Companies in the Gulf Cooperation Council (GCC) raised $2.5bn through initial public offerings (IPOs) in the second quarter of 2025, according to PwC Middle East’s latest IPO Watch report, as investor appetite for regional equities remained strong despite global volatility.
Saudi Arabia dominated issuance, accounting for 76 per cent of total IPO proceeds, bolstered by landmark deals including Flynas, the first airline IPO in the GCC in over 15 years, and Specialized Medical Co, which raised $500m in June.
Three IPOs during the quarter raised over $500m each, signalling a trend toward larger deal sizes amid sustained institutional demand.
In total, the region recorded four IPOs on main exchanges and eight listings on Saudi Arabia’s Nomu Parallel Market, which collectively raised $128m, up from $81m in Q2 2024.
Slight decline in GCC IPO listings in Q2
Despite a slight decline in total listings, IPO proceeds remained broadly in line with Q2 2024’s $2.6bn, underlining continued investor confidence in GCC capital markets.
In the UAE, the Dubai Residential REIT marked the first real estate investment trust IPO since 2014, reinforcing renewed interest in alternative assets. The Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) posted strong quarterly gains of 15 per cent and 7 per cent respectively, helped by rebounds in the real estate, financials and industrials sectors.
“The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,” said Muhammad Hassan, Capital Markets leader and partner at PwC Middle East. “Despite slower IPO activity across the GCC, Tadawul and DFM witnessed landmark IPOs such as Flynas and Dubai Residential REIT. The outlook remains cautiously optimistic for the remainder of the year, subject to macroeconomic and geopolitical factors.”
Bond and sukuk issuance sees rise in Q2
Bond and sukuk issuance also saw sharp increases compared to the same period last year.
Total bond issuance reached $4.9bn in Q2 2025, up from $0.5bn in Q2 2024, while sukuk issuance rose to $11.4bn from $9.7bn over the same period.
Equity markets delivered mixed performances. Early-quarter turbulence, including a roughly 20 per cent drop in Brent crude prices, weighed on Saudi Arabia’s Tadawul index, which fell 6 per cent over the quarter. However, recovery in the latter half of Q2 helped restore investor sentiment across the region.
PwC noted that while Q3 is typically a quieter season for IPOs, a strong and diversified pipeline remains in place across the GCC, with several issuers eyeing listings in late 2025 and early 2026.
Blacklane elevates Dubai service with Rolls-Royce Platinum Class
This marks the first time Rolls-Royce vehicles have been added to the company’s platform, signalling an acceleration of Blacklane’s investment and expansion across the Middle East
Blacklane, the global chauffeur service, has introduced Rolls-Royce models as a new Platinum Class option, initially in Dubai.
This marks the first time Rolls-Royce vehicles have been added to the company’s platform, signalling an acceleration of Blacklane’s investment and expansion across the Middle East.
The launch of Platinum Class follows other recent strategic growth initiatives in the region.
Blacklane added Mercedes Benz EQEs in March
Earlier this year in March, Blacklane added a fleet of all-electric Mercedes Benz EQEs to its platform in Dubai, enhancing its First Class service, which has been established in the city since 2023.
Further expansion in the Gulf Cooperation Council (GCC) includes the rollout of Lucid advanced electric vehicles in Saudi Arabia and the commencement of new operations in Kuwait.
Dr Jens Wohltorf, co-founder and CEO of Blacklane, stated, “2025 has been a year of milestones for Blacklane in the GCC and we are hitting new achievements in luxury mobility month after month. Dubai is a city of opportunity and a fitting home for the first ever Rolls-Royce cars on our platform.”
He added that the investment is “raising demand and excitement for first-class chauffeur services across the Middle East.”
The new Platinum Class features Ghost Series II Rolls-Royce vehicles, distinguished by Blacklane’s signature two-tone black and white exterior.
These cars are complemented by a new team of professional chauffeurs, onboarded by Blacklane for their experience with prestigious cars and further trained at the Blacklane Chauffeur Academy in Dubai.
The Rolls-Royce Ghost Series II cars are now available for pre-booked journeys, including airport transfers, and for immediate hailing from select locations in Dubai.
Lula Mohanty, managing partner for IBM Consulting MEA/Image: Supplied
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The UAE has emerged as a surprising but confident frontrunner in AI governance, according to a new IBM study. Developed by the IBM Institute for Business Value (IBV) in collaboration with the Dubai Future Foundation, the report reveals that UAE businesses lead the world in appointing Chief AI Officers (CAIOs), a sign that organisations here see AI not just as a tech upgrade, but as a critical enabler of future growth.
In an exclusive interview with Gulf Business podcast Situation Today, Lula Mohanty, managing partner for IBM Consulting across the Middle East and Africa, shared her insights on the regional implications of the study and how IBM is helping organisations operationalise AI at scale.
“I’ve recently come into the region, and what excites me most is the scale of opportunity,” she says. “There is real momentum around AI here, and the UAE is treating it not just as an experiment, but as a major economic imperative.”
From vision to execution
Mohanty highlights a striking trend: one in three organisations in the UAE has appointed a Chief AI Officer—a significantly higher figure than global averages. According to her, this regional leadership is rooted in long-term national strategies such as UAE’s AI Strategy 2031, bold investments in digital infrastructure, and a government mindset that treats AI as a force multiplier.
“This leadership is rooted in UAE’s long-term vision,” she says. “It’s a country where AI is not just another prompt bar—it’s an economic driver, as His Excellency Omar Sultan Al Olama has described.”
His Excellency Omar Sultan Al Olama was appointed as the UAE Minister of State for Artificial Intelligence in 2017, becoming the world’s first minister in this field.
But while the UAE may be setting the pace, the real challenge lies in embedding AI within the fabric of an organisation.
“Creating AI models is no longer the hard part,” Mohanty says. “The challenge is in integrating those models into day-to-day business operations in a scalable, secure, and ethical way.”
This is where CAIOs are evolving from technologists into cultural leaders. According to the study, 40 per cent of UAE CAIOs are prioritising change management, higher than the regional average. These leaders are tasked with creating the conditions such as governance, security, and above all, mindset, for AI to thrive.
“At IBM, we ran a company-wide hackathon to embed AI thinking across the business. Over 178,000 IBMers participated. It was about building a culture where AI becomes business as usual, not an exception.”
Watch the full video interview here:
The importance of top-down AI strategy
The report also shows that 90 per cent of UAE CAIOs receive strong support from their CEOs, with 53 per cent reporting directly to the CEO or board. Mohanty believes this top-down commitment accelerates deployment and unifies organisational priorities.
“When leadership puts AI at the centre, everything else aligns—resource allocation, accountability, speed of decision-making. It becomes an enterprise-wide conversation, not a departmental initiative.”
IBM has mirrored this approach internally. Through its enterprise-wide AI strategy, IBM reportedly saved over $3.5bn in productivity using its watsonx platform—a blueprint now being adapted for clients in the region.
From pilots to measurable ROI
Despite the optimism, challenges remain. Around 76 per cent of UAE organisations are still in the pilot phase of AI deployment, compared to 60 per cent globally. Scaling beyond proof-of-concept requires more than vision—it requires infrastructure, trusted data, and cross-functional collaboration.
“POCs are everywhere, but the real challenge begins when you try to integrate AI into your business model,” Mohanty says. “A platform-first mindset is key.”
Financial autonomy also plays a role. The study reveals that 79 per cent of UAE CAIOs control their organisation’s AI budget, significantly higher than the global average.
“This ownership allows them to prioritise impactful programmes and track ROI. It’s about putting your money where your mouth is.”
On-the-ground impact: AI across sectors
IBM is actively partnering with public and private sector players to bring AI to life in the UAE. Examples include a strategic partnership with e&, announced at WEF 2025, to deploy an end-to-end AI governance solution using IBM’s watsonx.governance; a joint initiative with Dubai Future Foundation to mentor startups and build a high-impact AI hub; and A mobile app developed with the University of Sharjah, through the IBM Sustainability Accelerator, to help UAE farmers assess well water quality and optimise agricultural practices.
“The potential of AI in public administration, logistics, and healthcare is enormous,” says Mohanty. “We’re only just getting started.”
The changing face of AI leadership
The study also found that 69 per cent of UAE CAIOs come from data-related roles, and 48 per cent from operations. This signals a shift in the kind of leadership required.
“It’s not enough to know how AI works—you have to know where it will work,” she explains. “The most effective leaders now connect insights to impact. It’s not about assistants; it’s about orchestrated workflows.”
Internal promotions are also making a difference. 69 per cent of UAE CAIOs were promoted internally, which Mohanty believes drives cultural alignment.
“They hit the ground running, they know the processes, and they have the credibility to lead transformation. It also makes the CAIO role aspirational.”
Experimentation vs accountability
Despite challenges in defining perfect AI metrics, 74 per cent of UAE CAIOs are moving forward with AI programs. Mohanty says organisations must embrace a “progress over perfection” mindset.
“We didn’t wait for perfection when we built our AskHR platform. We set a modest target—10,000 hours saved—and ended up saving 12,000. Now we’re handling over 11.5 million interactions.”
She advises organisations to start with quick wins, define clear exit criteria for pilots, and adopt a phased approach to scale.
“AI can become outdated quickly. You have to move fast—but with discipline and governance in place.”
A global playbook from the UAE
For Mohanty, the lessons from the UAE are clear: build from the top, invest in platforms, integrate AI into every function, and cultivate a mindset shift.
“This is about building a scalable AI architecture with clear strategies, skills, and cultural readiness,” she said. “The UAE has shown that AI can become part of an organisation’s DNA—not just as a smart model, but as a driver of enterprise-wide transformation.”
Abu Dhabi’s real estate sector posted a robust performance in the first half of 2025, recording a 39 per cent surge in total transaction value year-on-year. According to figures released by the Abu Dhabi Real Estate Centre (ADREC), transaction value rose to Dhs51.72bn, up from Dhs37.2bn during the same period in 2024.
The market witnessed a 12 per cent rise in the number of transactions, reaching 14,167 deals—driven by increased activity in sales, purchases, and mortgages. The value of sales and purchase deals grew 32 per cent to Dhs32.69bn across 7,964 transactions. Meanwhile, mortgage transactions saw an even stronger growth of 52 per cent, totaling Dhs19.03bn across 6,204 deals.
The period also saw a notable uptick in international investor activity. Foreign Direct Investment (FDI) transactions climbed to 890, with a total value of Dhs3.38bn—a 3.3 per cent increase from H1 2024. ADREC reported that the number of nationalities investing in the capital’s property market reached 85, marking a 10 per cent year-on-year increase and reinforcing Abu Dhabi’s global appeal.
Demand
Strong demand came from investors in countries such as Russia, China, the United Kingdom, France, Kazakhstan, and the United States, further establishing the emirate as a reliable and attractive global investment destination.
In terms of geographic distribution, Saadiyat Island led the market with Dhs9.1bn in transaction value, followed by Yas Island (Dhs5.86bn) and Al Bahia (Dhs3.98bn). Other high-performing areas included Mohammed Bin Zayed City, Al Reem Island, Al Riyadh City, and Khalifa City, highlighting widespread investor interest across Abu Dhabi.
Commenting on the performance, Eng Rashed Al Omaira, acting director General of ADREC, said: “The first-half performance reflects the growing confidence in Abu Dhabi’s real estate market, from both global and national investors, reflected in the sustained growth in transaction values and continued increase in foreign investment.
“The recent launch of high-quality projects has further energised the market and opened doors to attractive investment opportunities, reinforcing Abu Dhabi’s attractiveness as a leading destination for sustainable real estate investment. Additionally, the initiatives ADREC recently launched and the facilitations it offered, including automation of a large number of processes and services, had a pivotal role in reaching this achievement, through streamlining the investor’s journey, accelerating transactions and enhancing transparency.”
ADREC continues to advance its regulatory framework and improve the customer experience, aligning its services with Abu Dhabi’s broader economic development goals and supporting the emirate’s competitiveness on the regional and international stage.
AI-enabled law enforcement: How Presight, Abu Dhabi Police aim to cooperate
Presight, a subsidiary of Abu Dhabi tech group G42 and listed on the Abu Dhabi Securities Exchange (ADX), said the partnership reflects a growing global trend toward predictive and data-driven policing
Abu Dhabi-based artificial intelligence firm Presight has signed a strategic cooperation agreement with the Abu Dhabi Police General Headquarters to develop and deploy advanced AI technologies for policing and public safety.
The partnership aims to integrate Presight’s AI-Policing Suite – a modular system featuring generative AI, AI agents and data analytics – with the operational systems of Abu Dhabi Police.
The goal is to enhance crime prevention, improve emergency response, and lay the groundwork for AI-enabled smart cities.
“This collaboration supports our efforts to maintain public safety through innovation,” said major general and engineer Nasir Sultan Al-Yabhouni, who is the director of the Leadership Affairs Sector at Abu Dhabi Police. “It strengthens our officers’ ability to respond faster and make smarter decisions,” he added.
Presight, a subsidiary of Abu Dhabi tech group G42 and listed on the Abu Dhabi Securities Exchange (ADX), said the partnership reflects a growing global trend toward predictive and data-driven policing.
Agreement with Abu Dhabi Police to further modernise police operations
“This agreement marks a pivotal moment in the evolution of AI-driven public safety,” said Mohammed AlMheiri, CBO for Public Safety & Security at Presight. “Together, we are enabling a new era of proactive law enforcement defined by operational agility and enhanced decision-making.”
Presight said its tools, such as real-time threat detection, digital forensics, and intelligent digital investigators, will be used to support crime analysis and help modernise police operations.
The agreement also includes a commitment to explore ethical frameworks for the use of AI in policing.
The move supports Abu Dhabi’s ambition to position itself as a hub for smart city innovation and AI adoption, building on broader national goals for digital transformation and public sector modernisation.
Kuwait’s healthcare system has undergone a remarkable transformation over the decades, evolving into a modern, integrated network that aligns with global standards. This progress is the result of sustained investment and strategic planning, guided by the country’s leadership, which has consistently prioritised health as a cornerstone of national development.
Today, Kuwait stands out for its advanced healthcare infrastructure, cutting-edge technologies, and comprehensive services aimed at meeting the evolving needs of its population, a WAM report said.
Expanding capacity and upgrading facilities
The Ministry of Health is implementing a national health strategy that supports Kuwait’s broader Vision 2035 development plan. This includes expanding major hospitals, increasing patient capacity, modernising healthcare centers, and integrating state-of-the-art technologies to improve efficiency, quality, and accessibility of services.
Assistant Undersecretary for Engineering Affairs and Projects, Eng. Ibrahim Al Nahham, said several major healthcare projects are currently underway or have been recently completed, signaling a significant step forward for the nation’s medical sector.
New maternity hospital sets benchmark
One of the most notable projects is the new Maternity Hospital in the Sabah Medical Zone. Built to the highest international standards, the facility is a model of modern healthcare, offering a combination of advanced medical technologies and patient-centered care.
Designed to address women’s health and neonatal services, the hospital incorporates environmentally friendly and energy-efficient construction methods. It serves as a major hub for maternal and child care in the region.
New Al Sabah Hospital: A landmark facility
Another flagship project is the new Al-Sabah Hospital, currently under construction in the same medical zone. Spanning 88,710 square meters, the facility is envisioned as a self-sufficient medical complex offering both general and specialized healthcare services.
The hospital will consist of three main towers, a parking facility, and an engineering services building. When completed, it will provide 512 inpatient beds, 105 intensive care unit (ICU) beds, 72 outpatient clinics, and a helipad for emergency evacuations. All critical departments will be integrated within the structure.
Specialised Communicable Diseases Hospital
To strengthen Kuwait’s capacity in public health and infectious disease management, the Ministry is building a new Communicable Diseases Hospital. Covering 74,000 square meters, the facility includes a main hospital building and a kitchen complex.
The hospital will offer 224 inpatient beds and feature key departments such as emergency care, radiology, pharmacy, medical records, and various support services. It is designed to handle outbreaks and specialized communicable disease cases with advanced safety protocols.
Comprehensive Cancer care at Kuwait Cancer Control Centre
A cornerstone of Kuwait’s cancer treatment capabilities is the Kuwait Cancer Control Centre, under development within the Sabah Medical Zone. Spanning 303,536 square meters, the facility will host one of the region’s most advanced oncology hospitals.
The main structure, divided into two towers, western for outpatients and eastern for inpatients, will house 618 beds. The facility includes fully automated systems and cutting-edge mechanical and electrical infrastructure to support high-level cancer care and research.
New Al Adan Hospital complex: A mega medical hub
The New Al Adan Hospital project is one of the most ambitious healthcare developments in Kuwait. Located in the Al Adan Hospital area, the complex comprises seven interconnected buildings, linked via underground tunnels.
Key components include:
A 226,369-square-meter maternity and pediatrics hospital with 637 fixed and 471 mobile beds across 14 floors, plus a basement and a helipad.
A surgical and central services building of 34,417 square meters with 141 mobile beds across two floors.
A physical therapy and rehabilitation center covering 28,525 square meters over three floors and a basement.
An eight-floor health district administration and parking building, spanning 118,696 square meters.
Additional facilities for parking and strategic storage.
Building a future-ready healthcare system
These developments reflect Kuwait’s strong commitment to its Vision 2035, particularly in raising the standard and reach of its healthcare system. The Ministry of Health is also working to strengthen international cooperation, attract global expertise, and adopt leading healthcare models.
Efforts are underway to develop national human capital through training programs, scholarships, and partnerships with academic and health institutions both locally and internationally. These initiatives aim to prepare a new generation of healthcare professionals equipped to meet future challenges.
Kuwait’s healthcare journey, underpinned by strategic vision and modern infrastructure, continues to set a benchmark in the region, offering a model of sustainability, excellence, and innovation.
