Saudi Arabia leads MENA IPO surge with eight listings, raising $637 million in Q3

Dubai: The MENA region recorded 11 initial public offerings (IPOs) in the third quarter of 2025, raising a combined $700 million, according to the latest EY MENA IPO Eye report. The results mark a 120% increase in listings compared with the same period last year, signalling growing investor confidence and the deepening maturity of regional capital markets.

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Saudi Arabia continued to dominate activity, accounting for eight of the 11 IPOs and generating total proceeds of $637 million. The listing of Dar Al Majed Real Estate Company on the Tadawul Main Market was the region’s largest for the quarter, raising $336 million and representing nearly half of total funds raised.

The Tadawul also saw the listings of Marketing Home Group for Trading Co., which raised $109 million, and Sport Clubs Company, which raised $69 million. The remaining IPOs were launched on the Nomu parallel market, collectively raising $124 million, with sectors spanning retail, healthcare, and industrial services.

Beyond the GCC, Egypt and Morocco also contributed to the quarter’s listings. Egypt recorded the IPOs of Bonyan for Development & Trade SAE and National Printing Company, while Morocco welcomed Vicenne S.A. The diversification of activity highlights the region’s growing appeal to both regional and international investors.

“Amid shifting market dynamics, performance in this past quarter reflects the increasing depth and maturity of MENA capital markets, supported by a steady pace of listings across multiple sectors and geographies,” said Brad Watson, EY-Parthenon MENA Leader. “Companies are becoming increasingly strategic with market timing – carefully assessing investor sentiment and macroeconomic conditions before going public. With strong regulatory frameworks and a healthy pipeline leading into Q4 2025, the region is well-positioned for sustained, long-term growth which is likely to attract continued international participation.”

Gregory Hughes, EY-Parthenon MENA IPO Leader, added that Saudi Arabia remains central to the region’s equity market growth. “IPO activity was robust in Q3 2025, with KSA remaining the main driver of regional listings. With lower oil prices, we continue to see economic diversification from non-oil revenues, and the sector focus for KSA listings transitioned from healthcare and mobility in Q2 2025 to real estate, hospitality, construction and retail,” he said. “In Q4 2025, we can look forward to a healthy pipeline, highlighting the region’s position as a hub for capital market activity.”

The report noted a strong IPO pipeline heading into Q4, with 19 companies and funds across the region planning to list. Saudi Arabia leads with 13 planned offerings, including Almasar Alshamil Education Company and Al Romansiah Company, both approved by the Capital Market Authority. In the UAE, ALEC Holdings listed on the Dubai Financial Market earlier this month, while new entrants from Algeria and Morocco are awaiting regulatory clearance.

The report also highlighted positive regulatory developments, with the UAE allowing the combination of Board Chair and CEO roles under defined conditions, and Saudi Arabia’s CMA initiating consultations to enhance market-making and foreign ownership rules. Together, these reforms are aimed at improving liquidity, transparency, and investor access as MENA markets continue to evolve.