The MENA IPO market recorded a sharp rise in activity in the third quarter of 2025, with 11 initial public offerings raising a total of $700m in proceeds, according to the EY MENA IPO Eye Q3 2025 report.
The number of listings increased by 120 per cent compared to the same period last year, driven primarily by mid-market transactions across the region.
Stock market performance also reflected strong investor confidence. The MSCI Emerging Markets Index gained 25 per cent, while Egypt’s EGX 30 Index rose by 23.3 per cent and the Boursa Kuwait Premier Market Index advanced 19.6 per cent.
MENA IPOs
Brad Watson, EY-Parthenon MENA Leader, said: “Amid shifting market dynamics, performance in this past quarter reflects the increasing depth and maturity of MENA capital markets, supported by a steady pace of listings across multiple sectors and geographies.
“Companies are becoming increasingly strategic with market timing – carefully assessing investor sentiment and macroeconomic conditions before going public.
“With strong regulatory frameworks and a healthy pipeline leading into Q4 2025, the region is well-positioned for sustained, long-term growth which is likely to attract continued international participation.”
Saudi listing activity
Saudi Arabia remained the region’s most active market, hosting eight IPOs that collectively raised $637m.
Dar Al Majed Real Estate Company’s listing on the Tadawul Main Market led the quarter with $336m, accounting for 45.5 per cent of total MENA proceeds.
Marketing Home Group for Trading Co. followed with $109m, and Sport Clubs Company raised $69m, with both listed on the Tadawul Main Market.
The remaining IPOs launched on the Nomu – Parallel Market raised $124.1m across sectors including retail, healthcare, and industrial services. Real estate accounted for 55 per cent of proceeds on the main market.
Outside the GCC, Egypt saw the listings of Bonyan For Development & Trade SAE and National Printing Company (NPC), while Morocco welcomed Vicenne S.A. on its exchange — a sign of MENA’s expanding appeal to international investors.
Gregory Hughes, EY-Parthenon MENA IPO Leader, said: “IPO activity was robust in Q3 2025, with KSA remaining the main driver of regional listings. With lower oil prices, we continue to see economic diversification from non-oil revenues, and the sector focus for KSA listings transitioned from healthcare and mobility in Q2 2025 to real estate, hospitality, construction and retail.
“In Q4 2025, we can look forward to a healthy pipeline, highlighting the region’s position as a hub for capital market activity.”
Strong IPO pipeline
The region’s IPO outlook remains strong, with 19 companies and funds planning to list across MENA exchanges in late 2025 and 2026.
Saudi Arabia continues to lead with 13 entities that have received Capital Market Authority (CMA) approval, including Almasar Alshamil Education Company and Al Romansiah Company.
In the UAE, ALEC Holdings PJSC successfully listed on the Dubai Financial Market (DFM) on 15 October 2025.
Beyond the GCC, Algeria’s Diar Dzair and Morocco’s Gharb Papier Et Carton SA have also announced plans to go public, pending regulatory approval.
This growing pipeline is underpinned by policy reforms, diversified investor participation, and a stronger focus on environmental, social and governance (ESG) standards — all reinforcing MENA’s emergence as a key destination for capital formation and foreign investment.
Regulatory reforms
Regulatory momentum continues across the region. In the UAE, new governance rules now allow the combination of Board Chair and CEO roles under defined conditions, while Saudi Arabia’s CMA has initiated consultations on proposed amendments to market-making regulations and foreign ownership limits.
These measures aim to enhance liquidity, transparency, and access to capital, reflecting the increasing maturity and global competitiveness of MENA’s financial markets.
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