Saudi Arabia led the region in initial public offerings (IPOs) and real estate investment trusts (REITs) during the second quarter of 2018, according to a report by Ernst & Young (EY) on IPOs in the Middle East and North Africa, noting that the \u00abMevic REIT\u00bb real estate investment fund on the Saudi Stock Exchange achieved the largest IPO this quarter.<\/p>\n
The Middle East and North Africa region saw 9 IPOs worth $881.5 million in the second quarter, including 7 deals in the Gulf states, with Saudi Arabia accounting for 4 of them.<\/p>\n
The report noted that the nine IPOs raised $881.5 million in capital, an increase of 42.8% compared to the second quarter of 2017. The number of deals in this quarter also rose by 12.5% compared to the same period last year.<\/p>\n
He reported that of the nine deals recorded in the Middle East and North Africa region, seven were IPOs in the Gulf Cooperation Council (GCC) countries (three of which were for real estate investment trusts), raising $780.3 million.<\/p>\n
The report noted that Saudi Arabia led IPO activity in the Middle East and North Africa, accounting for four out of nine deals in the second quarter of 2018, amid a growing trend toward listing real estate investment trusts on the stock exchange, a clear indication of investors\u2019 interest in real estate assets in the Kingdom.<\/p>\n
The largest transaction in the Middle East and North Africa region in the second quarter was the initial public offering of the Mivik REIT on the Saudi Stock Exchange, which raised $237.5 million.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>Saudi Arabia led the region's IPO and REIT activity during the second quarter of 2018, according to the Ernst & Young (EY) MENA IPO Report, noting that the MIFIC REIT on the Saudi Stock Exchange achieved the largest IPO in the quarter. The MENA region saw nine IPOs worth ... 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