meed-logo

line1 line2 line3
SIGN IN / REGISTER

Regional stock market listings near record level

23 December 2024

 

This report also includes: Gulf debt markets make their mark

The Middle East and North Africa (Mena) region’s capital markets got off to a fairly strong start in 2024, with two sizeable listings on the Saudi Stock Exchange (Tadawul) in January. Broadcaster MBC Group’s listing on 8 January raised $222m, while Middle East Pharmaceutical Industries Company (Avalon Pharma) followed up with a $131m share sale on 24 January.

The year ended with a far bigger bang, however, with several multibillion-dollar listings in the UAE and Oman in the final quarter. Among them, grocery chain Lulu Group International raised $1.7bn on the Abu Dhabi Securities Exchange (ADX) in early November. The following month, food delivery and quick commerce business Talabat Middle East raised $2bn when it launched on the Dubai Financial Market (DFM).

Between those bookends to the year there were dozens of other initial public offerings (IPOs) on the region’s stock markets. According to data compiled by EY, there were 29 new listings in the opening nine months of the year, the same as in the equivalent period of 2023 and only just behind the 31 IPOs in 2022.

The final quarter of the year has been the busiest. MEED’s analysis points to the tally reaching 49 IPOs as of mid-December, with several more listings still on the cards for the closing weeks of the year. As such, the previous record for the most IPOs in the region in a year – the 51 seen in 2022 – could well be surpassed.

As has been the case for many years, the GCC bourses have been the dominant focus of activity, with Saudi Arabia hosting 13 IPOs on the main Tadawul market and 24 on the smaller Nomu bourse.

The UAE has had a further seven, with four on the ADX and three on the DFM, while the Kuwait and Muscat exchanges have had one apiece.

Beyond the Gulf, activity has been more limited, but some markets that were dormant for several years have reawakened. There have been two IPOs in Egypt – Act Financial and United Bank of Egypt – and one on the Algiers Stock Exchange, where Credit Populaire d’Algerie’s listing in March was the first in eight years.

Fluctuating activity

IPO activity has ebbed and flowed through the year. According to EY, there were 10 IPOs in the first quarter, the same as in the equivalent period the year before, although this did not include the Algiers listing.

Saudi Arabia saw nine listings in Q1 2024, raising a combined $724m, the most significant being Modern Mills, which raised $314m. That was overshadowed by Parkin Company, however, which raised $429m by listing on the DFM.

In the second quarter, a further 14 companies came to market, raising $2.6bn between them. This was slightly up on the 13 IPOs in Q2 2023 and the proceeds were also up 45%.

Of the total, 11 were in Saudi Arabia, with five on the Tadawul and six on the Nomu. The biggest was Dr Soliman Abdul Kader Fakeeh Hospital Company at $764m, followed by Alef Education Consultancy on the ADX at $515m.

Notably, Kuwait Boursa saw its first listing in two years, with Beyout Investment Group coming to the market in June. The only other IPO outside Saudi Arabia was retailer Spinneys, which listed on the DFM, raising $375m.

Activity slowed in the third quarter, with just five new listings, which raised $930m between them. Almost all of this was accounted for by the listing of NMDC Energy on the ADX, which involved a raise of $877m – the largest of the year at the time, although that figure was overtaken several times in the final quarter.

Saudi Arabia saw three more listings on the Nomu market in Q3, raising $27m in total. During this period, Act Financial also made its market debut, becoming the first new listing on Egyptian Exchange (EGX) in two years.

At the end of Q3, EY estimated that a further 11 companies were planning to list on exchanges in the Mena region before the year was out.

Not all of these listings have gone ahead, but a number of major IPOs have been completed, including OQ Exploration & Production on the Muscat Stock Exchange (MSX), which raised $2bn on 28 October. It was followed by the IPOs of hypermarket chain Lulu Group and food delivery operator Talabat over the next two months.

In addition, there have been five more listings on the Tadawul, including Al-Majed Oud Company and Arabian Mills for Food Products Company, and nine more on the Nomu market.

Other deals have been announced but have so far yet to be completed. These included Oman’s OQ Base Industries, which in November announced plans to sell up to 49% of its shares and seek a listing on the MSX by mid-December.

The huge listings in the fourth quarter of 2024 mean that the downward trajectory of 2023 has been turned around, even if the heights of 2022’s fundraisings have not quite been matched. 

After the $22bn raised in 2022, the total fell to $10.7bn in 2023. In 2024, the total reached about $12.5bn by 10 December, including $8bn raised in the final quarter.

Diverging indices

The wider market performance of regional bourses has been decidedly mixed in 2024. 

There have been a handful of standout performers across the region. The Moroccan All Shares Index (MASI), for example, was up 22.7% between January and the end of November, with Egypt’s EGX 30 Index not far behind at 21.5%, according to data compiled by Kuwait’s Kamco Invest.

In the Gulf region, Dubai’s DFM General Index was up 19.4% over the same period, while Tunisia’s TunIndex also saw a creditable 12.7% gain.

In contrast, Riyadh’s Tadawul All-Share Index (Tasi), the FTSE ADX General Index, Qatar’s QE20 Index and Jordan’s ASE Index all saw their values fall in the first 11 months, with drops of between 1% and 4%.

Other major bourses saw more limited gains, with the Kuwait All Share Index posting a rise of 6.3%, while the Bahrain All Share Index was up 3.1% and Oman’s MGX 30 Index gained just 1.1%.

It is hard to see any clear pattern in these results. To date, five regional bourses have posted a better overall performance in 2024, compared to 2023, but six are faring worse.

This fits in with the mixed performances seen on the global level. The MSCI World Index gained more than 20% in the first 11 months of the year, helped by a strong performance in the US, where the S&P 500 rose by 26.5%. In contrast, the MSCI Emerging Markets Index was up just 5.4% over the same period.

The buoyant market for regional IPOs suggests that many companies and investors feel relatively optimistic, however.

A second IPO is due to take place in Algeria before the end of the year, with the listing of Banque de Developpement Local, and more are pencilled in for 2025. 

In neighbouring Morocco, irrigation specialist CMGP Group is also aiming for a $110m IPO on the Casablanca Stock Exchange in the near future.

However, Gulf markets are likely to continue to dominate in the near future. At least four more listings are planned in Saudi Arabia in the closing weeks of 2024 and the start of 2025, and many more are sure to follow. 

Main image: Food delivery business Talabat raised $2bn with its IPO on the Dubai Financial Market in December. Credit: WAM

https://image.digitalinsightresearch.in/uploads/NewsArticle/13108022/main.gif
Dominic Dudley

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Saudi Arabia raises electricity tariffs

    26 October 2026

    Register for MEED’s 14-day trial access 

    Saudi Energy, formerly Saudi Electricity Company, has announced revised electricity tariffs, which will take effect on 1 January 2027. 

    The revised tariff schedule, published on the company’s official website, covers residential, commercial, industrial, agricultural, charitable and government customers.

    The largest percentage increase in consumption rates is 16.7%, for residential customers using up to 6,000 kilowatt-hours (kWh) a month. Residential customers will pay 21 halalas/kWh for monthly consumption of up to 6,000kWh, up from 18 halalas. For consumption above 6,000kWh, the rate will rise from 30 to 33 halalas/kWh, a 10% increase.

    The industrial tariff will increase by 15%, from 20 to 23 halalas/kWh. Commercial customers, private healthcare facilities and private educational facilities will pay 25 halalas/kWh, up from 22 halalas, for consumption up to 6,000kWh a month, and 35 halalas/kWh above that level, up from 32 halalas.

    Tariffs for charities and government customers will also increase. In addition to consumption-based charges, customers will pay a fixed monthly fee based on the capacity of their electricity meter. This replaces the previous separate charge for meter reading, maintenance and billing, with VAT applied to the revised tariffs. 

    Electricity investment

    The new tariffs coincide with changes to water consumption tariffs announced by the National Water Company, also effective from 1 January 2027.

    King Salman Bin Abdulaziz Al-Saud directed support measures following a proposal presented by Crown Prince and Prime Minister Mohammed Bin Salman Bin Abdulaziz Al-Saud.

    This includes raising the minimum wage required for Saudi nationals to count as full employees towards private sector localisation quotas under the Nitaqat programme. 

    The tariff changes come as Saudi Arabia plans substantial investment in its electricity infrastructure. In September 2025, Saudi Energy announced plans to invest SR220bn ($58.7bn) in power infrastructure projects between 2025 and 2030.

    A June 2025 report by Fitch Ratings forecast negative free cash flow of about SR16bn a year over the period and rising leverage, reflecting the financial demands of the programme.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20924301/main5024.gif
    Mark Dowdall
  • Dubai Municipality confirms AED3bn Tasreef drainage awards

    26 October 2026

    Dubai Municipality has confirmed it has awarded four contracts worth AED3bn ($817m) to expand the emirate’s stormwater drainage network by about 100 square kilometres under phase three of the Tasreef programme.

    The projects will cover Jumeirah, Umm Suqeim, Al-Quoz, Al-Barsha, Al-Wasl and Al-Marmoom. The works include constructing and extending main stormwater drainage lines with diameters of up to three metres.

    The four packages are part of Dubai’s AED30bn Tasreef programme, which aims to increase the emirate’s stormwater drainage capacity by 700% and reduce costs associated with pumping stations, network operations and maintenance by 20%.

    The contracts have been awarded to China State Construction Engineering Corporation (CSCEC) and three local firms: Arifco Group, Nael Construction & Contracting (NCC) and Detech Contracting. Dubai Municipality did not state which projects the awards relate to.

    According to sources, the contract awards include packages TF-15-C1, TF-15-C2 and TF-13-C1.

    The first package, TF-15-C1, involves the construction of 21 kilometres of main and secondary drainage lines along Al-Wasl Road and in surrounding areas. It will cover Za’abeel 2, Al-Wasl, Jumeirah 1 and 2, Al-Bada’a, Al-Satwa and Dubai World Trade Centre. The estimated $100m contract was awarded to Detech in July, as exclusively reported by MEED.

    The second package, TF-15-C2, covers the corridor between Sheikh Zayed Road and Al-Khail Road. It includes about 14km of main drainage lines serving Al-Quoz Industrial Areas 1, 3 and 4, and Al-Barsha 1. In July, MEED reported that CSCEC had won the engineering, procurement and construction contract for this project.

    The third package, TF-13-C1, covers Al-Marmoom, where 23km of drainage infrastructure will be developed. According to a source, Arifco has been awarded this contract.

    The final package covers Jumeirah and Umm Suqeim, where about 42km of main drainage lines will serve Umm Suqeim 1, 2 and 3; Umm Al-Sheif; Jumeirah 3; Al-Safa 1 and 2; and Al-Manara.

    In May, MEED reported that NCC had been awarded a contract to build a sewage and stormwater drainage system, DS-204. However, it is unconfirmed whether this relates to the same project.

    Earlier, in February, the municipality confirmed it had awarded contracts for five new projects under phase two of the programme to expand and strengthen Dubai’s stormwater drainage network.

    These included two contracts awarded to Detech and one to CSCEC for stormwater drainage infrastructure. In addition, two consultancy contracts were awarded for the study and design of drainage systems in selected areas across the emirate.

    Cumulatively valued at AED2.5bn, the new projects will serve 30 vital areas, spanning approximately 430 million square metres and supporting an estimated population of three million residents by 2040.

    Previously, in April 2025, an earlier package of awards was announced under phase one of the Tasreef programme. The overall masterplan aims to expand Dubai’s rainwater drainage capacity by 700% by 2033.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20923924/main4827.jpg
    Mark Dowdall
  • Nakheel awards $259m Dubai Islands buildings contract

    26 October 2026

    Dubai-based master developer Nakheel, part of Dubai Holding Real Estate, has awarded local firm Parkway International Contracting a construction contract valued at about AED950m ($259m) for phases two and four of Bay Grove Residences on Dubai Islands.

    The package covers 617 residential units across eight buildings, ranging from one to four bedrooms, together with basement structures, infrastructure and community amenities including swimming pools, sports courts and fitness centres.

    Phase two comprises 360 homes across four buildings, with main construction scheduled for completion in late 2028.

    Phase four includes 257 homes across four buildings, with completion targeted for the second quarter of 2029.

    The award follows an earlier contract valued at about AED800m ($218m) awarded to local contractor Metac General Contracting Company for phases one and three, covering 537 homes across seven buildings.

    Together, the two contracts total more than AED1.75bn ($476m) and account for all 1,154 planned homes across the 15 buildings of Bay Grove Residences.

    Project activity on Dubai Islands has gathered pace in recent months. Earlier this month, Nakheel awarded local firm Mar Marine & Building Contracting a contract for marine and coastal works on Island B. The scope includes constructing breakwaters, removing existing rock revetments and creating a new 320-metre beach near the Bay Villas development, as well as remedial and refurbishment works along approximately 3 kilometres of the island’s western shoreline.

    In August 2025, Nakheel awarded Fibrex Contracting a AED2.6bn ($708m) construction contract for the Bay Villas residential project. That followed a AED527m ($143m) contract awarded to Al-Nasr Contracting Company in April 2026 for primary infrastructure and utilities on Island B.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20923389/main.jpg
    Yasir Iqbal
  • Expo 2030 Riyadh tenders Culture of Wisdom Pavilion

    26 October 2026

     

    Saudi Arabia's Expo 2030 Riyadh Company (ERC) has tendered the design-and-build main contract for the construction of the Culture of Wisdom Pavilion in the expo’s Humanity District.

    The tender was issued on 1 October, with a bid submission deadline of 6 January 2027.

    The scope covers the pavilion’s design and the delivery of the building, visitor experience, landscape and public-realm works, in addition to testing, commissioning and operational handover.

    The pavilion will be built on a plot of at least 12,293 square metres and will include a one-level basement, ground- and first-floor public areas, three interconnected courtyards, exhibition spaces on three levels, and an auditorium.

    Other facilities will include visitor engagement areas, food and beverage outlets, retail space, VIP areas, offices, back-of-house and technical spaces, as well as vertical circulation and building services.

    The facility is designed to accommodate at least 20,000 visitors a day during peak periods, with an anticipated average daily footfall of about 15,000 visitors. The project has a target of Leed Gold certification.

    The successful contractor will complete the design, including specialist contractor design portions, and will coordinate the works with the lead design consultant. The scope also includes substructure and early works, including earthworks, excavation, soil improvement, raft foundations, basement reinforced-concrete walls, waterproofing and backfilling.

    The main works tender is based on Royal Institute of British Architects' Stage 3 design at 60%, with the 100% Stage 3 design to be issued by addendum.

    The main contractor will take over early construction, foundation works and the lead designer’s role. Visitor experience works will be confirmed at a later stage.

    The contract also covers the building envelope; internal fit-out; mechanical, electrical and plumbing systems; information and communications technology; fire and life safety systems; security; specialist lighting; landscaping; utilities; and digital and immersive visitor-experience installations.

    ERC has also tendered the design-and-build main contract for the Adaptation and Innovation Pavilion in the exhibition’s Technology District, as MEED reported last week.

    Expo 2030 Riyadh will run from October 2030 to March 2031 with the theme Foresight for Tomorrow, with host authorities projecting approximately 42 million visits.

    The masterplan covers 6 square kilometres, making it one of the largest sites ever designated for a World Expo event.

    Situated north of the Saudi capital, the site is located near the future King Salman International airport and will provide direct access to Riyadh landmarks.

    The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched ERC – a wholly owned subsidiary – in June 2025 to build and operate facilities for Expo 2030.

    READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20921052/main.jpg
    Yasir Iqbal
  • Morocco plans second high-speed rail phase to Agadir

    26 October 2026

    Morocco has outlined a second rail investment cycle for 2030-35, which includes beginning construction of a high-speed rail extension from Marrakech to Agadir and connecting Essaouira to the national rail network.

    The pipeline forms part of the government’s 2026-31 programme, presented to parliament last week.

    The Marrakech-Agadir link is estimated to cost close to MD55bn ($5.5bn) and will cover a 240-kilometre (km) route through the High Atlas Mountains via Chichaoua. Civil engineering structures, including tunnels and viaducts, are expected to account for nearly 70% of the alignment.

    In September, the government issued a decree declaring the Marrakech-Agadir and Chichaoua-Essaouira rail corridors to be of public utility, paving the way for land acquisition and expropriation procedures.

    Under the long-term masterplan Plan Rail Maroc 2040, Essaouira is expected to connect to the network via a separate line branching off at Chichaoua, designed for operating speeds of up to 200km an hour. The mainline to Agadir is designed for speeds of up to 320km/h.

    The 2030-35 cycle also includes rehabilitating the Casablanca-Khouribga-Oued Zem line; constructing a new line between Oued Zem and Beni Mellal via Bejaad, with a branch to Fquih Ben Salah; doubling and upgrading the 140km Benguerir-Safi line; expanding capacity on the Fez-Oujda corridor; and building new-generation passenger stations.

    The plans follow Morocco’s ongoing MD134bn ($13.4bn) 2024-30 rail investment programme, which focuses on completing the Kenitra-Marrakech high-speed line ahead of the 2030 Fifa World Cup.

    The programme also includes developing regional express network services across five regions, electrifying the Fez-Oujda line and completing a freight rail link to the Nador West Med port.

    Work on the Kenitra-Marrakech line had reached about 30% by May 2026, with commercial services targeted to begin in September 2029.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20920349/main.jpg
    Yasir Iqbal