As per the EY MENA IPO Eye report, Initial Public Offerings (IPOs) across the Middle East and North Africa (MENA) region raised USD 700 million in the third quarter of 2025. A total of 11 IPOs were recorded during the period, marking a 120% year-on-year increase in the number of listings, driven by mid-market activity.
The strong performance extended to regional stock exchanges, with the MSCI Emerging Markets Index rising 25%, followed by the EGX 30 Index (Egyptian Exchange), which gained 23.3%, and the Boursa Kuwait Premier Market Index, which climbed 19.6%.
The surge in IPO activity across MENA reflects broader economic diversification efforts and deepening capital markets. In Saudi Arabia, real GDP grew 5% in the third quarter from a year earlier, driven by strong gains in both oil and non-oil sectors, official data showed. On the other hand, in Egypt, the economy expanded 4.77% in the third quarter of fiscal year 2024/25, supported by an 18.8% year-on-year increase in non-oil manufacturing.
According to Brad Watson, EY-Parthenon MENA leader, the recent quarter “reflects the increasing depth and maturity of MENA capital markets, supported by a steady pace of listings across multiple sectors and geographies.”
He also noted that the companies are “becoming increasingly strategic with market timing — carefully assessing investor sentiment and macroeconomic conditions before going public.”
Saudi Arabia accounted for the majority of IPO activity, completing eight listings that raised a combined USD 637 million. Dar Al Majed Real Estate Co.’s USD 336 million listing on the Tadawul Main Market led the region, followed by Marketing Home Group for Trading with USD 109 million and Sport Clubs with USD 69 million. An additional USD 124.1 million was raised through IPOs on the Nomu parallel market, spanning sectors such as retail, healthcare, and industrial services. Real estate accounted for 55% of proceeds on the main exchange.
Egypt recorded IPOs from Bonyan For Development & Trade SAE and National Printing, while Morocco saw the listing of Vicenne SA, signalling growing regional diversification. Gregory Hughes, EY-Parthenon MENA IPO leader, told the Arab News that “with lower oil prices, we continue to see economic diversification from non-oil revenues, and the sector focus in Saudi Arabia has shifted from healthcare and mobility to real estate, hospitality, construction, and retail.”
The pipeline for the Q4 2025 and beyond already looks robust, with 19 entities across various sectors preparing to list. Saudi Arabia leads with 13 planned listings, including Almasar Alshamil Education Co. and Al Romansiah Co., both of which have secured Capital Market Authority approval. In the UAE, ALEC Holdings PJSC debuted on the Dubai Financial Market in October 2025.
Outside the Gulf Cooperation Council (GCC), Algeria’s Diar Dzair and Morocco’s Gharb Papier Et Carton SA are reportedly awaiting regulatory approvals for planned IPOs.
While the brightened outlook is supported by positive policy momentum, diversified investor interest, and increasing integration of environmental, social, and governance principles, regulatory environments across the region have continued to evolve as well.
“In the UAE, updated governance reforms now permit the combination of board chair and CEO roles under specific conditions, while in Saudi Arabia, the Capital Market Authority has launched consultations on changes to market-making rules and foreign ownership limits aimed at enhancing liquidity and accessibility,” Arab News noted.