• KSA dominated listing activity with eight IPOs, overall MENA listings included Egypt and Morocco
  • The pipeline for IPOs in the MENA region remains strong, with 19 companies and funds intending to list on the region’s exchanges

Dubai, UAE – According to the EY MENA IPO Eye Q3 2025 report, the region continued to demonstrate healthy activity and investor interest, with 11 initial public offerings (IPOs) raising US$0.7b in total proceeds. The number of listings increased by 120% when compared with the same quarter last year, driven by mid-market activity.

In terms of MENA stock exchange performance, the MSCI Emerging Markets Index recorded a gain of 25%, followed closely by the EGX 30 Index and Boursa Kuwait Premier Market Index, which rose by 23.3% and 19.6% respectively.

Brad Watson, EY-Parthenon MENA Leader, says:

“Amid shifting market dynamics, performance in this past quarter reflects the increasing depth and maturity of MENA capital markets, supported by a steady pace of listings across multiple sectors and geographies. Companies are becoming increasingly strategic with market timing – carefully assessing investor sentiment and macroeconomic conditions before going public. With strong regulatory frameworks and a healthy pipeline leading into Q4 2025, the region is well-positioned for sustain, long-term growth which is likely to attract continued international participation.”

KSA sees the region’s largest IPO for the quarter

In Q3 2025, the Kingdom of Saudi Arabia (KSA) remained the most active market with eight IPOs that together raised US$637m. Dar Al Majed Real Estate Company’s listing on the Tadawul Main Market led the quarter for the region in terms of capital raised at US$336m, contributing 45.5% of the total proceeds. This was followed by Marketing Home Group for Trading Co., which raised US$109m, and Sport Clubs Company, which raised US$69m, both on the Tadawul Main Market. The remaining IPOs were launched on the Nomu parallel market, collectively raising US$124.1m. The proceeds on the Tadawul Main Market were spread across a range of sectors, with real estate making up 55%. The Nomu – Parallel Market also continued to attract diverse issuers across sectors such as retail, healthcare, and industrial services.

Beyond the GCC, Egypt welcomed the IPOs of Bonyan For Development & Trade SAE and National Printing Company (NPC), while Morocco saw the listing of Vicenne S.A. The broadening activity underscores MENA’s rising appeal to regional and global investors.

Gregory Hughes, EY-Parthenon MENA IPO Leader, says:

“IPO activity was robust in Q3 2025, with KSA remaining the main driver of regional listings. With lower oil prices, we continue to see economic diversification from non-oil revenues, and the sector focus for KSA listings transitioned from healthcare and mobility in Q2 2025 to real estate, hospitality, construction and retail. In Q4 2025, we can look forward to a healthy pipeline, highlighting the region’s position as a hub for capital market activity.”

Strong MENA IPO pipeline into Q4 and beyond

The outlook for MENA IPOs remains strong, with 19 companies and funds across various sectors intending to list on the region’s exchanges. KSA continues to lead with 13 entities, including Almasar Alshamil Education Company and Al Romansiah Company, having received approval from the Capital Market Authority (CMA). In the United Arab Emirates (UAE), ALEC Holdings PJSC was successfully listed on the Dubai Financial Market (DFM) as of 15 October 2025.

In non-GCC countries, Diar Dzair from Algeria and Gharb Papier Et Carton SA from Morocco have announced their intention to list, pending regulatory approval. This trend is supported by sustained policy momentum, diversified market participation and a growing focus on the integration of environmental, social and governance (ESG) aspects. These factors continue to position the region as a key destination for capital formation and investment.

Regulatory landscape witnesses positive shifts

Regulatory reforms in MENA are progressing as regional markets mature. In the UAE, updated governance rules now permit the combination of Board Chair and CEO roles under defined conditions, while KSA’s CMA initiated consultations on proposed amendments to market-making regulations and foreign ownership limits. These steps are aimed at enhancing liquidity, transparency and access to capital.

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Ewan Abbasi                                                                             Tomader Alrehaili
MENA Public Relations                                                              MENA Public Relations
ewan.abbasi@ae.ey.com                                                           tomader.alrehaili@sa.ey.com