MENA raises $1.7bn from 10 IPOs in Q4 2025, EY says
Across the full year, the MENA region recorded 49 IPOs, raising total proceeds of $7.3bn
05 February, 2026
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Companies in the Middle East and North Africa (MENA) raised $1.7bn from 10 initial public offerings in the fourth quarter of 2025, according to EY’s MENA IPO Eye Q4 2025 report, as capital markets in the region continued to attract listings despite a slowdown from the previous year.
Morocco’s Société Générale des Travaux du Maroc led the region in terms of proceeds during the quarter, raising $525.4m on the Casablanca Stock Exchange, accounting for about 30 per cent of total funds raised, the report said.
It was followed by Alec Holdings, which raised $381.2m on Dubai’s financial market, representing 22 per cent of total proceeds in the quarter. No direct listings were recorded in the region during the period.
Brad Watson, EY-Parthenon MENA leader, said IPO activity in the final quarter reflected the increasing maturity of regional capital markets.
“IPO activity during the final quarter of 2025 highlights the continued maturation of MENA capital markets. Issuers and investors remained focused on quality, fundamentals and execution, reflecting an increasingly sophisticated market environment. The depth of capital available and the diversity of listings underscore the region’s growing role as a destination for public market activity,” Watson said.
Listings in the quarter spanned sectors including real estate, construction, energy, retail, transportation and industrials, pointing to continued efforts to broaden capital markets and support economic diversification.
Saudi Arabia remained the most active market in Q4, recording six IPOs that together raised $561.6m.
Kuwait, Morocco and the UAE accounted for the remaining listings.
MENA IPO listings across the year
Across the full year, the MENA region recorded 49 IPOs, raising total proceeds of $7.3bn. This marked a 9.3 per cent decline in the number of listings compared with 2024, when 54 IPOs were completed, while total proceeds fell 41.8 per cent from $12.6bn.
EY said issuance activity remained steady through the year, supported by diversification efforts, regulatory development and growing depth in regional capital markets, even as issuers and investors adopted a more disciplined approach.
Gregory Hughes, EY-Parthenon MENA IPO leader, said regulatory reforms were playing a role in sustaining interest among potential issuers.
“The continued expansion of regulatory frameworks and governance standards across the region is supporting market confidence and accessibility. These developments are strengthening capital market infrastructure and sustaining interest from companies preparing to list,” Hughes said.
Looking ahead, EY said the IPO pipeline remained active, with 18 companies and funds indicating plans to list on regional exchanges in early 2026.
Expected listings span sectors including logistics, utilities, technology, manufacturing and industrials.
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