Saudi Arabia Leads GCC IPO Market with $4.1 Billion in 2025

Saudi Arabia emerged as the dominant player in the Gulf Cooperation Council’s initial public offering market in 2025, raising $4.1 billion, the highest among regional markets, according to a report by Kuwait Financial Center, also known as Markaz. The Kingdom accounted for 79 percent of total GCC IPO proceeds, reflecting strong investor interest in its capital markets.

The Saudi Exchange hosted 13 IPOs last year, generating $3.7 billion. Its parallel market, Nomu, added $336 million through 23 listings. Regional authorities have focused on developing robust capital market ecosystems to support economic diversification and reduce dependence on oil revenues.

Overall, GCC countries raised $5.1 billion through 40 IPOs in 2025, marking a 61 percent decline from the previous year. Corporate IPOs were the main contributors, generating $3.9 billion across 37 offerings, while government-related listings accounted for $1.2 billion from three deals, Markaz reported.

The UAE ranked second in regional IPO activity, raising $544 million through two offerings. Alpha Data’s IPO on the Abu Dhabi Securities Exchange brought in $163 million, while Alec Holdings’ listing on the Dubai Financial Market raised $381 million. Oman raised $333 million through the Asyad Shipping Co. IPO on the Muscat Securities Market, contributing 7 percent of total GCC proceeds. Kuwait’s Action Energy Co. listed in the fourth quarter, raising $180 million or 4 percent of the regional total.

Industrials remained the largest sector for IPO proceeds, raising $1.9 billion. Saudi Arabia’s flynas accounted for $1.1 billion of this total. The real estate sector followed with $1.2 billion from seven offerings, including Umm Al Qura for Development and Construction and Dar Al Majed Real Estate Co. Healthcare companies raised $508 million through three IPOs, while the consumer discretionary sector raised $479 million across 10 Saudi listings. Financial services contributed $400 million from Derayah Financial Co.’s Tadawul IPO. Technology and energy sectors each contributed 4 percent, with materials and consumer staples adding 3 percent each.

Post-listing performance varied across markets. Ratio Speciality Co., listed on Nomu in March, posted the strongest gain, with shares rising 190 percent from the offering price of SR10. Other listings faced challenges such as limited liquidity and weaker growth prospects. Smoh Almadi, listed on Nomu in January, recorded the largest decline, with shares falling 60 percent from SR22.

Equity markets across the GCC showed mixed results. Oman’s Muscat Securities Market led with a 28.1 percent annual gain, followed by Kuwait at 25.3 percent and Dubai at 17.2 percent. Abu Dhabi advanced 6.1 percent, while Bahrain and Qatar recorded smaller increases. Tadawul’s All Share Index declined 12.8 percent.

Markaz expects IPO activity to rise in 2026, supported by stable global interest rates and ongoing divestment programs. Improved regulatory frameworks and growing investor confidence are likely to attract more companies to public markets in the region.