$1.8 Billion in Q2: Saudi IPO Market Leads GCC
Saudi Arabia continues to cement its role as the dominant player in Gulf public markets, with the Saudi IPO Market leading the region’s equity story in the first half of 2025. Backed by robust investor appetite and rising foreign inflows, the Kingdom captured 76% of total IPO proceeds, raking in $1.8 billion in Q2 alone.
Saudi Snags 76% of GCC IPO Capital in Q2
In a region-wide total of $2.4 billion raised across four primary IPOs, Saudi Arabia outperformed its neighbors with high-profile listings like Flynas, the first airline IPO in over 15 years, and Specialized Medical Co., which secured a hefty $500 million. Despite a global backdrop of trade tension and market volatility, the Kingdom’s bourses—especially Tadawul and Nomu—held firm, demonstrating the market’s maturing appeal.
The Flynas debut wasn’t just historic in sector terms—it signaled investor interest in mobility, aviation tech, and post-pandemic growth plays. Meanwhile, Specialized Medical Co.'s success underscored investor focus on healthcare innovation and private sector scale-ups.
$4.2B in Foreign Inflows: Saudi Leads with $1.4B
GCC markets attracted $4.2 billion in net foreign inflows during Q2, a 50% surge compared to Q1. Saudi Arabia alone absorbed $1.4 billion, a sixfold leap from the previous quarter’s $252 million. This sharp rise reflects global investor confidence in the Kingdom’s Vision 2030-driven liberalization and sectoral diversification, ranging from tourism to logistics and fintech.
Notably, this marks the sixth consecutive quarter of net foreign inflows into GCC equities, reinforcing the structural shift toward regional asset allocation.
Nomu Parallel Market Rises 58% YoY
Often overshadowed by Tadawul’s main board, Saudi Arabia’s Nomu Parallel Market quietly posted impressive numbers: eight IPOs raised $128 million, up from $81 million last year—representing 58% year-on-year growth.
Nomu’s performance reveals a thriving ecosystem for mid-cap and growth-stage companies seeking public capital without the regulatory intensity of the main board. From tech to consumer goods, Nomu issuers are beginning to appeal to both retail and institutional segments, with listing sizes slowly trending upward.
UAE Rebounds, REIT Revival Signals Diversification
While Saudi IPO Market headlines grab attention, neighboring exchanges showed resilience too. The Dubai Residential REIT IPO, the UAE’s first REIT listing since 2014, hints at renewed interest in income-generating alternatives, especially amid inflation and volatility.
The Dubai Financial Market and Abu Dhabi Securities Exchange bounced back strongly in Q2—gaining 15% and 7% respectively. These recoveries offset early-quarter jitters tied to Brent crude’s 20% price drop, which had briefly knocked Saudi’s Tadawul All Share Index down 6%.
Q3 Pause, Strong Pipeline Ahead
Historically, Q3 is a quieter period for IPOs—but momentum looks promising. Analysts expect several late-stage deals by Q4 2025 and early 2026, spanning infrastructure, fintech, and consumer sectors. With macro trends improving, the Saudi IPO Market could maintain its grip as the region’s listing engine.
