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A decline in IPO activity in Q2 2017 as market volatility weighs on investor sentiment

After a positive start to the year, IPO performance in the Gulf Cooperation Council (“GCC”) in the second quarter (“Q2”) of 2017 witnessed a slowdown in both the number of offerings and total proceeds raised. The Kingdom of Saudi Arabia (“KSA”) hosted the only (three) IPOs of this quarter; they were allocated between Saudi Stock Exchange primary market (“Tadawul”) and the parallel market (“NOMU”).

A surge in number of floats in the GCC following the launch of the Parallel Market in Saudi Arabia creating a new platform for IPOs

A positive start to the year as the first quarter (“Q1”) of 2017 saw a record high in number of IPOs (10) issued during one quarter in the Gulf Cooperation Council (“GCC”) within the past 5 years. The Saudi Stock Exchange (“Tadawul”) launched the first parallel market (“NOMU”) in the GCC. NOMU is an alternative equity market to the Tadawul, aimed at smaller cap companies although provides the possibility for companies to transition to the main market after a period of time. The launch of NOMU was marked by the successful listing of 7 IPOs.

PwC Middle East Total Retail Survey 2017: Online retail disruption is revolutionising the way we shop in the region

Will the development and advancement of online retail surpass traditional retail and transform the region’s consumers’ shopping experience? According to PwC Middle East’s latest report, released today, Retail Disruption - what’s the outlook for the Middle East?, the sector is witnessing game-changing developments with industry players coming into the Middle East’s retail market.

Volatile oil prices and geopolitical uncertainties continue to take centre stage, the region witnessed a record year in sovereign bond issuance eclipsing a sluggish IPO performance

IPO activity in the Gulf Cooperation Council (“GCC” or the “Gulf”) remained lacklustre during Q4 2016. Investors sentiment continue to be affected by ongoing geopolitical uncertainty, government’s additional austerity measures accompanied by further spending cuts, whilst regional stocks indexes remained bearish throughout the year a late rally in oil prices helped ease the pressure on regional budget constraints.

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