The GCC region is poised to see an active IPO market in 2026, with a number of companies already in the pipeline. The list includes companies that postponed their IPO plans due to a lack of appropriate valuations, especially after the region underperformed during the global market rally in 2025.
Kamco Invest's latest report reveals that based on the status of IPO offerings, there are around 73 IPOs already in the pipeline in the GCC, with a majority of the IPOs in the announced stage, while a few remain in the rumoured stage.
Saudi Arabia to lead IPO volume in 2026
Saudi Arabia is expected to lead the GCC once again in terms of volume of IPOs in 2026, with the CEO of the Saudi Exchange asserting that there are 40 companies that have already applied for IPOs, and the tally climbs to 100 if companies seeking financial advisors for IPOs are also included.
At the global level, a number of companies linked to the AI-value chain are expected to tap the market in 2026. There is significant investor appetite for high-growth sectors, particularly those related to AI infrastructure and software, biotech, clean energy and defense technologies.
In addition, a number of private companies, many backed by private equity and venture capital, have been waiting for favorable market conditions and are now prepared to go public. Companies like OpenAI, SpaceX and Anthorpic are some of the large IPOs expected to hit the U.S. market in 2026. This could also result in a disruption in other markets as these sizeable IPOs result in a significant shift in capital in favor of the U.S. markets and cause mid to small companies to suffer as investors shift to more promising IPOs.
GCC to witness prominent offerings in 2026
In the GCC, some of the prominent offerings in the pipeline include the PIF’s Saudi Information Technology Co. Ejada Systems, also in the technology space, is expected to reapply for an IPO after the earlier six-month window to list lapsed.
Some of the more recent announcements include IPOs of companies like AlKhorayef Petroleum (in which Saudi PIF has a stake), Sudair Pharmaceutical, Aldyar AlArabia Real Estate and Lean Technologies. There are a number of smaller companies in niche sectors like car rental, F&B and restaurant chains that are also in line for IPOs, mostly in the Nomu parallel market.
In the UAE, the pipeline includes several large offerings, including Binghatti Holding, Dubai Investments Park Development, Arabian Construction and Majid Al Futtaim Holding in Dubai. In Abu Dhabi, prominent IPO candidates include larger names like Emirates Global Aluminum, Masdar and Etihad Airways.
In Oman, there are at least two government-owned companies that could IPO in 2026, including Oman India Fertilizer and Minerals Development Oman. Kuwait also boasts at least two companies that have already announced plans for an IPO, and a third one that is still rumored.
GCC exchanges see 42 IPOs during 2025
After witnessing healthy primary market activity in 2024, GCC equity markets witnessed a sharp contraction in IPOs during 2025 mainly led by a slowdown in big-ticket offerings as well as a slide in TASI, especially during Q4 2025. GCC exchanges witnessed a total of 42 IPOs during 2025, which was the lowest in four years.
At the country level, Saudi Arabia once again accounted for the biggest share of offerings during the year, followed by the UAE, although both these regions witnessed a year-over-year decline in the number of offerings. The decline also came after the GCC region lagged behind other global financial markets by registering one of the lowest comparable index gains during the year.
In terms of proceeds, GCC issuers raised $5.8 billion during the year, the lowest in five years and a 54.8 percent decline compared to proceeds of $12.9 billion in 2024. The decline in proceeds reflected a fall in overall issuance numbers as well as a fall in $1 billion+ IPOs during the year. Based on the listing market cap, the total number of IPOs with a market cap of over $1 billion fell from 14 IPOs in 2024 to merely 7 IPOs in 2025.
