Saudi Arabia dominates regional IPO activity, led by flynas’ major debut, as UAE and other MENA markets signal a robust pipeline for 2025.
Initial public offerings (IPOs) in the Middle East and North Africa (MENA) region raised $2.5 billion across 14 deals in the second quarter of 2025, marking a 4% increase from the previous quarter, according to EY’s latest report. The surge underscores continued investor appetite and a buoyant equity capital market across the region.
Saudi Arabia emerged as the clear leader, accounting for the majority of IPO proceeds. The largest listing was budget airline flynas on the Tadawul Main Market, which alone contributed 44% of total Q2 proceeds. The strong performance reflects the Kingdom’s strategic push to diversify its economy and attract both domestic and international investors.
In the United Arab Emirates, the Dubai Financial Market (DFM) welcomed the debut of Dubai Residential REIT, raising $584 million. This marks a significant milestone for Dubai’s growing real estate investment trust sector and adds to the UAE’s track record of high-profile listings.
Analysts expect the IPO momentum to carry forward into the second half of 2025, with a strong MENA IPO pipeline anticipated for the year ahead. Market watchers highlight that robust economic reforms, privatization programs, and growing investor confidence are setting the stage for continued capital market expansion.
With Saudi Arabia’s Tadawul and the UAE’s DFM leading the charge, the region is positioning itself as a global hub for capital market activity — offering opportunities for both issuers and investors seeking exposure to one of the world’s most dynamic economies.
