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Gulf IPO market shows signs of recovery from wartime slowdown

The Gulf IPO market is showing signs of reviving after a slowdown triggered by the Iran war, with companies across Saudi Arabia, the UAE, Kuwait and Qatar preparing listings for the second half of the year if market conditions improve. 

Bankers at Citigroup and HSBC said they have strong pipelines of equity offerings, while Saudi Arabia continues to lead the region’s expected deal flow, Bloomberg reports. 

Companies preparing for potential listings include NourNet, Master Works, ArcelorMittal Tubular Products Jubail, AlKhorayef Petroleum, Health Water Bottling Co., Ninja and Etihad Salam Telecom, the news agency said. 

Rikaz, a developer which has projects across Saudi Arabia, including in Riyadh and Islam’s holy city of Mecca, is among those weighing up a future listing to fund its expansion across Saudi Arabia. “We believe that if and when the IPO is the right solution, we will do it,” CEO Khalid Al Gahtani told Arabian Gulf Business Insight. 

A number of Saudi developers had originally planned to sell shares this year, but pressures from the Iran war have seen new listings fall to an eight-year low in the kingdom. IPOs across the Gulf have raised just over $1 billion so far this year, the weakest first-half performance since 2021.

Oman eyes tourism, tech as it seeks emerging market status

Oman’s Muscat Stock Exchange is preparing for up to three IPOs in 2026 as part of efforts to boost listings and pursue emerging market status.

Working with the Oman Investment Authority, the bourse aims to bring new sectors like tourism and information technology to market, with companies such as Oman India Fertiliser considering IPOs. 

Fundraising has slowed this year after a record $2.5 billion in 2023, but the government is offering incentives such as tax waivers and priority in tenders to attract private firms, the exchange’s CEO, Haitham Al Salmi, told Bloomberg. 

The planned merger of Oman’s Sohar International Bank and Ahli Bank is seen as crucial to market capitalization, though the exchange is also exploring consolidation or group listings as alternatives.

“We understand how important this merger is, but we also have Plan B and C,” Al Salmi said.