UAE and Saudi Arabia are setting the benchmark in Gulf’s growing IPO scene
In the Gulf’s growing IPO scene, the UAE and Saudi Arabia have emerged not only as the region’s largest public listing markets, but also as benchmarks for financing, governance, roadshows and impact, according to new insights from Arthur D. Little.
The study showcases how IPO activity across the GCC has expanded significantly over the past six years, reflecting the region’s rapid evolution as a global investment destination.
In 2024, the GCC hit a historic milestone, recording its highest-ever level of IPO activity. A total of 53 listings raised $12.9 billion in proceeds, underscoring strong investor confidence and sustained momentum across regional exchanges.
IPO activity dropped slightly in 2025 to 45 listings across the GCC, although that was mainly due to less large cap deals and a shift toward smaller and mid-sized offerings, particularly in the second half of the year, resulting in lower total proceeds compared to the year previous. Against the backdrop of a cooling global market, the regional landscape demonstrated its resilience.
For the current year, the outlook is positive, with over a dozen companies and funds signaling their intention to list across the GCC’s exchanges in early 2026. Expected listings include sectors such as logistics, utilities, technology, manufacturing and industrials.
The UAE and KSA are far ahead
Having analyzed IPOs between 2019 and 2025, Arthur D. Little found that the UAE and Saudi Arabia remain well ahead of other GCC markets – not only in volume and value, but also across key fundamentals including governance, transparency, investment landscape, and post-IPO impact.
The UAE and Saudi Arabia consistently led IPO activity throughout the 2019-2025 period, driven by a combination of large-scale listings, diversified sector participation, and capital market reforms that increased market depth and accessibility for investors.
The majority of the largest IPO transactions were completed in the UAE and KSA, highlighting the scale and maturity of their capital markets. These large-scale offerings, alongside diversified listings across energy, technology, consumer, and industrial sectors, have helped establish the two countries as a benchmark market for IPO execution and investor engagement in the region.
According to Arthur D. Little, the leadership of the UAE and Saudi Arabia extends beyond volume and value. Regulatory modernization, reforms to foreign ownership rules, and stronger governance and disclosure requirements have raised investor expectations in both markets. As a result, companies listing in the UAE and KSA are being assessed against higher standards of transparency, strategic clarity, and long-term value creation.
“The UAE and Saudi Arabia have become the reference markets for IPOs in the GCC, not just in terms of activity, but in how capital markets function and how investors assess risk and value,” noted Dhiraj Joshi, partner at Arthur D. Little. “Their scale, regulatory maturity, and depth of investor participation are shaping expectations across the region and influencing how IPOs are evaluated well beyond national borders.”
Investors
The Arthur D. Little study highlights the growing influence of institutional investors, including sovereign wealth funds and pension funds, in shaping market discipline and liquidity. Their participation has reinforced investor scrutiny around management quality, execution capability, and the strategic use of IPO proceeds, particularly in the UAE and Saudi Arabia, where investor expectations are now closely aligned with international capital market standards.
“Companies listing in the UAE and Saudi Arabia are operating in a far more competitive and transparent environment,” said Martynas Vaikasas, principal at Arthur D. Little. “That environment is setting a clear benchmark for the rest of the GCC, where IPO success increasingly depends on a compelling equity story supported by a credible strategy and disciplined use of capital.”
