Two years after the listing of shares in Saudi Aramco made headlines around the world, Middle Eastern equity markets are once again in the spotlight. With Covid-19 lockdowns and a collapse in oil prices, 2020 was the slowest year since 2016 for new listings on primary bourses in the Arabian Gulf, with just six companies coming to market across the region, according to data compiled by PwC.
A year later, with Covid-19 infection rates falling and oil prices approaching three-year highs, 2021 is set to be remembered as a watershed year for the region, with initial public offerings (IPOs) likely to raise more money than in any year since at least 2018 (excluding the one-off impact of the Aramco sale).
