The Middle East and North Africa region’s capital markets demonstrated sustained momentum in the third quarter of 2025, with 11 Initial Public Offerings (IPOs) raising a total of $700 million. According to a new report from EY, this marks a 120% increase in the number of listings compared to the same period last year, signalling healthy investor appetite and increasing market maturity, driven largely by mid-market activity.
Saudi Arabia Dominates Regional Listings
The Kingdom of Saudi Arabia continued to be the epicentre of IPO activity, accounting for eight of the eleven listings and raising $637 million in proceeds. The quarter’s largest offering came from Dar Al Majed Real Estate Company, which raised $336 million on the Tadawul Main Market. This was followed by Marketing Home Group for Trading Co. and Sport Clubs Company, which raised $109 million and $69 million, respectively. The remaining listings were on the Nomu parallel market, collectively raising over $124 million across diverse sectors like retail, healthcare, and industrials. Gregory Hughes, EY-Parthenon MENA IPO Leader, noted, “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.”
Broader Regional Activity
Beyond the Gulf, capital markets in North Africa also saw notable activity. Egypt hosted two IPOs from Bonyan For Development & Trade SAE and National Printing Company (NPC), while Morocco welcomed the listing of Vicenne S.A. This geographic diversification underscores the broadening appeal of MENA’s public markets to both regional and international investors looking for growth opportunities. Brad Watson, EY-Parthenon MENA Leader, commented, “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.”
Strong Pipeline Signals Continued Growth
The outlook for the final quarter of 2025 and beyond remains positive, with a strong pipeline of 19 companies and funds announcing their intention to list on regional exchanges. Saudi Arabia again leads this pipeline with 13 entities, including Almasar Alshamil Education Company and Al Romansiah Company, having already received regulatory approval. The UAE, Algeria, and Morocco also have companies in the queue, indicating that the active listing environment is set to continue. This forward momentum is further supported by a growing focus on environmental, social, and governance (ESG) integration among listing companies.
About EY
EY exists to build a better working world by helping to create long-term value for clients, people, and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate. Working across assurance, consulting, law, strategy, tax, and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. The MENA practice of EY has been operating in the region since 1923 and has grown to over 8,500 people across 14 countries.
Source: Zawya
