The UAE stock exchanges registered four initial public offerings (IPOs), raising a combined total of $2.12 billion in the fourth quarter of 2023, according to EY’s latest MENA IPO Eye report.

Abu Dhabi Securities Exchange (ADX) saw three IPOs in the last quarter of 2023, raising $1.8 billion. The IPOs included Pure Health Holding, generating $987 million, Investcorp Capital ($451 million) and Phoenix Group ($371 million).

Additionally, the Dubai Financial Market (DFM) saw the successful listing of Dubai Taxi Company, generating $315 million.

Saudi Arabia continued to dominate the IPO landscape in the MENA region, accounting for 14 out of the 19 listings in Q4 2023.

ADES Holding Company secured the highest proceeds at $1.2 billion, followed by SAL Saudi Logistics Services Company at $700 million on the Saudi main market. The remaining 12 IPOs, raising $140 million in total, were listed on the Nomu-Parallel Market, with the quarter witnessing one direct listing in the MENA region – Almujtama Alraida Medical Co.

“The MENA IPO market delivered a healthy number of IPOs across various sectors in 2023, despite the subdued global economic backdrop and the rising geopolitical tensions in the Middle East,” said Gregory Hughes, EY MENA IPO and Transaction Diligence Leader.

As expected, 2024 started positively with the MBC listing, Avalon Pharma and the announcements of several IPOs on the MENA markets, including large private and state-owned names, he added.

The Muscat Stock Exchange (MSX) saw the largest IPO in Oman, with OQ Gas Networks raising $772 million.

The MENA region saw 48 IPOs last year, down 6% from 2022, while proceeds fell 51% year-on-year to $10.7 billion. Five listings, mainly in the energy and logistics sectors, contributed 58% towards the total IPO proceeds raised, EY stated.

(Editing by Bindu Rai,