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
  • Jordan sets market briefing for Amman water PPP

    10 April 2026

    Jordan’s Ministry of Investment, through its Public-Private Partnership Unit (PPPU), has announced a public information session for the South Amman non-revenue water (NRW) reduction PPP project.

    The session will be held on 15 April and is being organised in collaboration with the Ministry of Water & Irrigation and Miyahuna, according to a notice published by the PPPU. 

    The project covers the southern and southeastern areas of Amman and aims to reduce water losses and improve the efficiency of the capital’s distribution network.

    According to the ministry, the scheme will serve about 1.4 million people across 17 zones and forms part of Jordan’s wider National Water Strategy. 

    The planned market briefing is intended to provide early detail on the project’s PPP structure, procurement pathway and performance-based contracting model.

    It is also expected to outline the project’s risk allocation and bankability framework to prospective investors, operators and infrastructure companies.

    The Ministry of Investment opened prequalification for the scheme in March.

    Qualified companies and consortiums have been invited to participate in a two-stage procurement process for the performance-based contract. 

    The project aims to reduce NRW levels to 25% by 2040, while modernising and expanding the existing network using smart technologies and advanced leak detection systems. 

    The original deadline was 23 April. That has since been extended to 12 May.

    Jordan is among the most water-scarce countries in the world, and losses from distribution networks are estimated to account for about 45% of water supplied.

    The country is also advancing its $6bn Aqaba-Amman water desalination and conveyance project that aims to meet about 40% of Jordan’s municipal water demand by 2040.

    As MEED recently reported, the project is nearing financial close. Once complete, it will supply about 300 million cubic metres of potable water a year from the Red Sea to Amman and other regions.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16340931/main.jpg
    Mark Dowdall
  • OQ allows more time for natural gas liquids project proposals

    10 April 2026

     

    Omani state energy conglomerate OQ Group has allowed contractors more time to prepare proposals for a major project to build a natural gas liquids (NGL) facility in the sultanate.

    The planned NGL facility will extract condensates in Saih Nihayda in central Oman and transport those volumes to Duqm, located along the sultanate’s Arabian Sea coastline, for fractionation and export, OQ Group has said.

    OQ Group intends to deliver the project using a front-end engineering and design (feed)-to-engineering, procurement and construction (EPC) competition model.

    The state enterprise issued the main tender for the feed-to-EPC competition “earlier in March”, setting an initial deadline of 8 April for contractors to submit proposals, MEED previously reported. The deadline has now been extended to 6 May, according to sources.

    MEED previously reported that OQ had started the prequalification process for the feed-to-EPC contest for the planned NGL project in November last year, with contractors submitting responses by 15 December.

    The following contractors, among others, are understood to have been invited to participate in the feed-to-EPC contest for OQ’s planned NGL project, sources told MEED:

    • Chiyoda (Japan) / CTCI (Taiwan)
    • G S Engineering & Construction (South Korea)
    • Hyundai Engineering & Construction (South Korea) / KBR (US)
    • JGC Corporation (Japan)
    • Kent (UAE)
    • Petrofac (UK)
    • Saipem (Italy)
    • Samsung E&A (South Korea) / Larsen & Toubro Energy Hydrocarbon (India) / Wood (UAE)
    • Technip Energies (France)
    • Tecnicas Reunidas (Spain)
    • Tecnimont (Italy)

    The scope of work on the project covers the development, verification and integration of feed deliverables for the following facilities and systems:

    • NGL extraction facility – Saih Nihayda:
      • Verification and updating of the existing feed to enable dual-mode operation (ethane recovery and ethane rejection).
      • Identification and implementation of required process, equipment, utilities, and control system modifications.
         
    • NGL Pipeline – Saih Nihayda to Duqm:
      Feed for a new approximately 230km NGL transmission pipeline, including routing, hydraulics, stations, pigging facilities, metering, corrosion protection, leak detection, and safety systems.
       
    • Fractionation unit at Duqm:
      • Feed for a new fractionation facility to process ethane and propane + NGL and recover propane, butane, condensate, and provision for future ethane recovery.
      • Design accommodating licensed or open-art technology and future tie-in to a planned petrochemical project in Duqm.
         
    • Product pipelines, storage and export facilities at Duqm jetty:
      • Feed for product pipelines, cryogenic and atmospheric storage tanks, vapour recovery systems, marine loading arms, and export facilities.
      • Integration with existing port and refinery infrastructure, where feasible.
         
    • Supporting systems and studies:
      Utilities, offsites, flare systems, safety and environmental studies, cost estimates (class 2+10%), project schedules, constructability assessments, and EPC tender documentation.
    Natural gas liquids projects

    Gulf national oil companies have been allocating significant capital expenditure to building or expanding NGL production facilities.

    QatarEnergy, in September last year, awarded the main EPC contract for its project to add a fifth NGL train at its fractionation complex in Qatar’s Mesaieed Industrial City. The aim of the project, which is estimated to be worth $2.5bn, is to build a fifth NGL train (NGL-5) with the capacity to process up to 350 million cubic feet a day of rich associated gas from QatarEnergy’s offshore and onshore oil fields.

    The main EPC contract for the QatarEnergy NGL-5 project was won by a consortium of India’s Larsen & Toubro Energy Hydrocarbons Onshore and Greece-headquartered Consolidated Contractors Group.

    Separately, the gas processing business of Abu Dhabi National Oil Company (Adnoc Gas) has also selected the main contractor for a project to install a fifth NGL fractionation train at its Ruwais gas processing facility in Abu Dhabi.

    The fifth NGL fractionation train will have an output capacity of 22,000 tonnes a day, or about 8 million tonnes a year.

    The Ruwais NGL Train 5 project represents the second phase of Adnoc Gas’ ambitious Rich Gas Development (RGD) programme, and its budget value is estimated to be around $4bn, Peter Van Driel, Adnoc Gas’ chief financial officer, confirmed in February. The company expects to achieve final investment decision on the project within the first quarter of 2026, Van Driel said at the time.

    ALSO READ: PDO awards Oman gas plant expansion project
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16340039/main5958.jpg
    Indrajit Sen
  • Masdar’s move abroad will not be the last

    10 April 2026

    Commentary
    Mark Dowdall
    Power & water editor

    Masdar’s new joint-venture agreement with France’s TotalEnergies will not be the last time we see regional energy investors use strong balance sheets and domestic growth to build larger positions overseas.

    For Masdar in particular, the deal broadens its international exposure at a time when investors are asking questions about the Middle East’s geopolitical risk.

    By combining portfolios, the two companies start with 3GW of operational capacity and another 6GW in advanced development.

    The deal covers nine Asian countries, reflecting a prudent strategy that spreads capital across markets with different risk profiles and growth trajectories.

    In Kazakhstan, which already includes 2.6GW of assets under development, there is clear logic behind this move.

    The country is expected to see a significant increase in renewable generation over the next decade, supported by strong wind resources and the availability of large land areas for utility-scale developments.

    There is also a practical advantage in partnering with TotalEnergies, which already has project delivery experience and an established presence in several of these markets.

    The US-Iran ceasefire announced on 8 April has brought some respite to energy infrastructure stakeholders in the region.

    For investors and developers, however, the long-term uncertainty remains. Until there is clear evidence of regime change, the removal of sanctions or lasting peace in the region, the outlook will be less clear.

    With uncertainty one of the biggest killers of investor confidence, many will now be looking at this agreement and thinking whether they should also follow suit.

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

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

    Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16340038/main.jpg
    Mark Dowdall
  • Turkish firm launches Mecca villas project

    10 April 2026

    Register for MEED’s 14-day trial access 

    Turkish real estate investment firm Emlak Konut has announced the launch of Hayat Makkah, its first development in Saudi Arabia.

    The project is part of the National Housing Company’s (NHC) wider Mecca Gate masterplan.

    According to the company, Hayat Makkah will feature 1,014 villas, with home sizes ranging from 150 to 5,000 square metres.

    NHC and Emlak Konut signed an investment agreement worth over SR1bn ($266m) in November last year to develop the project.

    The agreement was signed on the sidelines of the Cityscape Global 2025 event in Riyadh.

    Ertan Keles, chairman of Emlak Konut, said the firm is in talks with stakeholders about launching a second project, while a third development is also being lined up in Jeddah.

    GlobalData expects the Saudi Arabian construction industry to grow by 3.6% in real terms in 2026, supported by an increase in foreign direct investment (FDI) and investments in the housing and manufacturing sectors.

    The residential construction sector is expected to grow by 3.8% in real terms in 2026 and register an average annual growth rate of 4.7% between 2027 and 2030, supported by the country’s aim – under Saudi Vision 2030 – to increase homeownership from 65.4% in 2024 to 70% by 2030, including by building 600,000 homes by 2030.

    According to the General Authority for Statistics, Saudi Arabia attracted a net FDI inflow of SR72.3bn ($19.3bn) in the first nine months of 2025, an increase of 32.7% year-on-year (YoY) compared to the same period in 2024.

    Similarly, the total value of real estate loans from banks grew by 11.5% YoY in 2025, preceded by an annual growth of 13.3% in 2024, according to the Saudi Central Bank (Sama).

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

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

    Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here

     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16340004/main.png
    Yasir Iqbal
  • Kuwait gives bidders more time for Al-Khairan IWPP

    10 April 2026

     

    Kuwait has extended bidding for the first phase of the Al-Khairan independent water and power producer (IWPP) project.

    The project is being procured by the Kuwait Authority for Partnership Projects (Kapp) and the Ministry of Electricity, Water & Renewable Energy (MEWRE).

    The facility will have a capacity of 1,800MW and 150,000 cubic metres a day of desalinated water. It will be located in Al-Khairan, adjacent to the Al-Zour South thermal plant.

    The new deadline is 30 April. The original deadline was 31 March.

    The main contract was tendered last September. Three consortiums and two individual companies were previously prequalified to participate.

    These include:

    • Abu Dhabi National Energy Company (Taqa) / A H Al-Sagar & Brothers (Saudi Arabia) / Jera (Japan)
    • Acwa (Saudi Arabia) / Gulf Investment Corporation (Kuwait)
    • China Power / Malakoff International (Malaysia) / Abdul Aziz Al-Ajlan Sons (Saudi Arabia)
    • Nebras Power (Qatar)                                                                                                                                        
    • Sumitomo Corporation (Japan)

    The Al-Khairan IWPP project is part of Kuwait’s long-term plan to expand power and water production capacity through public-private partnerships (PPPs).

    The winning bidder will sign a set of PPP agreements covering financing, design, construction, operation and transfer of the project.

    The energy conversion and water purchase agreement is expected to cover a 25-year supply period.

    Kapp extended another deadline recently for a contract to develop zone two of the third phase of the Al-Dibdibah power and Al-Shagaya renewable energy project.

    The PPP authority is procuring the 500MW solar photovoltaic independent power project (IPP) in partnership with the ministry.

    The bid submission deadline was moved to the end of April, a source close to the project told MEED.

    According to the MEWRE, the total generation capacity currently offered under partnership projects has reached 6,100MW, equivalent to about 30% of Kuwait’s existing power capacity.

    The ministry and Kapp are also preparing to tender the main contract for the 3,600MW Nuwaiseeb power and water desalination plant after plans were approved by Kuwait’s Council of Ministers last November.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16339960/main.jpg
    Mark Dowdall