RIYADH: Initial public offering activity in the Gulf is booming, with record offerings this year on the back of surging oil revenues and high investor appetite. Geopolitical unrest and rising inflation may have weighed on markets globally, but the Gulf continues to buck the trend with strong investor demand and double-digit returns on most IPOs. Despite missing out on last year’s boom led by Riyadh and Abu Dhabi, Dubai’s leading power and utility supplier was the world’s second-biggest initial share sale this year. Dubai Electricity and Water Authority, or DEWA, drew billions of dollars from investors, generating $6.1 billion in proceeds. This offering marked the biggest regional IPO since Saudi oil giant Aramco raised over $25 billion back in 2019 and was the second-largest globally after LG Energy Solution. Pharma chain operator Nahdi Medical Co. was next, striking a $1.36 billion IPO on Saudi Arabia’s main market, followed by Abu Dhabi Ports with $1.1 billion in proceeds. Amid efforts to increase liquidity and reinvigorate capital markets, the Gulf has come a long way from last year and earlier. In 2021, ACWA Power Co. was the region’s largest offering, with proceeds amounting to $1.2 billion. The Saudi-based utility provider was followed by ADNOC Drilling Co., which went public on Abu Dhabi Securities Exchange after a $1.1 billion IPO. Buoyed by high oil prices, the initial share sale spree in the oil-rich region is not expected to halt anytime soon, with several companies lining up for IPOs.