After a year of subdued listings, the UAE is shaping up as the focal point of a GCC IPO revival in 2026, with a strong pipeline of large, diversified offerings expected to restore depth and confidence to regional equity markets, according to a new report by Kamco Invest.
Market attention is already shifting firmly towards the UAE after a disappointing 2025, when IPO activity across the GCC slipped to a four-year low. The region saw just 42 listings during the year, while total proceeds fell to $5.8 billion, the weakest showing in five years and almost 55 per cent lower than in 2024.
Big-ticket deals largely stayed on the sidelines as volatile markets, weaker oil prices and geopolitical risks made issuers and investors cautious.
Against this backdrop, the UAE’s 2026 pipeline stands out for its scale and breadth. In Dubai, several potential listings are expected to test investor appetite, including Binghatti Holding, Dubai Investments Park Development, Arabian Construction and Majid Al Futtaim Holding.
Abu Dhabi’s pipeline is equally heavyweight, with Emirates Global Aluminium, Masdar and Etihad Airways among the most closely watched candidates. Together, these deals could bring back the large-cap momentum that defined the UAE’s strong IPO cycle in earlier years.
Kamco Invest said the UAE’s appeal lies not just in the size of its pipeline, but in its sector mix. Real estate, construction, energy, aviation and renewables are all represented, offering investors exposure to defensive cash flows as well as long-term growth themes. With valuations resetting after a weak 2025, bankers expect a more realistic pricing environment, improving the chances of successful executions.
The renewed focus on the UAE follows a sharp pullback last year. IPO proceeds in the country fell to about $1.1 billion in 2025 from $4.1 billion in 2024, while the number of listings dropped to just three from seven. Saudi Arabia continued to dominate volumes, accounting for 37 of the 42 GCC IPOs, but even there activity slowed and investor sentiment softened as the Tadawul All Share Index slid 12.8 per cent over the year.
Regional market underperformance played a major role. The MSCI GCC index gained just 1.6 per cent in 2025, lagging global markets that were lifted by a powerful rally in artificial intelligence-linked stocks. As capital chased higher returns in the US and parts of Asia, GCC IPOs struggled to compete for attention, particularly larger offerings that require deep institutional demand.
Secondary market performance did little to help. By the end of 2025, only 13 GCC IPOs were trading above their offer prices, while 28 were in the red. Concerns over steep valuations, combined with regional uncertainty, weighed on post-listing performance, although a handful of niche names in energy, software, services and education delivered gains on the back of stronger fundamentals.
Globally, the picture was more supportive. IPO volumes edged up slightly in 2025, but proceeds jumped to $146.1 billion, a three-year high, driven by blockbuster listings in the US and China. The US alone raised $45.7 billion, accounting for nearly a third of global proceeds, while China-domiciled IPOs surged to $25.8 billion. As a result, the GCC’s share of global IPO fundraising shrank sharply, underlining how far the region fell out of sync with global capital markets last year.
That gap is expected to narrow in 2026. Kamco Invest estimates that around 73 IPOs are already in the GCC pipeline, including companies that postponed listings in 2025 while waiting for better valuations and calmer markets. While Saudi Arabia is likely to lead in terms of deal count, the UAE is seen as critical to restoring scale and momentum, given the size of its potential offerings.
Improving global macro conditions, easing inflation and steady investor demand for infrastructure, energy transition and technology-linked assets should provide a more supportive backdrop. There is a risk that mega IPOs in the US could divert capital, but bankers say the UAE’s pipeline is well positioned to attract long-term institutional money looking for diversification and yield.
Market watchers said for the UAE, 2026 is shaping up as a reset year. “After a quiet 2025, the market has a chance to reassert itself as the region’s IPO anchor, provided issuers price sensibly and market conditions hold.”
