For years the Middle East flirted with becoming a capital markets power, without ever quite succeeding.
All too often, the region was its own worst enemy. A successful share listing might trigger a headlong rush of similar offerings, overwhelming markets and compelling wary investors to retreat. Some stock offerings were badly managed; others were stymied by a poor economic backdrop and low oil prices.
Often, geopolitics was a disruptive force. In 2017, Emaar Development completed the largest initial public offering in Dubai for three years, raising $1.3 billion. Yet it was nearly derailed when the Kingdom of Saudi Arabia (KSA) launched a corruption crackdown that ensnared billionaires and ministers. Emaar’s stock fell 4.3% on day one and has never traded above its IPO price of Dh6.03 ($1.64).
But it feels like a corner was turned in 2022.
In the current year to December 8, a total of 47 IPOs were completed in the region, raising $20.6
