Initial public offerings (IPOs) in the Middle East and North Africa (MENA) raised $2.5 billion across 14 deals in the second quarter of 2025, a 4% increase from the previous quarter, with Saudi Arabia driving the majority of activity, according to EY’s latest MENA IPO Eye report.

Saudi Arabia recorded 13 listings across sectors including transportation and healthcare, generating $1.9 billion. The largest was budget airline flynas on the Tadawul Main Market, representing 44% of total quarterly proceeds. 

Other notable Saudi deals included Specialized Medical Company’s $500 million offering and United Carton Industries Company’s $160 million listing.

In the UAE, the Dubai Financial Market welcomed Dubai Residential REIT, which raised $584 million. EY described it as the largest real estate investment trust by market capitalization in the GCC and the first in the region focused solely on residential leasing.

While IPO volumes grew, aftermarket performance was mixed: 10 of the 14 listings closed below their offer price on debut, while five posted gains, reflecting investor caution. 

EY noted issuers are increasingly timing offerings to market conditions, and secondary listings accounted for 64.3% of Q2 deals, up from 35.7% in Q1, indicating a greater focus on shareholder exits over capital raising.

Regional equity markets were uneven, with Kuwait’s Premier Market Index leading gains, rising 17.2% in the quarter. EY said the IPO pipeline for the second half of 2025 remains strong, with 14 companies expected to list, 10 from Saudi Arabia and others from Egypt, Tunisia, and Morocco.