4 billion through four main market IPOs and eight listings on Saudi Arabia’s Nomu Parallel Market. Despite a decrease in the number of listings, the proceeds were roughly comparable to the $2.6 billion raised during the same period in 2024.
The Kingdom’s leadership was demonstrated by high-profile IPOs such as Flynas, the region’s first airline offering in over 15 years, and Specialized Medical Co., which raised $500 million in June. Three IPOs in the area garnered more than $500 million apiece, indicating significant investor interest and a trend toward bigger transactions. “The global market volatility at the start of the second quarter, driven by uncertainty over global trade tariffs, understandably prompted some companies to reconsider their IPO plans,” said Muhammad Hassan, capital markets leader and partner at PwC Middle East.
“Despite slower IPO activity across the GCC, Tadawul and DFM witnessed landmark IPOs such as Flynas and Dubai Residential REIT,” according to him. “The outlook remains cautiously optimistic for the remainder of the year, subject to macroeconomic and geopolitical factors.”
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