The Middle East has been the biggest beneficiary by some margin of geopolitical turmoil in recent years. Driven by both the price of oil and the search for a relatively safe haven, new money has flowed to the region. The result has been an IPO boom, thanks to the dearth of issuance elsewhere.
Some steps have already been taken to take advantage of international attention. Among the region’s exchanges, Saudi Arabia’s Tadawul Group, the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) have made comprehensive regulatory changes to bring their markets in line with international standards, such as loosening foreign-ownership requirements.
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