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42.8% raise in IPO traffic in the MENA region to increase real estate investment funds

- August 29, 2018

More than $ 880 million was raised in the Middle East and North Africa (MENA) through nine IPOs in the second quarter of 2018, an increase of 42.8% over the same period last year.
The latest EY MENA IPO Eye report showed that both IPO value and activity increased year-on-year. Out of the nine deals in MENA, seven IPOs were recorded in the GCC, including three REIT listings, raising $780.3 million.
Saudi Arabia led the IPO in the Middle East and North Africa region with four out of nine IPOs in the second quarter part of an increasing trend of REITs being listed on the exchange and a reflection of the underlining investor interest in real estate assets in the country, the report said.
It added that the highest value for the IPO in the first quarter was the IPO of the Saudi Arabia-listed fund, which raised $ 237.5 million.
While Oman was the only GCC country to have a second-quarter the Muscat Securities Market (MSM) recorded a single IPO, raising $12.8 million.
According to the report, in the wider MENA region, Egypt and Morocco recorded one deal each, adding that the real estate sector raised the highest capital, with four REITs raising $553 million.

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