Is oil prices leading the GCC market to a new achievement
The market for public offerings in the countries of the region, especially the Gulf, has been very active since the beginning of this year and with the rise in oil revenues, which was reflected in the capital markets.
During the first quarter of 2022, the MENA region overtook Europe for only the second time since the global financial crisis in the offering market, the only other time this has happened since 2009 was in late 2019 when Saudi Aramco withdrew from the world's largest listing ever.
According to experts, the turmoil in the markets after the Russian war in Ukraine drove inflation rates to record levels and the subsequent hawkish policies of central banks, which could lead to the curtailment of initial public offerings around the world, including in the Middle East.
The Abu Dhabi Securities Exchange (ADX) attracted the largest and largest petrochemicals company in the Middle East and North Africa (MENA) region, "Burooj petrochemicals", which raised a huge value of two billion dollars and received orders of more than 83 billion dollars, reflecting the coverage of the offer about 42 times.
What about the second quarter?
On April 12, Dewa shares were listed and started trading on the Dubai Financial Market, the first listing in the UAE market in 2022, and the first of 10 planned public and semi-government companies.
Dewa's IPO of 6 6.1 billion was the second largest in the world for the current year, with international investors accounting for 30 percent of the underwriters, the company said.
This raises the question of the future of public offerings in the region as geopolitical volatility increases, and whether the region's markets continue to be attractive to international institutions
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