GCC markets raise $3.5bn in IPOs in Q1 with UAE taking the lead 

Abu Dhabi Securities Exchange raised $3.2 billion from just three offerings (Shutterstock)
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Updated 01 May 2023
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GCC markets raise $3.5bn in IPOs in Q1 with UAE taking the lead 

RIYADH: Stock markets across the Gulf Cooperation Council raised $3.5 billion through 12 initial public offerings during the first quarter of 2023, with the UAE responsible for 91 percent of the total amount.

Abu Dhabi Securities Exchange recorded an increase of 192 percent in value compared to the same quarter of the previous year as it raised $3.2 billion from just three offerings, according to a report issued by the Kuwait Financial Center, also known as Markaz. 

Some $3 billion came through the IPOs of ADNOC Gas and Presight AI, while Dubai-listed Al Ansari Financial Services raised $200 million.

The report showed that following a flurry of IPOs in 2022, the Gulf region witnessed a 25 percent slump in the first quarter of the current year compared to the same period last year, when $4.6 billion was raised through 13 offerings.

Muscat Securities Market in Oman saw an IPO totaling $244 million, representing 7 percent of the total GCC IPO proceeds raised in the first quarter of 2023.   ⁠⁠⁠⁠⁠⁠⁠    ⁠⁠⁠⁠⁠⁠⁠

Furthermore, eight IPOs were held at the Saudi Stock Exchange, also known as Tadawul, generating $72 million, or 2 percent of the total IPO proceeds in the Gulf region.    

However, Tadawul received 100 applications until mid-February 2023, and 23 firms obtained final approval for listing.

This includes Saudi Arabia’s First Mills Co., which plans to float 16.65 million shares, or 30 percent of its share capital, in an IPO that could value the company at as much as $1 billion.

Al-Mawarid Manpower Co. intends to offer 4.5 million shares, or 30 percent of its capital, on Tadawul in May.

Meanwhile, Lumi Rental Co. obtained approval from the Capital Market Authority to offer and list 16.5 million shares, or 30 percent of its share capital, on the Saudi exchange.

The Markaz report added that the UAE is also expecting 11 IPOs in 2023, with ADNOC planning to float its marine and logistics subsidiary in the coming months.

Oman’s OQ Gas Network is also preparing for a public share sale that could take place in June. and could raise more than $500 million, the report stated.

 

 


Major airlines suspend, reroute flights amid US-Israel strikes on Iran

Updated 28 February 2026
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Major airlines suspend, reroute flights amid US-Israel strikes on Iran

  • Saudia says decision taken in line with aviation safety and security standards
  • Emirates said it temporarily suspended it's operations out of Dubai

RIYADH: Major international airlines across the Middle East and South Asia have suspended, canceled or rerouted flights following ongoing US-Israel attacks on Iran and the resulting airspace closures, according to official statements issued via X.

Saudia said in an official statement that it had canceled a number of flights due to developments in the region and the closure of airspace.

The airline said the decision was taken in line with aviation safety and security standards, noting that its Emergency Coordination Center is closely monitoring developments with relevant authorities.

Saudia urged passengers to verify the status of their flights before heading to the airport and said guests would be notified of updates through the contact details associated with their bookings.

The carrier added that further information would be announced in a subsequent statement if available.

Air Arabia said its flights were experiencing cancellations, delays or rerouting as a result of the evolving situation and airspace closures.

The airline advised passengers to check the status of their flights before traveling to the airport by visiting its website or contacting its call center.

Customers booked on affected flights will be notified directly, the airline said, adding that further updates would be provided as the situation develops.

Air India announced a broader suspension, stating that “in view of the developing situation in parts of the Middle East, all Air India flights to all destinations in the Middle East have been suspended.”

The airline said it remains committed to maintaining the highest standards of safety for passengers and crew and will continue to assess the safety and security environment for flight operations, adjusting services proactively as required.

Air India said its teams would extend necessary support to passengers and advised customers to check flight status online or contact its 24/7 call center for assistance.  

All flight operations at Dubai International and Dubai World Central – Al Maktoum International are suspended until further notice, according to a post by Dubai Media Office on X.

Dubai-based Emirates reported that regional airspace closures had caused disruption to several of its flights and that the airline had temporarily suspended its operations from its hub Dubai.

The airline said it is actively monitoring the situation, engaging with relevant authorities and adjusting operations in line with the latest developments. 

The carrier apologized to affected customers and said it is assisting them with rebooking, refunds or alternative travel arrangements, reiterating that the safety and security of passengers and crew remain its highest priority.  

Qatar Airways confirmed a temporary suspension of flights to and from Doha due to the closure of Qatari airspace.

The airline said it is working closely with government stakeholders and relevant authorities to support impacted passengers and will resume operations once the airspace reopens.

It warned that delays are anticipated when usual operations resume and said additional ground staff have been deployed at Hamad International Airport and other key airports to assist passengers.  

Meanwhile, Al Jazeera reported that British Airways had canceled flights to Tel Aviv and Bahrain, adding to the list of carriers adjusting operations.

Across their statements, airlines consistently cited airspace closures and safety considerations as the primary reasons for suspensions and disruptions, while urging passengers to monitor official channels for updates as the situation continues to evolve.