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RIYADH: ������Ƶ dominated Gulf equity markets in the second quarter of 2025, securing 76 percent of total initial public offering proceeds amid strong investor demand for listings on its bourses. 

According to PwC Middle East’s latest IPO Watch report, Gulf Cooperation Council equity markets raised $2.4 billion from four main market IPOs and eight listings on ������Ƶ’s Nomu Parallel Market. The proceeds were broadly in line with the $2.6 billion raised during the same period in 2024, despite a decline in the number of listings. 

The Kingdom’s leadership was underscored by high-profile IPOs such as Flynas, the region’s first airline listing in over 15 years, and Specialized Medical Co., which raised $500 million in June. Three IPOs in the region raised over $500 million each, reflecting strong investor appetite and a shift toward larger deals. 

“The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,” said Muhammad Hassan, capital markets leader, partner at PwC Middle East. 

“Despite slower IPO activity across the GCC, Tadawul and DFM witnessed landmark IPOs such as Flynas and Dubai Residential REIT," he added. "The outlook remains cautiously optimistic for the remainder of the year, subject to macroeconomic and geopolitical factors.”  

Strong IPO performance was further bolstered by rising foreign investor participation across Gulf stock markets, with net inflows jumping 50 percent quarter on quarter to reach $4.2 billion in the second quarter of 2025, according to a report by Kuwait-based asset management company Kamco Invest released earlier in July.  

This marked the sixth consecutive quarter of net foreign inflows into GCC equities.  

Kamco reported that ������Ƶ attracted the highest inflows at $1.4 billion, up from $252.3 million the previous quarter, reflecting increased investor confidence amid the Kingdom’s ongoing market liberalization and economic diversification efforts. 

PwC reported that the Nomu market showed continued strength, with eight listings raising $128 million in the second quarter of the year, up from $81 million during the same period last year. 

In the UAE, the Dubai Residential REIT IPO marked the first real estate investment trust listing since 2014, signaling renewed investor interest in alternative assets.  

The Dubai Financial Market and Abu Dhabi Securities Exchange rebounded from early turbulence, with the Dubai Financial Market gaining 15 percent and the Abu Dhabi Securities Exchange rising 7 percent. 

Regional equity indices saw mixed performance, with early-quarter uncertainty followed by recovery later in the period. In ������Ƶ, the Tadawul All Share Index declined 6 percent, influenced by a nearly 20 percent drop in Brent crude prices.  

Looking ahead, PwC said that while the third quarter typically experiences reduced IPO activity, the pipeline for late 2025 and early 2026 remains strong and diversified. 

RIYADH: ������Ƶ and Syria are strengthening their energy cooperation through a new agreement that covers oil and gas, petrochemicals, electricity, regional grid integration, and renewable energy.

The memorandum of understanding was signed by the Kingdom’s Minister of Energy, Prince Abdulaziz bin Salman, and his Syrian counterpart, Mohammed Al-Bashir, following a meeting held in Riyadh, according to a statement.

The move is part of ������Ƶ’s drive to strengthen ties across key investment sectors and support shared goals of economic growth and sustainable development with Syria.

It also aligns with the Kingdom’s recent signing of $6.4 billion in investment deals with Syria, marking a major step toward re-engaging economically and supporting the country’s reconstruction efforts.

“During the meeting, the two sides explored cooperation opportunities between the two countries across various energy sectors and ways to enhance them, including oil and its supplies, electricity, renewable energy, and energy efficiency,” the Kingdom’s Ministry of Energy said.

“They also reviewed investment opportunities, and the exchange of expertise in developing projects, policies, and regulatory frameworks in the Kingdom’s energy sector, as part of broader efforts to support the development journey of the Syrian Arab Republic,” it added.

Following the talks, Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria’s energy infrastructure, as announced during a high-level meeting in Riyadh.

The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration.

Al-Bashir outlined his ministry’s recent achievements and its strategic direction, despite prevailing challenges, reported the Syrian Arab News Agency.

Al-Bashir said economic partnerships and investor engagement are crucial to advancing the energy sector and welcomed collaborative initiatives aimed at enhancing development efforts.

The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus.

Earlier in July, a Saudi delegation visiting Damascus announced investment and partnership deals valued at $5 billion to help rebuild war-battered Syria.

The agreements span vital and strategic sectors, including real estate, infrastructure, communications, IT, transportation and logistics, industry, tourism, energy, trade, and more, AFP reported at the time, citing a statement from the investment ministry.

According to official data from ������Ƶ’s General Authority for Statistics, Syria was the Kingdom’s 53rd largest export destination in April, with non-oil exports rising by 153.3 percent year on year to reach SR81.9 million.

Syria ranked 60th among countries supplying goods to ������Ƶ, with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.