The Gulf Cooperation Council (GCC) has witnessed a significant 56% year-on-year decline in initial public offerings (IPOs) proceeds for the first nine months of 2023, according to a report by Kuwait Financial Centre (Markaz). The total funds raised through 29 IPOs amounted to $6.8 billion, compared to a much higher figure in the previous year. The United Arab Emirates (UAE) led the GCC IPO market with four offerings that generated $3.9 billion, accounting for 58% of the total GCC proceeds. The top five GCC IPOs were led by Adnoc Gas with $2.5 billion, surpassing Borouge's $2 billion in 2022. Despite the downturn in IPO activity this year, 11 more IPOs are expected in the UAE in 2023.
