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
  • Chinese firm wins $265m Saudi hospital contract

    24 June 2026

    Zhejiang Construction International, the local subsidiary of Chinese contractor Zhejiang Construction Investment Group, has won a $265m contract to build the Prince Mohammed Bin Fahd University Speciality Hospital in Al-Khobar.

    Construction is expected to take three years from the start date.

    Prince Mohammed Bin Fahd University awarded the contract.

    Located in Al-Raja district, Al-Khobar, in Saudi Arabia’s Eastern Province, the hospital project will cover about 60,000 square metres.

    The contract covers the construction of a 10-storey hospital building, two five-storey auxiliary buildings connected by corridors and a basement.

    Work will include civil works, mechanical and electrical installation, curtain walling, landscaping, detailed design and the procurement of medical equipment.

    The award is the latest in a series of contracts secured by Chinese contractors from Saudi entities in recent months.

    Last week, MEED reported that Saudi Arabia’s Ministry of Municipalities & Housing awarded contracts worth more than SR1.9bn ($506m) to Chinese contractors for two residential developments in the kingdom.

    China Architectural Construction Corporation won the first contract, valued at SR875m ($233m), to build 2,010 housing units at the Al-Ruba residential project in Riyadh.

    China State Construction Engineering Corporation secured the other contract, valued at more than SR1bn ($266m), for the Al-Rasha Al-Faisaliah residential project in Dammam, comprising 2,426 housing units.

    GlobalData expects Saudi Arabia’s construction industry to record average annual growth of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure, as well as the $850bn-plus gigaprojects programme.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17412846/main.jpg
    Yasir Iqbal
  • Kuwait extends deadline for $718m drainage tender

    24 June 2026

     

    Kuwait’s Ministry of Public Works (MPW) has extended the deadline for a major drainage tender estimated to be worth about KD222m ($718m).

    The new bid submission deadline is 19 July.

    The tender scope covers the construction of rainwater drainage networks across the residential areas of Sabah Al-Ahmad, South Sabah Al-Ahmad, Al-Khairan and Al-Wafra.

    The MPW floated the tender on 22 March. The most recent deadline was 21 June.

    According to regional projects tracker MEED Projects, the works include the construction of a major concrete sewer, three collection basins and extensive stormwater drainage basins.

    Rainwater collection tanks will be connected through an independent network, with outlets to the sea via the Nuwaiseeb exit to manage overflow.

    The infrastructure will also filter pollutants such as oils, minerals and sediments to protect water quality and support environmental sustainability.

    The project aims to reduce surface runoff, prevent street and urban flooding, and improve groundwater recharge.

    Kuwait’s MPW currently has several contracts out for tender for infrastructure works across various parts of the country.

    Also, in March, the client released two additional tenders covering the construction of a treated water system in Kuwait’s southern region and another in Kuwait’s northern region.

    Bids for both projects are due by 28 June.

    Meanwhile, the MPW is planning to begin construction of the $3.3bn North Kabd sewage treatment plant, which has a planned capacity of up to 1 million cubic metres a day.

    China State Construction Engineering Corporation (CSCEC) won the contract to build the plant earlier this year.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17411675/main.jpg
    Mark Dowdall
  • Contractor wins Emaar Dubai Harbour project deal

    24 June 2026

     

    Register for MEED’s 14-day trial access 

    Local construction firm Al-Sahel Contracting Company has won a contract to build The Bristol Luxury Hotels & Resorts project in Dubai.

    The contract was awarded by local real estate developer Emaar Properties.

    The Bristol Luxury Hotels & Resorts is located at Emaar Beachfront in Dubai Harbour.

    The project comprises a 54-storey mixed-use building with about 150 hotel keys and 227 one- to four-bedroom apartments.

    Enabling works have been completed by local firm Dutch Foundation.

    Dubai-based Mirage Leisure & Development is the project’s consultant.

    Construction is expected to be completed by 2028.

    The contract award follows Emaar’s appointment of Dubai-based Aroma International Building Contracting to build the Address Grand Downtown tower.

    The award also comes shortly after Emaar reported strong operating momentum in 2025, led by record property sales of AED80.4bn ($21.9bn), up 16% year on year.

    The company’s revenue backlog from property sales rose to AED155bn ($42bn), supporting visibility on future revenue recognition.

    Total revenue for 2025 reached AED49.6bn ($13.5bn), a 40% year-on-year increase. Earnings before interest, taxes, depreciation and amortisation grew 33% to AED25.6bn ($7bn), while net profit before tax rose 36% to AED25.7bn ($7bn).

    Emaar’s platform continued to support performance across property development, malls, hospitality, leisure and international operations.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17411104/main.jpg
    Yasir Iqbal
  • Saudi Arabia launches new mineral exploration licensing round

    24 June 2026

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s Ministry of Industry & Mineral Resources (MIMR) has launched its tenth round of a mineral exploration licensing competition, qualifying 24 local and international companies and consortiums to participate.

    The exploration opportunities offered under Round 10 cover about 13,000 square kilometres across the regions of Medina, Mecca, Riyadh, Qassim and Hail. They encompass several highly prospective mineralised belts that are said to contain significant deposits of gold, copper, silver, zinc and nickel.

    One of the key areas offered in the round is the Nabithah-Ad Duwayhi (Dahlat Shabeb) Belt, which hosts the Ad-Duwayhi Mine, one of Saudi Arabia’s largest gold-producing operations, with annual production of approximately 180,000 ounces of gold.

    Other notable exploration zones include the Sukhaybarat-Al-Safra Belt, recognised for its gold and base metals potential and home to the Sukhaybarat and Bulghah mining operations, as well as the Al-Nuqrah Belt, known for substantial gold resources and volcanogenic massive sulphide mineralisation rich in copper and zinc.

    According to MIMR, 17 companies that previously qualified under Round 9 have retained their eligibility, while seven additional companies and consortiums successfully completed the Round 10 prequalification process.

    The newly qualified bidders in Round 10 are:

    • Anaam Al-Qarat for Trading / Sahara Mining Company consortium
    • Danakali / Masadar Al-Zamarda for Mining consortium
    • Power Metallic Mines 
    • PT ANTAM Tbk
    • Saudi Arabian Mining Company (Maaden)
    • Thurb Al-Hayya for Trading Company
    • Wildsky Resources

    The previously qualified participants from Round 9 are:

    • Al-Ghazal Al-Arabi Mining Company
    • Almasar Minerals Holding
    • Al-Tasnim Enterprises
    • Aurum Global Group
    • Batin Al-Ard for Gold Company
    • China National Geological and Mining Corporation
    • DesertEx 
    • Eqleed-Indotan Mining Company
    • Helderberg 
    • Jacaranda Minerals
    • Midana Exploration
    • Royal Road Arabia
    • Saudi Gold Refinery 
    • Sierra Nevada Gold
    • Sun Peak Metals
    • The Distinguished Consortium Mining Company
    • Vedanta 

    In a statement carried by the official Saudi Press Agency, MIMR said exploration licence competitions are conducted through a structured three-stage process designed to ensure transparency, competitiveness and equal opportunity for all participants.

    The process begins with prequalification assessments covering technical expertise and financial capability, followed by a site-selection phase through the ministry’s digital mining platform, Taadeen. Where multiple bidders compete for the same exploration site, the process advances to a public, multi-round bidding stage, with licences awarded based on exploration expenditure commitments and predefined evaluation criteria.

    The next phase of Round 10 will allow qualified bidders to select available exploration sites via the Taadeen platform, in accordance with established procedures that promote fair competition and enable companies to pursue opportunities aligned with their technical capabilities and investment strategies.

    ALSO READ: Aramco and Maaden seek to form joint venture

    “The continued participation of major international and regional mining companies reflects growing confidence in Saudi Arabia’s mining sector and the effectiveness of its transparent licensing framework,” MIMR said in its statement.

    Jarrah Aljarrah, a ministry spokesperson, said increasing participation in successive exploration licensing rounds demonstrates growing investor confidence in the kingdom’s mining ecosystem, supported by regulatory reforms, improved availability of geological data, transparent licensing mechanisms and a steadily expanding pipeline of exploration opportunities.

    Saudi Arabia’s metals and mining sector is pivotal to the country’s non-oil growth trajectory. Commercial exploitation of the kingdom’s mineral resource base – most of which remains untapped – is a key component of the Saudi Vision 2030 socio-economic transformation strategy.

    The kingdom took a first step towards realising the commercial potential of its mineral resources when it enacted the Mining Investment Law in 2021. Since the law came into effect, MIMR has awarded about 3,248 mining permits to local and foreign firms under its accelerated exploration initiative, including alone.

    Addressing the Future Minerals Forum in Riyadh in January 2024, Bandar Alkhorayef, the kingdom’s minister of industry and mineral resources, said Saudi Arabia’s natural resources are worth $2.5tn – an increase of more than 90% compared to the 2016 estimate.

    This near-doubling of natural resource estimates – which exclude fossil fuels and include phosphate, gold and rare earths – is expected to provide a stimulus to the kingdom’s nascent mining industry.

    ALSO READ: Maaden mineral resources grow by 7.8 million ounces
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17398549/main.jpg
    Indrajit Sen
  • Kuwait tenders oil manifold project

    24 June 2026

    State-owned upstream operator Kuwait Oil Company (KOC) has tendered a contract to construct remote header manifolds and associated works in the southern and eastern regions of Kuwait.

    A meeting with prospective contractors has been scheduled for 21 July 2026, and bids are due to be submitted ahead of a deadline on 20 September 2026.

    Manifolds are devices used in the oil sector to divide the flow of liquids from a single source to several outlets, or to collect liquids, or vice versa.

    Previously, a project with a similar scope in the same region was awarded to the Kuwaiti contractor Al-Ghanim International General Trading & Contracting.

    In 2016, it signed a contract worth $435m to construct remote header manifolds and associated works in the south and east Kuwait areas.

    The scope of that contract included design, procurement, construction and commissioning of 25 remote manifold stations and associated pipelines in south and east Kuwait using multi-phase pumps to deliver liquids to gathering centres.

    Kuwait’s oil fields are connected to more than 25 gathering centres, which serve as collection points for crude oil produced by several wells connected by flowlines, providing initial treatment by separating associated gas and removing salt.

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

    GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

    Distributed to senior decision-makers in the region and around the world, the June 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17409564/main.jpg
    Wil Crisp