Barclays projects significant growth in initial public offerings across the Gulf Cooperation Council region as the United Arab Emirates solidifies its position as a premier global listing destination. According to Nikita Turkin, Head of CEEMEA Equity Capital Markets at Barclays, favorable market conditions including declining global interest rates, subdued volatility, and receding inflation are creating an optimal environment for equity capital market activities.
The GCC region has demonstrated remarkable resilience since its breakthrough year in 2022, maintaining substantial IPO momentum despite periodic market fluctuations. Turkin revealed that more than 50 companies are currently considering public offerings, characterizing this as “one of the strongest IPO pipelines globally.” This robust activity translated to IPOs constituting 45% of total ECM volumes in the previous year, with issuance reaching approximately $12 billion—comparable to 2023 levels.
Barclays is reinforcing its regional presence through expanded research coverage, enhanced local sales teams, and securing a provisional operating license in Saudi Arabia. This strategic expansion builds upon the bank’s five-decade presence in the Gulf, reflecting long-term commitment to the region’s financial ecosystem.
The UAE’s exchanges have emerged as particularly dynamic venues, with Turkin praising Dubai Financial Market and Abu Dhabi Securities Exchange for their “commercial and proactive” regulatory approach. He noted that UAE authorities demonstrate exceptional agility in updating regulations to meet market needs, often outperforming major European exchanges in responsiveness.
This regulatory sophistication is transforming the UAE into a credible alternative to traditional international exchanges, with Turkin predicting that within ten years, companies from beyond the GCC will routinely choose UAE listings. Despite oil price concerns, investors remain focused on fundamental economic factors rather than crude volatility, with the UAE’s non-oil sectors now contributing 70-74% of GDP.
The region demonstrates growing market maturity through increased utilization of sophisticated financial instruments including accelerated bookbuilds, fully marketed offerings, and rights issues. Cross-border listing activity continues to evolve, with most companies preferring local listings while maintaining flexibility between Saudi and UAE exchanges. For businesses with substantial US growth exposure, American listings remain relevant, but Gulf markets have now firmly established themselves on the global financial landscape.