Published On 2/7/2026
Initial public offering markets in the Gulf countries are heading into a phase of anticipation, amid indications of a possible gradual recovery after a period of recession that has extended since the beginning of the year, and was exacerbated by geopolitical tensions in the region, according to Bloomberg.
The value of stock sales for the first time in the Gulf countries amounted to slightly more than $1 billion this year, the lowest level since 2021, in a clear reflection of the slowdown in IPO activity compared to the post-pandemic boom.
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Despite the continued uncertainty related to regional developments, including the repercussions of the Iranian war, bankers confirm that companies are still preparing their deals, in preparation for launching them quickly when market conditions improve, according to the agency.
The agency quoted the head of capital markets in the Middle East and Africa at Citigroup, Rudy Saadi, saying, “IPO plans for the second half of the year are promising, although we do not necessarily need initial public offerings worth billions of dollars. If the deals are of the appropriate size and achieve good performance in the coming period, the rest of the plans will move quickly.”
In this context, Samer Daghili, co-head of capital markets and consulting at HSBC Bank for the Middle East, North Africa and Turkey, said that the bank has “strong, high-quality plans” that include about 45 mandates in capital markets and mergers and acquisitions in the region.
Chances are still good
Saudi Arabia stands out as the strongest IPO market currently, according to Bloomberg, despite the postponement of some IPOs during June due to tensions, while several companies such as Nornet and MasterWorks are preparing for the IPO, along with other nominated entities that include companies in the petroleum, distribution and services sectors.
Qatar and Kuwait are witnessing similar moves, and are studying listings in the healthcare sector and e-commerce, while the UAE continues to implement offering plans for major companies despite a relative slowdown in the pace of listings.
Rami Sidani, head of the emerging investments department at Schroders, said that the region’s attractiveness to international investors has declined partly due to geopolitical tensions and the weak diversification of technology sectors, adding that “IPO opportunities are still good, but we need attractive valuations to attract foreign capital.”
On the other hand, analysts believe that some Gulf markets have regained part of their balance after the turmoil of the war, with relative flexibility in Saudi Arabia and Oman compared to more affected markets.
Gulf companies are currently continuing to prepare quietly, between updating financial bulletins and arranging listing plans, waiting for an appropriate market window that may restore momentum to one of the most active global IPO markets in recent years.
