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UAE, Gulf IPO pipeline points to recovery despite slower first half
Seven GCC IPOs raised $1.19 billion in H1 2026 as issuers navigated market volatility, while a growing pipeline of listings signals confidence in the region’s long-term growth prospects
- PUBLISHED: Tue 28 Jul 2026, 4:54 PM
The UAE and wider Gulf IPO market is showing signs of resilience despite a slower first half of 2026, with companies continuing to prepare for public listings as investors look ahead to improving market conditions across the region.
According to an analysis by S&P Global Market Intelligence, Gulf IPO activity remains in state of flux in Q2 as war drags on, a pipeline of prospective deals suggests confidence in the Gulf’s long-term economic and capital market outlook remains intact.
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For the UAE, which has emerged as one of the region’s leading destinations for equity listings in recent years, the broader regional slowdown is being viewed more as a pause than a reversal of the sustained momentum seen across Gulf capital markets. Market participants continue to monitor developments closely, with expectations that a stabilisation in sentiment could reopen issuance windows for companies seeking to tap public markets.
Across the Gulf Cooperation Council (GCC), three IPOs were completed in the second quarter of 2026, raising nearly $750 million. Combined with four listings in the first quarter, the region recorded seven IPOs worth $1.19 billion during the first half of the year. While below the levels seen in 2025, the transactions demonstrate that investor appetite remains available for companies able to bring attractive offerings to market.
The largest transaction during the second quarter was the listing of Oman India Fertiliser Co. SAOG, which raised $677.5 million. Saudi Arabia’s Dar AlBalad for Business Solutions Co. secured $54.6 million, while real estate developer MSGA Investment Co. raised $17.8 million. Together, the offerings highlight continued activity across sectors ranging from industrials and technology to real estate.
Although geopolitical uncertainty has prompted some companies to defer listing plans, market observers note that such decisions often reflect a disciplined approach to timing rather than a lack of investor demand. Saudi-based Mutlaq Al-Ghowairi Contracting Co. withdrew its planned IPO after consultations with advisers, while AlDyar AlArabiya Real Estate Development Co. halted its offering plans amid weaker market sentiment.
The GCC’s current trajectory also highlights the increasingly sophisticated nature of regional capital markets. Companies are choosing to wait for optimal market conditions, a strategy that has become common among issuers globally. According to the report, successful listing candidates are often those that remain flexible enough to pause during periods of volatility while staying prepared to move quickly when market conditions improve.
Encouragingly, the IPO pipeline for the remainder of the year remains active. Potential listings include Saudi Arabia’s Health Water Bottling Co. Ltd., delivery platform Ninja and Etihad Salam Telecom Co. Qatar-based Apex Health and Kuwaiti online retailer Boutiqaat are also reported to be considering market debuts.
That pipeline has helped sustain optimism among investors and advisers that Gulf IPO activity could accelerate once geopolitical concerns ease. The region continues to benefit from strong economic fundamentals, ongoing diversification programmes and deep pools of liquidity, factors that have supported some of the world’s busiest IPO markets in recent years.
Associate Editor Somshankar Bandyopadhyay brings more than three decades of experience to the KT newsroom. Currently, he manages the news production of the business section, ensuring that the top economic and business news of the day reaches its readers.