GCC IPO activity slowed sharply in 2025, even as Saudi Arabia and the UAE led regional listings. Markets across the Gulf raised far less capital than the previous year. However, both countries continued to dominate new share sales across the region.
Companies across the Gulf Cooperation Council raised $6.6 billion in 2025. This marked the lowest level since the pandemic period. In comparison, firms raised $12.9 billion in 2024. They secured $10.8 billion in 2023 and $22 billion in 2022. Meanwhile, 2021 saw $7.8 billion in total proceeds. In 2020, companies collected just $2.1 billion.
Although overall proceeds fell, Saudi Arabia and the UAE controlled most of the market. Saudi Arabia accounted for 63.5 percent of total IPO value in 2025. The UAE followed with 28.7 percent of the total funds raised. Together, they captured more than 90 percent of regional proceeds.
In terms of volume, Saudi Arabia dominated even more strongly. The kingdom secured 80 percent of total listings. Many of these offerings came from smaller firms. These companies operated across consumer, industrial, and services sectors. This broad mix supported steady deal flow throughout the year.
Among the largest offerings, flynas raised $1.1 billion. Meanwhile, Dubai Residential REIT secured $0.6 billion. These headline transactions boosted visibility for GCC IPO activity. Yet they could not offset the overall decline in fundraising value.
Market experts point to structural reforms in both countries. Regulators modernized listing rules and improved disclosure standards. Authorities also expanded foreign ownership frameworks. As a result, investor expectations have risen sharply. Companies must now present clearer strategies and stronger governance practices.
Advisers say firms in Saudi Arabia and the UAE face intense scrutiny. Investors demand transparency, disciplined capital allocation, and credible growth plans. Therefore, companies must prepare thoroughly before entering public markets.
Industry analysts describe both markets as regional benchmarks. Their scale and regulatory maturity attract deep pools of capital. In addition, strong investor participation supports pricing stability. These factors shape how investors assess risk across the GCC.
Consequently, other Gulf markets increasingly look to these two leaders. Policymakers aim to replicate their regulatory frameworks and investor protections. As competition increases, companies must refine their equity stories.
Despite weaker totals, GCC IPO activity remains strategically important. Saudi Arabia and the UAE continue to set the pace. Their leadership influences how capital markets evolve across the wider region.
