The MENA IPO market recorded its strongest performance since the global financial crisis during 9M 2025, according to EY Global’s latest IPO Trends report (pdf). The region (including Israel) saw 54 IPOs in the first three quarters of the year, raising USD 6.3 bn. The surge reflected continued diversification across sovereign wealth investment, energy, and technology-driven sectors as well as ongoing regulatory reform and active listing pipelines across the GCC.

3Q 2025 saw 17 IPOs, generating a combined USD 1.1 bn in proceeds — up 38% in transaction count and 19% in value compared with the same quarter last year. Saudi Arabia continued to lead the region, accounting for nine listings — six on Nomu and three on main market Tadawul — with total proceeds reaching USD 646.5 mn. The largest of these was Dar Al Majed Real Estate, which raised USD 335.8 mn on the main market Tadawul. Saudi’s market capitalization stood at USD 2.7 tn.

Saudi IPOs this year are concentrated in real estate, industrials, retail, hospitality, and construction, compared to 2024 when healthcare, transport, and mobility were in the lead, EY MENA IPO Leader Gregory Hughes said.

Looking ahead: Despite macro headwinds, several IPOs are expected to come to market in the next six months, signaling an active pipeline, EY said. On Saudi, Hughes added that despite KSA’s weakened fiscal position, we can still expect a healthy pipeline in 4Q 2025.

Global IPOs rebound: Worldwide, IPO activity rose to 914 listings in 9M 2025, raising USD 110.1 bn, up 41% y-o-y in proceeds. 3Q alone saw 370 IPOs raising USD 48.2 bn, an 89% increase y-o-y. The US, India and China remain the three largest markets by volume and proceeds, EY said. The report described the rest of 2025 and early 2026 as “a period of gradual re-opening rather than a straight-line rebound,” adding that well-prepared issuers with solid fundamentals and transparent business cases are most likely to perform well.

MARKETS THIS MORNING-

Most Asian markets are in the green on positive indicators around US-China relations following talks between US President Donald Trump and Chinese President Xi Jinping that will see the US lower tariffs on China. Japan’s Nikkei rose 1% to hit a fresh record, while the Kospi added 0.2% and China’s CSI 300 was flat.

Meanwhile, Wall Street futures point to a strong open after strong earnings reports from Big Tech yesterday.

ADX

10,212

+0.5% (YTD: +8.4%)

DFM

6,105

+0.3% (YTD: +18.3%)

Nasdaq Dubai UAE20

5,042

+0.6% (YTD: +21.1%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

3.9% o/n

3.7% 1 yr

TASI

11,656

-0.8% (YTD: -3.3%)

EGX30

38,268

+0.1% (YTD: +28.7%)

S&P 500

6,822

-1% (YTD: +16%)

FTSE 100

9,760

+0.0% (YTD: +19.4%)

Euro Stoxx 50

5,699

-0.1% (YTD: +16.4%)

Brent crude

USD 65.00

+0.1%

Natural gas (Nymex)

USD 4.05

+2.5%

Gold

USD 4,045.6

+0.7%

BTC

USD 107,513

-3.1% (YTD: +13.8%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.8

0.0% (YTD: +9.1%)

S&P MENA Bond & Sukuk

152.67

-0.0% (YTD: +9.1%)

VIX (Volatility Index)

16.91

-0.1% (YTD: -2.5%)

THE CLOSING BELL-

TheADX rose 0.5% yesterday on turnover of AED 1 bn. The index is up 8.4% YTD.

In the green: National Bank of Fujairah (+14.9%), Oman and Emirates Investment Holding (+11.1%) and GFH Financial Group (+5.1%).

In the red: Abu Dhabi National Takaful Co. (-9.9%), Phoenix Group (-3.9%) and Eshraq Investments (-2.7%).

Over on the DFM, the index rose 0.3% on turnover of AED 673.8 mn. Meanwhile, Nasdaq Dubai was up 0.6%.

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