RIYADH: Equity and equity-related issuances in the Middle East and North Africa totaled $10.4 billion during the first nine months of 2025, marking a 51 percent decline from the same period last year, according to data from LSEG.
Despite the drop in total proceeds, deal activity showed resilience, with the number of transactions rising 12 percent year on year.
First Abu Dhabi Bank topped the equity capital markets underwriting league table with an 11.2 percent market share, followed closely by HSBC at 10.8 percent. Citi, meanwhile, recorded a 14 percent increase in proceeds to $938 million — one of only two top-ten bookrunners to post growth.
“This year has been exceptionally busy for us, and we still have at least one more deal expected to close before year-end,” said Rudy Saadi, managing director and head of MENA ECM at Citigroup.
Based on current momentum and pipeline discussions, 2026 is expected to be even busier.
Rudy Saadi, Citigroup top executive
“Based on current momentum and pipeline discussions, 2026 is expected to be even busier.”
Initial public offerings accounted for 46 percent of total issuance, with follow-on offerings representing the remaining 54 percent.
The region saw 36 IPOs during the period — six more than last year and the highest nine-month total since 2008 — raising $4.8 billion, a modest 4 percent decrease from 2024.
Saudi Arabia’s low-cost carrier flynas led the year’s IPOs, raising $1.1 billion in its May debut on the Tadawul, the region’s largest offering so far in 2025. In the third quarter, Dar Al Majed Real Estate Co. topped listings with a $335.8 million float.
