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
  • Diriyah awards $727m Waldorf Astoria superblock deal

    17 June 2026

     

    Saudi gigaproject developer Diriyah Company has awarded a SR2.7bn ($727m) contract for the main construction works on the development’s Waldorf Astoria superblock.

    The contract was awarded to the joint venture of Hassan Allam Construction Saudi and UCC Saudi, the local branch of Qatar’s Urbacon Holding.

    The Waldorf Astoria superblock is a mixed-use development comprising a Waldorf Astoria hotel, Waldorf Astoria-branded residences, commercial and residential facilities, and office space.

    The Waldorf Astoria hotel will feature 200 keys, while the residential component will comprise 47 branded residences.

    The project is located on the Grand Boulevard South and Northern Arterial Road in the Boulevard Northwestern district at Diriyah Gate 2. 

    Diriyah Company tendered the contract in November last year, with submissions due in January, as MEED reported.

    Diriyah Company Group CEO Jerry Inzerillo said: “We are delighted to announce this latest major construction contract for the Waldorf Astoria superblock as we continue to progress at pace across the Diriyah development area. The Waldorf Astoria will be a world-class addition to our growing portfolio of globally renowned hospitality brands, further strengthening Diriyah’s appeal as a globally significant destination that offers world-class hospitality and lifestyle experiences.

    “Together with our partners, we look forward to delivering another landmark development that supports the kingdom’s Vision 2030 ambitions and contributes to the continued growth and success of Diriyah.”

    Hassan Allam, chairman and CEO of Hassan Allam Holding, said: “We are proud to support the development of one of the kingdom’s most ambitious and transformative destinations and to continue our partnership with Diriyah Company in bringing its vision to life.

    “Drawing on more than 90 years of experience across the Mena region, we remain committed to delivering the highest standards of quality and excellence on landmark projects that are helping shape the kingdom’s future.”

    Ramez Al-Khayyat, UCC Holding president and group CEO, said: “Being awarded this contract by Diriyah Company marks another important milestone in our growing partnership and reinforces our shared commitment to delivering world-class developments across the kingdom. This project builds on our ongoing collaboration in Diriyah, including the delivery of four luxury hotels and the Royal Diriyah Equestrian and Polo Club in Wadi Safar.

    “We value the opportunity to contribute once again to one of Saudi Arabia’s most ambitious and prestigious urban development destinations, supporting the vision of creating a world-class cultural, hospitality and lifestyle hub.”

    The latest award follows Diriyah Company’s award of an estimated SR730m ($195m) construction contract for civic quarter buildings within the Diriyah development to local contractor Al-Rashid Trading & Contracting Company (RTCC).

    In April, Diriyah announced a SR1.84bn ($490m) construction contract to build the Saudi Arabia Museum of Contemporary Art (SAMoCA) within the Diriyah development. The contract was awarded to a consortium of Egyptian contractor Hassan Allam Construction Saudi and Saudi Arabia’s Albawani.

    In March, Diriyah Company awarded an estimated SR2.5bn ($666m) contract to build the Pendry superblock in the DG2 area.

    The Pendry superblock includes the construction of the Pendry Hotel alongside residential and commercial assets. The package will cover 75,365 square metres and is located in the northwestern district of the DG2 area.

    The previous month, Diriyah Company also awarded a SR717m ($192m) contract for the construction of the One Hotel, located in the Diriyah Two area of the masterplan, with a gross floor area of more than 31,000 sq m.

    The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17287718/main.jpg
    Yasir Iqbal
  • AHS Properties acquires Shangri-La hotel for $300m

    17 June 2026

    Dubai-based real estate developer AHS Properties has announced the acquisition of the Shangri-La hotel for AED1.1bn ($300m), marking one of the largest single-asset real estate transactions in recent years.

    AHS Properties acquired the hotel from local firm Mismak Asset Management.

    The Shangri-La Hotel is a 43-storey, 200-metre tower located on Sheikh Zayed Road. Completed in 2003, it was among the first five-star hotels to open along the corridor.

    The acquisition expands AHS Properties’ portfolio, which includes AHS Tower, a Grade A commercial development on Sheikh Zayed Road, and AHS City, the company’s master-planned mixed-use community on the same corridor.

    In a statement, AHS Properties said that AHS Tower, AHS City and the Shangri-La hotel form a strategic “vertical corridor” platform, representing a significant portion of the company’s AED50bn development pipeline through the end of 2026.

    “The transaction reflects AHS Properties’ strategy of deploying capital into high-quality, supply-constrained assets,” the statement added.

    According to the Dubai Land Department, Dubai’s real estate sector recorded AED252bn in transactions in Q1 2026.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17310101/main.jpg
    Yasir Iqbal
  • UAE moves to clear the path for recovery

    17 June 2026

    Commentary
    Colin Foreman
    Editor

    More than three months after the conflict began to disrupt business across the Gulf, the UAE is moving to resolve the technical challenges that the economy faces as it shifts towards recovery.

    The insurance gap has been a key obstacle to the recovery of aviation and tourism. Several countries continue to maintain advisories against travel to the Gulf, making it difficult or impossible for visitors to obtain conventional cover for trips to or through the region. The concern is twofold: one, becoming stranded should hostilities resume, and two, not being able to secure medical insurance. Both Emirates and Etihad have now moved to address that directly, offering insurance to passengers flying to or through their respective home hubs. The Etihad scheme, backed by DCT Abu Dhabi and underwritten by Daman, will run from July to December and covers eligible visitors for up to 15 days.

    The second area of concern is real estate. Anecdotally, buyers in sectors economically exposed to the conflict have found it increasingly difficult to obtain mortgage financing, a problem that has become especially acute at the point of handover. The recently signed partnership between Dubai Holding Real Estate and Commercial Bank of Dubai is designed to ease that pressure. The programme opens financing from the 30% construction stage once buyers have met a 50% payment threshold, giving purchasers earlier visibility of their borrowing capacity and reducing uncertainty during the off-plan purchase process.

    Taken together, the two initiatives show that the UAE is proactively addressing the technical hurdles as and when they arise. As the recovery gathers momentum, more challenges will surface. The capacity and willingness to address them as they emerge will be crucial to a meaningful recovery.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17306586/main.jpg
    Colin Foreman
  • Libya signs three oil deals after licensing round

    17 June 2026

    Libya’s National Oil Corporation (NOC) has signed three production-sharing agreements with several international energy companies following the country’s first licensing round in nearly two decades.

    The three agreements have been signed with the following consortiums:

    • Block O1 – offshore – Eni (Italy; 60%) and QatarEnergy (40%)
    • Block O7 – offshore – Repsol (Spain; 40%), Turkiye Petrolleri A O (TPAO; Turkiye; 40%) and MOL Group (Hungary; 20%)
    • Block C3 – onshore – Repsol and TPAO

    The contracts are three of the five announced as awarded in February this year as part of the 2025 licensing round.

    The three contracts were signed on 15 June.

    It is not known why the remaining two awarded contracts have not been signed.

    The remaining two contracts are:

    • Block M1 – onshore – Aiteo (Nigeria)
    • Block S4 – onshore – Chevron (US)

    Libya is seeking to attract investment and raise oil production capacity to 2 million barrels a day (b/d) from around 1.4 million b/d currently.

    The chairman of NOC, Massoud Suleman, said that the agreements reflected growing confidence in Libya’s oil and gas sector and would support exploration, development and production growth.

    The 2025 licensing round was Libya’s first licensing round since 2007.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17297353/main.jpg
    Wil Crisp
  • US–Iran deal sets Hormuz road map

    17 June 2026

    Register for MEED’s 14-day trial access 

    The US-Iran agreement, declared complete on 14 June, reopens the Strait of Hormuz, lifts the US naval blockade and ends a war that has closed the Gulf’s export artery since 28 February. The strait reopens at Friday’s signing on paper, but the recovery will take months.

    US President Donald Trump announced the deal on Truth Social, authorising the "toll-free opening" of the strait and the immediate removal of the blockade, with formal signing set for Geneva on 19 June – with vice-president JD Vance to sign for Washington and parliamentary speaker Mohammad Baqer Ghalibaf for Tehran in the highest-level US-Iran meeting since 1979.

    Iran’s deputy foreign minister Kazem Gharibabadi confirmed the text was finalised but said Tehran would not implement it until signing, with the strait staying closed in the interim.

    Signing versus substance

    The signing on 19 June is merely the starting line that will set in motion a partial reopening to traffic alongside a clearance operation to remove the mines laid by Tehran across key sections of the strait.

    The memorandum gives Iranian forces 30 days from signing to clear the strait of mines. At the same time, the Pentagon’s estimates appear to suggest that a full minesweeping could take up to six months, even with three dedicated vessels in the region.

    Such gaps – here a 30-day treaty obligation against a six-month operational reality – have become the running feature of the bilateral negotiations, which have been framed by mutual distrust and plagued by an absence of granular detail.

    The deal is welcome for the region despite its uncertainty. Behind the mines sits a tanker backlog built over more than 100 days, and Gulf producers that throttled back production and need time and assurances to restore flow.

    Before the war, roughly 100 ships transited daily; Kpler now projects around 40 a day could sail within the first month, but with an estimated 300 loaded vessels stranded on either side of the strait, and 250 more sitting empty and idle in the Gulf, it is a pressure release valve, not an immediate restoration of flow.

    A total restoration of oil and trade flows is unlikely to come into view before the year’s end.

    Insurance represents the second brake, with war-risk premiums standing at 1-4% of vessel value per transit, or about $8m for a $200m tanker – against less than 0.1% before the war.

    Shipping associations are no less cautious, with the Baltic and International Maritime Council calling for verified mine-free routes before volume traffic resumes.

    Insurance underwriters are likewise unlikely to relent on prices until clearance is confirmed.

    Conditional relief

    Markets have already traded the sentiment, however. Brent settled at $87.33 on 13 June – an eight-week low – and have fallen further as the deal has firmed. As of early morning trading on 16 June, the first full day of trading after the Islamic New Year, Brent was down at $78.

    Yet the relief remains highly conditional: a 60-day nuclear negotiation now follows the signing, and a breakdown in either this, passage through the strait or peace in Lebanon could return the strait to crisis.

    The US-touted toll-free terminology is also narrower than billed, with the Iranians instead affirming a 60-day grace period for fees but not eliminating the possibility of “fees” for navigation, environmental and insurance services after that point.

    The distinction is legal, not rhetorical, with international maritime law barring tolls on passage through natural straits but permitting the imposition of service fees on vessels passing through territorial waters.

    It is through this terminology that Iran is now consistently framing its plans to charge fees from passing vessels through the office of its Persian Gulf Strait Authority – established 5 May and since sanctioned by the US Treasury.

    For the Gulf, a 60-day waiver that resolves into an Iranian (and possibly joint Omani) fee regime is a pause in Iran’s tollgate economy, not its end – and would represent a strategic concession for the US, the Gulf and the globe.

    Levant entanglement

    Lebanon is another conditional space that the deal cannot fully escape, with a flare-up on that front being the final potential trigger that could collapse the 60-day agreement.

    Iran has explicitly tied a ceasefire in Lebanon to the resolution of transit in the strait, but Israel does not agree with this, and the linkage may have inadvertently handed Tel Aviv the exact tool it needs to disrupt the US–Iran ceasefire – through the simple of continuing a conflict that it already wants to continue.

    Within a day of the deal, Israeli Defence Minister Israel Katz said the IDF would stay in southern Lebanon “without any time limit”, with US officials corroborating that Israeli withdrawal was never a condition of a deal.

    On the ground, the ceasefire is already looking frail, with post-deal fire straying in both directions and already endangering the regional calm and Hormuz reopening the Gulf is already pricing.

    For Gulf producers and shippers, the distinction and in some cases friction between what the deal declares and what it actually delivers remains a cause for uncertainty.

    A declaration is easy, but the delivery requires nuclear negotiation, mine-clearance verification, insurance repricing and a 60-day political test before barrels can again move at volume.

    Trump, who has been frustrated for months with the slow progress on Iran from a US perspective, is also more than likely to be distracted by other concerns on a timeline shorter than 60 days – risking the political will to peace coming up short.

    In the Gulf, whether Saudi Arabia and the UAE send cabinet-level representatives to Geneva on Friday will signal whether the region’s political leaders are willing to wield the political capital necessary to keep the US on track and pursue the ceasefire to fruition.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17293856/main.gif
    John Bambridge