Surging Oil Revenues Fuel the GCC’s IPO Boom
The GCC IPO market is bucking trends across the U.S. and Europe. Leading the pack is Saudi Arabia, which saw 20 IPOs in 2021 — the highest activity in over 20 years. Investor confidence is high in the region thanks to rising oil revenues and unexpected economic growth. Outpacing IMF predictions, the Saudi economy grew by 9.9% in the first quarter of 2022, representing the highest growth rate in over a decade.