Image: Getty Images/ For illustrative purposes
Initial public offerings (IPOs) in the Middle East and North Africa (MENA) raised $2.5bn in Q2 2025, up 4 per cent from the previous quarter, driven largely by Saudi Arabia’s market activity, EY said in its latest MENA IPO Eye report.
Saudi Arabia accounted for 13 of the quarter’s 14 listings, raising a total of $1.9bn across sectors including transportation and healthcare.
Low-cost carrier flynas led proceeds, contributing 44 per cent of the quarter’s total, followed by Specialized Medical Company with $500m and United Carton Industries Company with $160m.
The UAE saw a single listing, Dubai Residential REIT, which raised $584m on the Dubai Financial Market. It became the largest real estate investment trust by market capitalisation in the Gulf Cooperation Council and the first pure-play residential leasing REIT in the region.
MENA region is a dynamic market for IPOs
“The second quarter of this year has reinforced the MENA region’s position as a resilient and dynamic IPO market,” said Brad Watson, MENA EY-Parthenon leader. “The diversity of sectors represented, along with milestone listings such as Dubai Residential REIT, highlights the depth of opportunities across the region.”
While 10 of the quarter’s IPOs closed below their offer price on debut, five recorded gains. EY noted issuers were increasingly strategic about timing, with 64.3 per cent of IPOs in Q2 being secondary listings, up from 35.7 pe cent in Q1.
“Saudi Arabia continues to set the pace for IPO activity in the MENA region, attracting strong interest across multiple sectors,” said Gregory Hughes, MENA EY-Parthenon IPO leader.
The Boursa Kuwait Premier Market Index led regional equity gains in Q2, up 17.2 per cent, while other markets posted mixed results.
The pipeline for Q2includes 14 expected listings, 10 from Saudi Arabia, with others planned in Egypt, Tunisia and Morocco.
