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RIYADH: ��������Ƶ 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 ��������Ƶ’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, ��������Ƶ 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: ��������Ƶ’s entertainment sector is set for further growth as part of major initiatives aimed at supporting 32 startups and driving innovation in the industry. 

The General Entertainment Authority has launched the third edition of its accelerator program, offering consulting, mentorship, and international exposure to participating startups, the Saudi Press Agency reported.  

The initiative, which runs for 10 months, is designed to foster entrepreneurship and align with Vision 2030’s goal of economic diversification. 

The accelerator will support startups through two cohorts, each comprising 16 businesses. Participants will receive 192 hours of expert guidance, co-working spaces, and two international trips to explore global markets and trends. 

With the entertainment sector expected to generate 450,000 jobs and contribute 4.2 percent to ��������Ƶ’s gross domestic product by 2030, the initiative seeks to strengthen the ecosystem, enhance innovation, and attract investment. 

Building on the success of previous editions, the first accelerator program, launched in 2023, approved 14 projects following a rigorous selection process. Entrepreneurs benefited from workshops, mentorship, and access to investors. 

The second edition, launched in mid-2023, continued these efforts, helping startups overcome challenges and grow in a rapidly expanding market. 

The second edition, launched in mid-2023, continued these efforts, helping startups navigate challenges and achieve growth in a rapidly expanding market. 

Tailored programs will assist startups in navigating the entertainment industry’s unique challenges and improve their chances of success. 

The GEA emphasized that this initiative also supports its broader goal of positioning ��������Ƶ as a regional entertainment hub. 

Scheduled to run for 10 months, the initiative is expected to significantly impact the entertainment sector, aligning with Vision 2030’s objectives. 

In March 2023, GEA approved 14 projects for its inaugural Entertainment Activities Business Accelerator, aimed at providing a stimulating environment with guidance, training, and connections to industry experts and investors. 

The selection process for the first cohort began with 260 project registrations, with 60 advancing to initial interviews. A jury ultimately shortlisted 22 initiatives, approving 14 projects. 

Participants engaged in an intensive training program, including weekly workshops, individual consulting sessions with specialists, and interactions with successful business owners. 

The program also included mentorship, setting weekly goals to monitor progress and prepare participants for pitching their ideas to investors. 

In June 2023, GEA organized sessions with speakers and consultants to guide entrepreneurs. The event featured 56 hours of counseling, with eight speakers and three consultants from prominent Kingdom-based entrepreneurs. 

Building on the first accelerator’s success, GEA opened registration for the second Entertainment Business Accelerator in July 2023. The program ran from July 24 through the end of October, continuing GEA’s efforts to support startups and foster a conducive environment for entrepreneurs in the entertainment sector.