Saudi Arabia continues to lead the IPO market in the Middle East and North Africa (MENA), with nearly $1 billion raised in the past three months alone, reflecting a strong future pipeline. In Q3 2024, IPOs in Saudi Arabia, UAE, and Egypt raised $0.93 billion, showing a remarkable year-on-year growth of 76.8%.
Saudi Arabia’s focus on attracting investors and diversifying its economy is paying off. The country led the region’s IPO activity, with its Nomu parallel market registering the highest number of IPOs in 2024. This market is becoming a key platform for small and medium-sized enterprises (SMEs), offering better fundraising opportunities.
Among the major IPOs, Tharwah Human Resources Company raised $12 million, accounting for nearly half of the total proceeds in Saudi Arabia. Other notable IPOs included ASG Plastic Factory and Al Ashghal Almoysra Company. Additionally, two Saudi firms, Naas Petrol Factory and the Arabian United Float Glass Company, joined Nomu.
In the wider MENA region, the UAE topped the quarter with the largest IPO, NMDC Energy, which raised $877 million. In Egypt, Act Financial marked the first IPO since 2022, signaling a revival of market activity.
This performance reflects a growing investor confidence in the region’s IPO market, with more listings expected before the end of the year.
