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The Middle East and North Africa (MENA) region recorded 11 initial public offerings (IPOs) raising a total of $700m in thQ3 2025, up 120% from a year earlier, according to the EY MENA IPO Eye Q3 2025 report.
The rise was driven largely by mid-market activity, with Saudi Arabia once again dominating regional listings.
The kingdom accounted for eight of the 11 IPOs, raising $637m in proceeds. Dar Al Majed Real Estate Company led with the region’s largest IPO of the quarter at $336m, representing 45.5 per cent of total funds raised.
The other major listings on Saudi Arabia’s Tadawul Main Market included Marketing Home Group for Trading Co., which raised $109m, and Sport Clubs Company, which raised $69m.
The remaining IPOs launched on the Nomu parallel market collectively raised $124.1m, with activity spanning retail, healthcare, and industrial services.
Beyond the Gulf, Egypt saw the listings of Bonyan For Development & Trade SAE and National Printing Company (NPC), while Morocco’s Vicenne also debuted on the market, reflecting a widening base of issuers across the MENA region.
“The performance 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,” said Brad Watson, EY-Parthenon MENA Leader.
“Companies are becoming increasingly strategic with market timing, carefully assessing investor sentiment and macroeconomic conditions before going public. With strong regulatory frameworks and a healthy pipeline leading into Q4 2025, the region is well-positioned for sustained, long-term growth likely to attract continued international participation.”
Regional equity performance remained strong, with the MSCI Emerging Markets Index gaining 25 per cent, followed by Egypt’s EGX 30 Index at 23.3 per cent and Kuwait’s Premier Market Index at 19.6 per cent.
Gregory Hughes, EY-Parthenon MENA IPO Leader, said Saudi Arabia continued to drive regional listings despite lower oil prices, adding that “the sector focus for Saudi IPOs shifted from healthcare and mobility in Q2 2025 to real estate, hospitality, construction, and retail in Q3.”
MENA IPO pipeline
The IPO pipeline remains solid, with 19 companies and funds across MENA intending to list in the coming months.
Saudi Arabia leads with 13 planned IPOs, including Almasar Alshamil Education Company and Al Romansiah Company, both of which have received approval from the Capital Market Authority (CMA). In the UAE, ALEC Holdings PJSC listed on the Dubai Financial Market (DFM) on October 15, 2025.
Outside the GCC, Algeria’s Diar Dzair and Morocco’s Gharb Papier Et Carton SA have announced plans to go public, pending regulatory approval.
EY noted that ongoing regulatory reforms continue to enhance the region’s capital markets. In the UAE, updated governance rules now permit the combination of board chair and CEO roles under defined conditions, while Saudi Arabia’s CMA has launched consultations on amendments to market-making regulations and foreign ownership limits to boost liquidity and transparency.
“The region’s IPO story continues to strengthen, underpinned by diversification, policy momentum, and growing focus on ESG integration,” EY said, adding that these trends are positioning MENA as a key hub for capital formation and investment in 2025 and beyond.
