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54 IPOs raised $12.6bn in 2024 in MENA region, shows report

The MENA markets saw 25 IPOs during Q4 2024, raising $7.9bn in proceeds, the report shared

Gulf Business
Gulf Business

11 February, 2025

54 IPOs raised $12.6bn in 2024 in MENA region, shows report
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The Middle East and North Africa (MENA) region saw a notable surge in initial public offerings (IPOs) in 2024, with 54 listings raising a total of $12.6bn, according to the EY MENA IPO Eye Q4 2024 report.

This marks a 12.5 per cent increase in the number of IPOs and a 17.6 per cent rise in proceeds compared to the previous year.

Q4 Surge: 32 per cent more IPOs, 59 per cent higher proceeds

According to the EY report, the fourth quarter of 2024 was a standout, with 25 IPOs raising $7.9bn—representing a 32 per cent increase in the number of listings and a 59.4 per cent surge in funds raised compared to Q4 2023.

The spike in proceeds was driven by high-value IPOs such as Talabat Holding plc, OQ Exploration & Production, and Lulu Retail Holdings, which listed during the final quarter of the year.

Talabat, which went public on the Dubai Financial Market (DFM), raised the largest amount of proceeds in Q4, contributing 25.8 per cent of the total quarterly funds.

The second-largest IPO came from OQ Exploration & Production, which raised $2bn in the largest-ever IPO in Oman. Together, these two listings accounted for nearly half of the total Q4 proceeds.

Outside the GCC, Morocco’s Compagnie Marocaine de goutte a goutte et de pompage (CMGP) and Egypt’s United Bank also made their market debuts during Q4.

Saudi Arabia leads the pack with 17 listings in Q4

Saudi Arabia continues to dominate the region’s IPO activity. In Q4 2024, the kingdom accounted for 17 of the 25 IPOs, raising a total of $1.2bn. Of these, five listings took place on the Tadawul Main Market, collectively raising $1.1bn.

The highest proceeds came from Arabian Mills for Food Products Company and United International Holding Company, each raising $300m.

In total, IPO activity in Saudi Arabia was driven by a diverse range of sectors, including commercial and professional services (20 per cent), materials (12.5 per cent), food and beverages (10 per cent), and healthcare (10 per cent).

UAE’s robust performance and ESG focus

The UAE saw strong IPO activity as well, with four new listings during Q4 2024. On the Abu Dhabi Securities Exchange (ADX), Lulu Retail Holdings PLC raised $1.7bn and ADNH Catering PLC raised $235m.

Additionally, the DFM welcomed Talabat Holding plc, which raised $2bn, continuing the trend of high-value listings in the region.

As the UAE moves toward its net-zero 2050 target, the country has also introduced a law requiring businesses to report carbon emissions, starting in May 2025. The law aims to encourage companies to adopt decarbonisation strategies, including renewable energy and carbon offsetting. This emphasis on sustainability is expected to play a key role in shaping IPO market dynamics as companies align with the UAE’s environmental goals.

Positive outlook for 2025 IPOs in MENA region

Looking ahead, the MENA IPO market is poised for continued growth. EY’s Gregory Hughes, IPO and transaction diligence leader, noted that Q4 2024 accounted for 46 per cent of the total IPO activity in the region for the year, underscoring the strong momentum. Saudi Arabia’s Nomu Parallel Market remains a key driver, accounting for 50 per cent of Q4 listings.

In 2025, 38 companies and 22 funds are expected to list across the region’s exchanges. Among the GCC countries, Saudi Arabia leads with 27 companies in the pipeline, followed by the UAE with three and Qatar with one.

Companies such as Etihad Airways and Amanat Holdings from the UAE, and Panda Retail Company and Riyad Capital from Saudi Arabia, are among those considering IPOs in the coming year.

The MENA IPO market is expected to remain a key player globally as regional exchanges continue to innovate and attract investors with strong governance and sustainability initiatives.

Brad Watson, EY MENA strategy and transactions leader, says: “The year 2024 ended on a strong note with 54 IPOs in total, the highest in MENA over the past seven years. The region has been one of the busiest when compared to the global market. The momentum is expected to continue into 2025, with companies from various sectors announcing their intention to come to market.

“In addition, regional exchanges are actively working on initiatives to promote family-owned businesses and small to medium enterprises, aiming to strengthen the capital markets infrastructure and boost future liquidity. The market is also anticipating the Arena platform from the DFM, which is expected to launch in 2025.”

Read: Global M&A market poised for a comeback in 2025, finds report

Heriot-Watt University Dubai secures UAE accreditation for undergrad, postgrad programmes

The granting of Initial Programme Accreditation for all 71 programmes is a significant milestone for Heriot-Watt University Dubai

Gulf Business
Gulf Business

11 February, 2025

Heriot-Watt University Dubai secures UAE accreditation for undergrad, postgrad programmes
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Heriot-Watt University Dubai announced on Thursday that all its current undergraduate and postgraduate programmes have received Initial Programme Accreditation from the UAE’s Ministry of Higher Education and Scientific Research (MoHESR) through the Commission for Academic Accreditation (CAA).

The accreditation marks a milestone for the university, which has been a key player in the UAE’s higher education sector for two decades.

“Over the past eighteen months, we have worked with the CAA on the federal accreditation of our current undergraduate and postgraduate programmes,” said Professor Dame Heather McGregor, provost and Vice Principal of Heriot-Watt University Dubai. “The granting of Initial Programme Accreditation for all 71 programmes is a significant milestone. This achievement reflects our commitment to academic excellence, quality assurance, and regulatory compliance. It has been a complex yet rewarding process, made possible by the dedication of our faculty, staff, and colleagues across our global network.”

Supporting Heriot-Watt University Dubai students’ education journey

“With this accreditation, our graduates can seamlessly pursue further degrees at CAA-accredited universities. It also enhances their opportunities to work in government and government-related sectors across the GCC and the MENA region. We are grateful to the CAA for their collaborative approach in supporting our efforts,” she added.

The CAA serves as the UAE federal government’s quality assurance agency for higher education, ensuring that licensed institutions and their programmes adhere to internationally recognised academic quality standards.

This programme accreditation follows the university’s Initial Institutional Licensure, granted by the UAE’s Ministry of Education in 2023.

Heriot-Watt University Dubai was the first British university to establish a campus in Dubai’s Academic City, initially offering three programmes with a student population of 120.

Today, the university has over 5,000 students and is recognized as one of the top UK universities in Dubai for business and industry collaboration. It continues to equip students with the skills and experience necessary to excel in their respective fields both regionally and internationally.

DeepFest 2025 showcases Saudi Arabia’s AI ambitions

DeepFest 2025 features more than 150 speakers and 120 exhibitors, welcoming over 50,000 participants globally

Gulf Business
Gulf Business

10 February, 2025

DeepFest 2025 showcases Saudi Arabia’s AI ambitions
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DeepFest 2025, the world’s leading artificial intelligence (AI) conference, opened on Sunday in Riyadh, featuring humanoids, robotic dogs, and an automated panda as Saudi Arabia aims to solidify its position as a global AI leader.

The four-day event, running from February 9-12 at the Riyadh International Exhibition and Convention Centre in Malham, is co-located with LEAP, the Kingdom’s global tech event.

Organised by Tahaluf and powered by the Saudi Data and Artificial Intelligence Authority (SDAIA), the conference was inaugurated by Dr Esam Alwigait, director of the National Information Centre at SDAIA.

Calling DeepFest 2025 “an event where we can see the future unfold before our eyes”, Alwigait highlighted Saudi Arabia’s AI advancements, noting the country’s 14th-place ranking in the 2024 Global AI Index, its rapid AI investments, and its top rankings for government AI strategy and governance in the Gulf region.

“Over the next four days, we will explore how AI ethics and regulations align with innovation and how AI is transforming healthcare, sports, urban messaging, and society,” Alwigait said. “AI is not just a tool but a powerful force for solving complex problems and creating opportunities.”

READ: LEAP 2025 starts in Riyadh, unveiling $14.9bn in AI investments

Robotics and AI ethics take centre stage at DeepFest 2025

Marc Raibert, founder and executive director of the AI Institute and chairperson of Boston Dynamics, addressed attendees on the DeepFest Main Stage. Known for developing robotic dogs, Raibert entertained the audience with a video showcasing his creations performing ballet, backflips, and parkour stunts.

Despite the spectacle, Raibert tempered expectations. “Robots are stupid—dumb as door knobs,” he said. “A person can learn a mechanical task in 10-20 minutes, but it takes a team of scientists and programmers to make robots perform even the simplest actions.”

Raibert’s AI Institute is working on cognitive AI, enabling robots to observe, understand, and replicate complex tasks. However, he dismissed concerns over a dystopian AI future. “I don’t see a scenario where robots take over the world,” he said. “Our lives will continue much as they have for the past 500 years. My advice? Calm down and don’t believe the hype.”

Elsewhere, QSS Robotics showcased automatic baristas, load-bearing robots, and drones, while UBTech introduced Walker, a service robot resembling a panda.

Sony AI President Michael Spranger discussed ethics, creativity, and diversity in AI. “You might think of Sony as an electronics company, but today, we’re an entertainment company,” he said, noting that music, film, and gaming make up 60 per cent of Sony’s revenue.

He outlined how AI-driven diversity measures are improving representation in media and eliminating biases in AI models.

Spranger also highlighted Gran Turismo Sophy, an AI-driven superhuman racing driver who has mastered Gran Turismo Sport and is now training top esports drivers. “AI is helping creators develop better games, pictures, and music,” he said. “Sophy is now part of the Gran Turismo story, catering to racing enthusiasts worldwide.”

Saudi Arabia’s AI investment and growth

Annabelle Mander, EVP at Tahaluf, noted the event’s significance within Saudi Arabia’s AI roadmap. “DeepFest 2025 has reinforced the critical role of AI in shaping technology’s future,” she said. “Co-located with LEAP 2025, which today announced $14.9bn in investments from domestic and global firms, DeepFest serves as a vital platform for global leaders and innovators to explore AI’s transformative potential.”

DeepFest 2025 features over 150 speakers and 120 exhibitors and is expected to attract more than 50,000 participants globally.

Insights: How to build a winning work culture

Co-creating a vision for the future, involving employees in shaping the values and behaviours they want to see in their workplace, fosters a sense of ownership

John Iossifidis
John Iossifidis

10 February, 2025

Insights: How to build a winning work culture
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Recent years have strongly driven home the point that a thriving workplace culture is essential to the success of businesses. In an ever-increasing competitive landscape, attracting and retaining top talent is paramount, and a positive work environment can help organisations stand out from the crowd.

The UAE’s projected 5.1 per cent GDP growth in 2025, forecasted by the International Monetary Fund, highlights the resilience and vitality of the nation’s economy despite macroeconomic headwinds facing the world.

This growth, driven by advancements in digital infrastructure and a strong appetite for innovation, presents significant opportunities for businesses.

Additionally, the strong influx of expatriates into Dubai is expected to push the population to around four million by 2026, spurring substantial investments in key sectors such as real estate, hospitality, and retail.

The question then remains – how can businesses ensure they are positioned to capitalise on these opportunities? The answer lies in prioritising their most valuable asset: their people.

Co-creating a positive culture

I have long held the belief that the right organisational culture is critical in driving business success. Culture is not just a slogan; it is the heartbeat of a business. The right culture is one which people relate to, rally behind and thrive.

Building a thriving workplace culture is not a destination, but an ongoing journey. Often, periods of significant turmoil, like the Covid-19 pandemic, highlight the critical need for a strong and adaptable culture. These moments can serve as a catalyst for organisations to re-evaluate their values, behaviours, and ways of working.

A successful cultural transformation requires a strategic and thoughtful approach. It starts with a commitment to core principles like people-centricity, innovation, and sustainable growth. But true change goes beyond simply defining these principles; it requires embedding them into the fabric of the organisation.

This kind of cultural evolution requires a dedicated and collaborative effort. Gathering feedback from across the organisation is crucial to understanding the existing culture and finding areas for improvement. Co-creating a vision for the future, involving employees in shaping the values and behaviours they want to see in their workplace, fosters a sense of ownership and ensures that the changes resonate deeply. This participatory approach, combined with targeted initiatives such as workshops, mentoring programmes, and the identification of internal champions to drive the change, can significantly accelerate the cultural transformation process.

Even seemingly insignificant changes can have a profound impact. A more casual dress code, a friendlier tone of voice in communications, and the flexibility of hybrid working can signal a shift towards a more inclusive and trusting environment. These changes can have a significant impact on how employees feel about their workplace and how they interact with each other.

Core values in focus

Organisations are now deepening their cultural transformation by actively involving their employees in defining core values and behaviours. These “culture essentials” provide a practical framework for how people work together and interact with clients and partners. They serve as a constant reminder of the shared values that underpin the organisation’s culture.

As a leader, you know you’ve created something special when you see a team that is empowered, excited to deliver, and committed to following through; it means we have and are creating the right framework and environment for our people and the company to succeed.

Looking ahead, my conviction remains that developing the right organisational culture is critical in driving business success. This is achieved by investing in people and fostering an environment for innovation to flourish. A thriving workplace is the key to unlocking the vast opportunities presented by the UAE’s continued growth and contributing to the nation’s prosperity.

By empowering employees and developing a sense of shared purpose, sustainable success can be achieved, maximising value for all stakeholders. The goal is to build a future where people thrive, innovate, and contribute to a better tomorrow – together.

The writer is the group CEO, Al Ghurair.

Billing alert: DEWA adopts new way to measure water use

This decision aligns with Cabinet Resolution No. (85) of 2023 and Ministerial Resolution No. (43) of 2024.

Nida Sohail
Nida Sohail

10 February, 2025

Billing alert: DEWA adopts new way to measure water use
Image credit: Dubai Media Office/Supplied photo

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DEWA will adopt the cubic metre as the unit for measuring water consumption, replacing the imperial gallon. The new billing cycle will begin this change in March 2025.

According to a Dubai Media Office report, This decision aligns with Cabinet Resolution No (85) of 2023 and Ministerial Resolution No (43) of 2024.

Important: Dubai utility DEWA to expand EV charging network to 1,000 by 2025

Issued by the Ministry of Industry and Advanced Technology, the resolutions mandate the discontinuation of the imperial gallon (IG) unit in water meters across the UAE.

“Adopting the cubic metre as a globally recognised and uniform measurement unit, rather than the imperial gallon, is a significant step toward enhancing alignment with international best practices. This transition will facilitate benchmarking across sectors, support our efforts to provide world-class services, and enhance DEWA’s leadership in innovation and sustainability — ultimately benefiting customers and stakeholders,” said Saeed Mohammed Al Tayer, MD and CEO of DEWA.

Charging electric vehicles in Dubai: What you need to know

Customer meters will not be changed, as the currently installed ones are compatible with the cubic metre measurement system.

However, DEWA plans to display both cubic metres and gallons on water bills and customer dashboards as part of the preparatory phase of the transition.

The new unit will be fully adopted in the March 2025 billing cycle, and customers will be informed of the change through official communication channels.

Living in the clouds: Dubai’s $51m penthouse hits the market

Located in the world’s tallest tower, this penthouse sits 13,000 feet above Dubai

Nida Sohail
Nida Sohail

10 February, 2025

Living in the clouds: Dubai’s $51m penthouse hits the market
Image credit: Burj Khalifa/Picture gallery

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The world’s highest penthouse in the Burj Khalifa is now available for $51m.

Located in the world’s tallest tower, this penthouse sits 13,000 feet above Dubai. It is an exclusive full-floor duplex with 360-degree views of Dubai, the Arabian Gulf, and the vast desert beyond.

Image credit: Supplied photo

Report: Global HNWIs ready to spend $408.3m on residential real estate in Abu Dhabi

“This penthouse is a testament to exceptional luxury and architectural excellence, offering an extraordinary living experience in one of the world’s most iconic buildings,” said Asad Khan, Founder and CEO of Invest Dubai Real Estate. “To own a residence in the Burj Khalifa is not merely about having a home; it’s about becoming part of history itself.”

Key features of the Burj Khalifa penthouse

The main level spans 14,000 square feet, with an additional 7,000 square feet on the upper level.

Important: Why HNWIs are flocking to Dubai’s real estate development management sector

This penthouse is the largest residence in Downtown Dubai, featuring floor-to-ceiling glass windows, a private swimming pool, and the only private lift in the tower.

Image credit: Supplied photo

This luxurious prospective home is being offered as a shell-and-core unit, providing buyers the opportunity to customise it to their personal tastes.

With expansive space for grand gatherings, luxurious bedrooms, and expansive living areas, this ‘residence in the clouds’ comes with amenities tailored to its future residents.

Must attend: Speakers, agenda set for Gulf Business’ 20 Feb real estate panel

While there are many exceptional properties around the world, this Burj Khalifa penthouse stands apart due to its unparalleled height and location in one of the most iconic towers globally.

The penthouse would also offer its buyer access to an exclusive lounge, fitness centre, Japanese gardens, spa, fine dining, and dedicated 24-hour concierge services, all within one of the most prestigious addresses in the world.

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