UAE IPO boom to continue amid foreign investment and competitiveness push
The UAE's momentum of initial public offerings will continue for a couple more years, as the country presses forward with measures to boost foreign investment and economic development that enhance its competitiveness, the chief executive of an Abu Dhabi-based securities broker has said.
The surge in IPOs has been the main catalyst supporting the performance of equity markets, and the listing of companies from diverse sectors such as utilities, logistics and health care has also added more depth, Ayman Hamed of International Securities told The National in an interview.
“If the spate of IPOs in the UAE continues the way it has … over the past few years, we will see more inflows coming in from foreign and regional institutions, and will also encourage more and more retail participation in the market,” he said.
Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion raised from 20 offerings in the previous year.
That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
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