Press release

31 Jan 2023 Dubai, AE

MENA IPO activity in 2022 set a record with 51 IPOs

Dubai – 31 January 2023: According to the EY MENA IPO Eye Q4 2022 report, the MENA region saw a record number of IPOs in 2022 with 51 IPOs and combined proceeds of US$22.0b.

Press contact
Lamice Murshid

EY MENA Brand, Marketing and Communications Leader

Brand and communications strategist. Imaginative storyteller. Believer in of the power of diversity as a key ingredient of creativity and innovation. Adventurous travel partner. Loving mother.

Related topics IPO
  • In 2022, 51 IPOs raised US$22b, marking 143% growth in volume and 179% growth in value when compared with 2021
  • Saudi Arabia continued to dominate listing activity with 13 IPOs and two direct listings in Q4 2022
  • UAE registered the region’s largest IPO in Q2 2022 with Dubai Electricity and Water Authority (DEWA) raising over US$6b

According to the EY MENA IPO Eye Q4 2022 report, the MENA region saw a record number of IPOs in 2022 with 51 IPOs and combined proceeds of US$22.0b. The year witnessed a 143% increase in the number of listings when compared to the 21 announced in 2021, and a 179% hike in value when compared to last year.

The strong run across the MENA region’s markets included 20 IPOs in Q4 2022 that raised US$7.3b in proceeds. In terms of value, Q2 2022 was the strongest quarter with US$9.2b in proceeds raised across nine IPOs.

Brad Watson, EY MENA Strategy and Transactions Leader, says:

“MENA IPOs had a stellar 2022, with interest and liquidity in the region continuing to defy global trends. The number of IPOs in Q4 2022 was the highest at 20; however, Q2 2022 marked the highest proceeds with the listing of DEWA on the Dubai Financial Market (DFM) which raised a record US$6.1b. The year to watch will be 2023 as there is a healthy IPO pipeline across the region against the backdrop of a challenging and volatile global economic environment.”

Globally, 2022 saw a total of 1,333 IPOs raising US$179.5b in proceeds, a 45% decrease in volume and 61% decrease in value YoY. In contrast to the record-breaking 2021, IPO activity hit long-term lows by volume and value across several regions, with the strongest downward trend observed in the Americas.

The MENA region, however, continues to buck the trend, with listings remaining strong until the end of 2022, and a positive outlook for 2023. Several companies have already announced their IPO plans for 2023.

MENA equity performance experienced volatility throughout 2022 due to rising interest rates, inflation, and geopolitical unrest, which impacted investor sentiments. At the closing of the year, 24 out of the region’s 51 IPOs had a negative return compared to their IPO price.

Saudi Arabia witnesses an increase of listings

The Kingdom of Saudi Arabia (KSA) continued to dominate listing activity in Q4 2022. This included seven IPOs on the Saudi Exchange (Tadawul) Main Market, raising US$4.7b in proceeds, and six IPOs raising US$65.2m as well as two direct listings on the Nomu – Parallel Market. The largest public offering belonged to Saudi Aramco Base Oil Company (Luberef), which raised US$1.3b – an amount that alone exceeded the total value of Saudi listings for Q3 2022. Meanwhile, Americana Restaurants International PLC (Americana) brought a first-time dual offering and concurrent IPO on Abu Dhabi Securities Exchange (ADX) and the Tadawul. In total, the company offered 30% of the equity to raise US$1.8b.

The UAE sees MENA’s largest IPO in Q2 2022

In the United Arab Emirates (UAE), DEWA raised US$6.1b in Q2 2022, becoming the largest MENA IPO for the year in terms of proceeds raised.

In Q4 2022, ADX welcomed three listings – Americana, Burjeel Holdings PLC and Bayanat AI PLC, which raised a total of US$14.0b. Furthermore, there were two new listings on DFM – Emirates Central Cooling Systems Corporation (Empower), raising US$724.1m, and Taaleem Holdings PSC with US$204.2m.

IPO activity on the rise across the wider region

Despite a lower number of IPOs and trading volumes, the Egyptian Exchange (EGX) outperformed the largest GCC markets – Tadawul and ADX – in 2022 with an annual gain of 22.2%.

The fourth quarter of 2022 saw an increase in IPO activity across the wider MENA region with smaller listings in Oman, Morocco and Tunisia. The IPO of Pearl Real Estate Investment Fund (Pearl REIF) raised US$60.7m on the Muscat Stock Exchange (MSX), Akdital Holding S.A. raised US$75.6 m on the Casablanca Stock Exchange and Assurances Maghrebia Vie S.A. raised US$14.6m on the Tunis Stock Exchange.

Gregory Hughes, EY MENA IPO and Transaction Diligence Leader, says:

“The year 2022 marked a record year for MENA IPOs with a YoY growth of 179% in total proceeds raised from both state-owned and private companies. The region is coming together with the recent first-time regional dual listing and concurrent IPO of Americana Restaurants on ADX and Tadawul, and announced collaborations with regional and international exchanges as well as a unified set of ESG Disclosure Metrics by the GCC Exchanges Committee. The question remains whether the global economic outlook and lower GDP forecasts for the MENA region will impact expected listings for 2023 despite the pipeline of large government-backed and private company IPOs.”

Download MENA IPO Eye Q4 2022


About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers to the complex issues facing our world today.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of individuals’ rights under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit

The MENA practice of EY has been operating in the region since 1923. For over 98 years, we have grown to over 7,500 people united across 21 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region.

© 2023 EYGM Limited.
All Rights Reserved.

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.