{"id":612505,"date":"2023-12-24T00:00:00","date_gmt":"2023-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/another-year-of-the-gulf-ipo-boom\/"},"modified":"2023-12-24T00:00:00","modified_gmt":"2023-12-24T00:00:00","slug":"another-year-of-the-gulf-ipo-boom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/another-year-of-the-gulf-ipo-boom\/","title":{"rendered":"Another year of the Gulf IPO boom?"},"content":{"rendered":"

Could 2024 be another year of the Gulf IPO boom? <\/strong>Mideast IPOs are on track to record their third-strongest year since 2007, with the market expected to continue growth in 2024 driven by government reforms, investment demand, and strong demand, Bloomberg<\/a> wrote. \u201cThe outlook is very strong for MENA IPOs in 2024,\u201d Bank of America's Christian Cabanne said, \u201cin 2024 we expect to see more private companies come to market, including in the United Arab Emirates.\u201d<\/p>\n

2023 at a glance: <\/strong>Middle East IPOs this year have raised some USD 10.5 bn, less than half the USD 23 bn raised in 2022, according to Bloomberg data. Gulf offerings<\/a> made up the biggest chunk of the figure raised, accounting for around 45% of total IPO volumes in EMEA this year and 51% the year before. Kicking off the year with the multi-bn USD IPO of Adnoc\u2019s gas unit<\/a>, 2023 has been a busy year for the Gulf IPO market, the latest of which was Dubai Taxi\u2019s IPO<\/a>. <\/p>\n

In the cards for 2024: <\/strong>Companies eyeing up offerings in 2024 include Saudi low cost airline Flynas<\/a>, supermarket chain Spinneys Dubai<\/a>, owner of shisha brand Al Fakher, tobacco firm Advanced Inhalation Rituals<\/a>, and startups like e-commerce firm Floward<\/a> and buy-now-pay-later company Tabby.<\/p>\n

It hasn\u2019t been a good IPO year for all: <\/strong>Globally first-time share sales are on track for their worst year<\/a> since 2009. <\/p>\n

Could the war in Gaza impact investor appetite? <\/strong>The MSCI GCC Countries Index has rebounded 12% after falling 3.2% following the outbreak of war in Gaza at the beginning of October as investors regained confidence in the market. \u201cIf things were to escalate and if the theater of operations were to widen, then definitely that could have a detrimental effect on risk premium and how investors view the region,\u201d Franklin Templeton\u2019s Salah Shamma said. <\/p>\n

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