RIYADH: Saudi Arabia emerged as a dominant force in initial public offering activity for the region in the first quarter of 2024, according to multinational professional services EY. With nine IPOs launched during this period, the Kingdom, along with the UAE, contributed to a total of 10 listings, generating combined proceeds of $1.2 billion, as detailed in the MENA IPO Eye Q1 2024 report. Saudi Arabia maintained its stronghold on the listing front with a diverse array of offerings across a range of sectors. Modern Mills Co. led the pack with a substantial IPO amounting to $724 million, followed by MBC Group with $222 million and Middle East Pharmaceutical Industries Co. with $131 million. These companies were predominantly listed on the Tadawul Main Market, while the remaining six took place on the parallel market Nomu, raising a collective total of $57 million. “The region has retained a robust pipeline, with several companies in the GCC (Gulf Cooperation Council) and North Africa having announced their intentions to list,” Brad Watson, EY MENA Strategy and Transactions Leader, added. The largest IPO in the region during the first quarter of 2024 came from the UAE’s Parkin Co. PJSC, totaling $400 million. Oversubscribed 165 times, the listing marked the third Roads and Transport Authority asset to be floated, following Salik and the Dubai Taxi Co. Additionally, significant upcoming listings in the UAE, including Spinneys, LuLu Group, and Etihad Airways, underscore the country’s vibrant IPO market. The region is witnessing a growing emphasis on environmental, social, and governance alongside stock market growth. The UAE’s introduction of mandatory ESG reporting guidelines for companies listed on the Abu Dhabi Securities Exchange reflects a commitment to transparency and sustainability. This move aligns with broader moves, such as the Saudi Green Initiative which aims to plant 10 billion trees by 2030 and transition toward renewable energy sources, highlighting the region’s dedication to a greener future. Gregory Hughes, EY MENA IPO Leader, emphasized the continued strength of stock market debuts activity in the region, and said: “The successful listing of Parkin Co. PJSC on the DFM demonstrated a continued commitment toward the Dubai government’s privatization program that involves listing state-owned companies as part of the nation’s economic diversification drive.”