The outlook for initial public offerings (IPOs) in the GCC remains positive for the remainder of 2024 despite a relatively quiet third quarter.

Companies from a diverse range of sectors are busy preparing for their upcoming IPOs across the region, PwC Middle East Capital Markets Leader Muhammad Hassan said.

Since the end of the quarter, several IPOs have either been completed or announced in the GCC, including Oman’s largest IPO to date - OQ Exploration and Production - which bolsters the positive outlook for the rest of 2024, Hassan added.

The Q3 2024 saw an increase in proceeds following the floatation of NMDC Energy, the biggest IPO in the UAE this year, raising $877 million. The remaining three listings took place on Nomu- Parallel Market in Saudi Arabia.

Additionally, the quarter saw $4.4 billion raised through bonds - a nearly 30% year-on-year increase. Another $5.2 billion was raised via sukuks, with 88% of sukuk issuances on the Qatar Stock Exchange (QSE) or Nasdaq Dubai.


Hassan said almost 65% of bond and sukuk issuances this quarter came from GCC governments.

(Editing by Seban Scaria seban.scaria@lseg.com )