Skip to main content

Saudi Aramco, high-value IPOs face impending pressure in 2023

The United Arab Emirates saw the world’s largest IPO of first quarter 2023, with ADNOC Gas PLC raising $2.5 billion on the Abu Dhabi Securities Exchange.

DUBAI — Saudi Aramco and other regional companies delayed listing their initial public offerings this week in a trend that reflects the growing impact of the regional and global, economic slowdown that began in 2023.

The first quarter of this calendar year saw a 33% drop in volume of IPO listings in the Middle East and North Africa, and a 14% decrease in value compared to the same quarter in 2022, according to global professional service network Ernst & Young.

Economic downturn is expected to continue throughout 2023 in a trend experts believe exposes MENA to external shocks that could further exacerbate economic hardships.

Still, Ernst & Young MENA Strategy and Transactions Leader Brad Watson wrote in a press release that globally, the region will fare better in the coming year.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 for annual access.