Saudi Arabia led the GCC’s IPO charge in 2024, securing the seventh spot globally for total IPO proceeds, according to Kamco Invest’s latest report. The Kingdom accounted for 42 out of 53 IPOs in the GCC last year, far surpassing its regional counterparts and positioning itself to continue its leadership in the upcoming year.

This rise in listings highlights Saudi Arabia’s dominant role in regional capital markets and its significant influence on IPO activity across the GCC. The 53 IPOs in the GCC in 2024 marked a substantial increase from 46 in 2023, highlighting strong investor interest and ongoing market momentum.

GCC issuers collectively raised $12.9 billion in 2024, a 19.8% increase from $10.8 billion in 2023, despite the global IPO market experiencing its weakest performance since 2009. Of this, Saudi companies raised $4.1 billion, representing 31.6% of the region’s total IPO proceeds.

While the UAE topped the region in IPO proceeds, raising $6.2 billion, its share of the GCC IPO total declined from 56.3% in 2023 to 47.8% in 2024. Oman secured the third spot, with state-backed privatizations raising $2.5 billion, or 19.3% of GCC proceeds.

Other key listings included Almoosa Health, Miahona Utilities, and Nice One Beauty Digital Marketing. The strong demand, driven by local investors, highlighted the resilience of Saudi capital markets despite challenges such as falling oil prices and geopolitical tensions.

Looking ahead to 2025, Saudi Arabia is expected to maintain its dominance, with 31 IPOs planned, according to Kamco Invest. The Public Investment Fund (PIF) will play a crucial role, with upcoming listings including Saudi Global Ports, Nupco, and Tabreed District Cooling. Private companies such as flynas, Tabby, and Ejada Systems are also preparing for IPOs.