Middle East Bucks Global Stock Market Slump, With Slew Of New Listings

Middle East Bucks Global Stock Market Slump, With Slew Of New Listings

Share to Linkedin In this June 15, 2015 file photo, a Saudi man walks through the Tadawul Saudi Stock Exchange in the ... [+] Saudi Arabian capital, Riyadh (AP Photo/Hasan Jamali) The Middle East is bucking a global slump in stock market listings, with an almost 300% rise in the number of companies making their debuts on bourses across the region so far this year. According to data from consultancy firm EY, there have been 31 initial public offerings (IPOs) in the region in the first nine months of 2022, up 288% on the same period in 2021. Between them, these deals have raised some $14. 7 billion, up 550% year-on-year. The pace of new listings has been slowing down as the year has progressed, but the oil windfall that the region's energy producers are enjoying means the level of activity is expected to remain relatively high for some time. There were 15 IPOs in the first three months of the year, raising a combined $4 billion. In the second quarter the number of listings dropped to nine, although the amount raised grew to $9 billion. In the most recent quarter, from July-September, there were seven listings which between them