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Saudi, UAE lead IPO activity in GCC in 2025, but total value nearly halves
Companies listing in the UAE and Saudi Arabia are operating in a far more competitive and transparent environment, says Martynas Vaikasas, principal, Arthur D. Little
- PUBLISHED: Thu 12 Feb 2026, 10:58 AM
Saudi Arabia and the UAE led the IPO activity in the Gulf region last year, but the total value of the funds raised through initial public offerings nearly halved.
According to a new Viewpoint by Arthur D. Little, the companies across the Gulf Cooperation Council (GCC) region raised $6.6 billion (Dh24 billion) in 2025, the lowest level since the pandemic.
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The companies in the region raised $12.9 billion in 2024, $10.8 billion in 2023, $22 billion in 2022 and $7.8 billion in 2021.
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In 2020, companies raised $2.1 billion through share sales in 2020.
Last year, Saudi Arabia accounted for 63.5 per cent of the total value of share sales while the UAE accounted for 28.7 per cent.
In terms of volume, Saudi Arabia led with 80 per cent market share, driven by smaller, diversified listings across the consumer, industrial and services sector. The largest transactions were flynas, raising $1.1 billion and Dubai Residential REIT, which raised $0.6 million.
According to Arthur D. Little, the leadership of the UAE and Saudi Arabia extends beyond volume and value. Regulatory modernisation, reforms to foreign ownership rules, and stronger governance and disclosure requirements have raised investor expectations in both markets. As a result, companies listed in the UAE and KSA are being assessed against higher standards of transparency, strategic clarity, and long-term value creation, effectively setting the benchmark for IPO readiness across the wider GCC.
“The UAE and Saudi Arabia have become the reference markets for IPOs in the GCC, not just in terms of activity, but in how capital markets function and how investors assess risk and value,” said Dhiraj Joshi, Partner, Arthur D. Little.
“Their scale, regulatory maturity, and depth of investor participation are shaping expectations across the region and influencing how IPOs are evaluated well beyond national borders,” he said.
“Companies listing in the UAE and Saudi Arabia are operating in a far more competitive and transparent environment. That environment is setting a clear benchmark for the rest of the GCC, where IPO success increasingly depends on a compelling equity story supported by a credible strategy and disciplined use of capital,” said Martynas Vaikasas, Principal, Arthur D. Little.
