RIYADH: Saudi Arabia led the Gulf Cooperation Council’s initial public offerings market in 2024, earning a global ranking of seventh in total IPO proceeds, according to the latest report from Kamco Invest. 

The Kingdom accounted for 42 of the 53 IPOs in the GCC last year, significantly outpacing its regional peers and aligning with expectations to maintain its leadership in the coming year.

The surge in listings highlights Saudi Arabia’s dominant position in the regional capital markets and its role as a key driver of IPO activity across the GCC. 

The figure represents a sharp increase from 46 IPOs across the GCC in 2023, underscoring continued investor interest and market dynamism. 

GCC issuers collectively raised $12.9 billion in 2024, a 19.8 percent increase from $10.8 billion in 2023, despite global IPO markets experiencing their weakest performance since 2009. 

Within the GCC, Saudi companies contributed $4.1 billion, amounting to 31.6 percent of total regional proceeds. 

While the UAE led in terms of proceeds with $6.2 billion, its share of GCC IPO proceeds dropped from 56.3 percent in 2023 to 47.8 percent in 2024. 

Oman ranked third, with state-backed privatizations raising $2.5 billion, or 19.3 percent of total GCC proceeds. 

The majority of Saudi IPOs occurred on the Nomu–Parallel Market, which hosted 28 of the Kingdom’s listings. 

The main market recorded 14 IPOs, including standout listings such as Dr. Soliman Abdel Kader Fakeeh Hospital, which was oversubscribed 119 times and garnered orders worth $91 billion.

Other notable listings included Almoosa Health, Miahona Utilities, and Nice One Beauty Digital Marketing. 

The strong demand was driven by a local investor base and underscored the resilience of Saudi capital markets despite challenges such as declining oil prices and geopolitical tensions. 

The report said that sectors such as health care, materials, and professional services were among the most active in Saudi IPOs, reflecting strong fundamentals and investor confidence in these industries. 

Globally, the GCC ranked fourth in IPO proceeds, trailing China, the US, and Japan, demonstrating its growing importance as a financial hub. 

Looking ahead to 2025, Saudi Arabia is expected to further dominate, with 31 IPOs in the pipeline, according to Kuwait-based asset management company Kamco Invest. 

The Kingdom’s Public Investment Fund is set to play a pivotal role with upcoming listings of Saudi Global Ports, Nupco, and Tabreed District Cooling, among others. Several private companies, including flynas, Tabby, and Ejada Systems, are also preparing IPOs. 

Oman plans to privatize up to 30 assets in the coming years, with Asyad Group and Oman Electricity Transmission Co. expected to go public in 2025. 

In the UAE, major listings are anticipated from hotel operator FIVE and real estate companies under Dubai Holding, alongside Dubizzle Group and Alpha Data. 

Despite external headwinds like geopolitical tensions and rising economic pressures, the GCC IPO market has proven resilient, with a robust pipeline of offerings across various sectors. 

RIYADH: Saudi Arabia’s entertainment sector is set for growth as the General Entertainment Authority launches the third edition of its accelerator program, which will support 32 startups.

The initiative is designed to drive innovation, foster entrepreneurship, and help shape the future of the Kingdom’s entertainment industry, according to the Saudi Press Agency.

The 10-month accelerator program offers participating startups a comprehensive suite of benefits, including mentorship, consulting, co-working spaces, and international exposure.

Each cohort, consisting of 16 companies, will receive 192 hours of expert guidance and two international trips to explore global market trends.

Aligned with Saudi Arabia’s Vision 2030 objectives of economic diversification, the program is set to play a key role in strengthening the entertainment ecosystem. With projections indicating that the sector will generate 450,000 jobs and contribute 4.2 percent to the country’s gross domestic product by 2030, the initiative aims to enhance innovation, attract investment, and position Saudi Arabia as a regional entertainment hub.

The program builds on the success of its previous editions. The first accelerator, launched in 2023, reviewed 260 project registrations and selected 14 startups after a rigorous vetting process. Entrepreneurs benefited from weekly workshops, personalized consulting, and opportunities to connect with investors.

In the second edition, which launched in mid-2023, the GEA expanded its efforts to help startups overcome market challenges and achieve sustainable growth. Tailored programs helped participants navigate the unique obstacles of the entertainment sector, increasing their chances of success.

The GEA’s initiative is part of a broader strategy to support the Kingdom's growing entertainment industry. Through this accelerator, the GEA aims to foster an environment where innovation thrives, businesses grow, and global partnerships are forged.

In addition to the extensive mentorship and training, participants also had access to 56 hours of expert counseling in June 2023, with speakers and consultants from Saudi Arabia’s leading entrepreneurs sharing valuable insights.

The success of the first two accelerators laid the foundation for the third edition, which is expected to continue driving momentum in the entertainment sector as it evolves into a major contributor to Saudi Arabia’s economic transformation.