This marks a 6 per cent year-on-year drop in IPO proceeds, compared to $3.5bn raised from 23 IPOs during the same period last year.
Despite the modest decline overall, Saudi Arabia continued to dominate the regional IPO landscape, while the UAE saw an 88 per cent decrease in proceeds compared to the first half of 2024.
Gulf IPO proceeds by country
Saudi Arabia was the clear leader, accounting for 85 per cent of total IPO proceeds in the region.
- Saudi Arabia: $2.8bn from 22 IPOs (Up 36 per cent YoY)
- UAE: $163m from 1 IPO – Alpha Data, a software firm (Down 88 per cent YoY)
- Oman: $333m from 1 IPO – Asyad Shipping Company
- Kuwait, Qatar, Bahrain: No offerings in H1 2025
The Industrials sector was the top performer, raising $1.4bn – nearly 43 per cent of all proceeds – led by Flynas and Asyad Shipping.
| Sector | Proceeds | Percentage share |
| Industrials | $1.4bn | 43 per cent |
| Real estate | $576m | 17 per cent |
| Healthcare | $505m | 15 per cent |
| Financial services | $408m | 12 per cent |
| Technology | $204m | 6 per cent |
| Consumer staples | $136m | 4 per cent |
| Materials | $102m | 3 per cent |
| Consumer discretionary | $34m | 1 per cent |
Of the 24 IPOs, 10 recorded positive returns by the end of H1 2025.
Top performers:
- Asyad Shipping Company: +835 per cent since March 12 listing
- Umm Al Qura (Saudi Arabia): +51 per cent
Underperformers
- Hedab Alkhaleej Trading Co.: –30 per cent
- Dkhoun National Trading Company: –27 per cent
- Service Equipment Co.: –26 per cent
- Flynas: –0.2 per cent overall (despite brief first-day drop of 3.4 per cent)
GCC market performance – H1 2025
Market indices showed mixed results in the first half of 2025:
| Market | YTD performance |
| Boursa Kuwait | +18.1 per cent |
| Dubai Financial Market | +10.6 per cent |
| Abu Dhabi Exchange (ADX) | +5.7 per cent |
| Qatar Stock Exchange | +1.7 per cent |
| Muscat Securities Market | –1.7 per cent |
| Bahrain Bourse | –2.1 per cent |
| Saudi Tadawul | –7.6 per cent |
Saudi Arabia is expecting to continue its dominance in the IPO market with strong activity across multiple sectors by PIF-led listing while the UAE expects to witness activity in the industrials and technology sectors.
Moreover, Kuwait’s Capital Markets Authority has officially launched a new regulatory framework to support the listing and trading of emerging companies on Boursa Kuwait in hopes to encourage public listings and enhance the Kuwaiti market
