Another strong year in sight for the Gulf IPO market

Dubai: Another strong year is in sight for the Initial Public Offering (IPO) market.

Companies in the Gulf raised $3.3 billion (Dh12 billion) in 2017 through 28 IPOs compared to 4 in 2017 boosted by positive economic outlook in the backdrop of a recovery in oil prices.

The markets also witnessed the stellar IPO of Emaar Development, which raised $1.3 billion, the biggest primary offering in the region after National Commercial Bank, which raised $6 billion in 2014. Adnoc Distribution listed on the Abu Dhabi Securities Exchange also raised $850.9 million last year. The UAE had the highest number among the Mena countries with $2.2 billion of capital raised compared to $3.5 billion in the region last year.