After a year marked by subdued listings and cautious investor sentiment, the UAE is shaping up to be the driving force behind a revival of initial public offerings across the Gulf in 2026.
According to a new report by Kamco Invest, a strong pipeline of large and diversified UAE listings is expected to restore depth, scale and confidence to regional equity markets.
Market focus has already shifted firmly towards the UAE following a disappointing 2025 for GCC IPOs. Across the region, only 42 companies went public last year, raising a combined $5.8 billion.
That marked a four-year low in deal volume and the weakest fundraising total in five years, representing a steep drop of nearly 55 per cent compared with 2024.
Large, headline-grabbing IPOs were mostly absent as volatile global markets, weaker oil prices and heightened geopolitical risks kept both issuers and investors on the sidelines. Regional stock markets also struggled to generate momentum, further dampening appetite for new listings.
Against this challenging backdrop, the UAE’s IPO pipeline for 2026 stands out for both its size and sector diversity. In Dubai, several high-profile companies are widely expected to test investor appetite, including Binghatti Holding, Dubai Investments Park Development, Arabian Construction and Majid Al Futtaim Holding.
These potential listings span real estate, infrastructure and consumer-focused businesses, offering a broad mix of cash-generating assets and growth opportunities.
Abu Dhabi’s pipeline is equally heavyweight. Emirates Global Aluminium, renewable energy firm Masdar and Etihad Airways are among the most closely watched candidates.
Together, these prospective deals could help restore the large-cap momentum that characterised the UAE’s earlier IPO cycles and positioned it as a regional benchmark market.
Kamco Invest noted that the UAE’s appeal lies not only in the scale of its pipeline but also in its sector mix. Real estate, construction, energy, aviation and renewables are all represented, giving investors exposure to defensive earnings as well as long-term structural growth themes.
With valuations having reset after a weak 2025, bankers expect a more realistic pricing environment, improving the likelihood of successful listings.
Last year’s pullback was stark. IPO proceeds in the UAE fell to about $1.1 billion in 2025 from $4.1 billion in 2024, while listings dropped to just three from seven.
Saudi Arabia continued to dominate deal numbers, accounting for 37 of the GCC’s 42 IPOs, but even there activity slowed as the Tadawul All Share Index fell 12.8 per cent.
Globally, IPO markets were more resilient. Proceeds climbed to $146.1 billion in 2025, driven by blockbuster deals in the US and China, leaving the GCC increasingly out of sync with global capital flows. That gap, Kamco Invest believes, is likely to narrow in 2026 as macro conditions improve.
For the UAE, market watchers see the coming year as a reset. If issuers price sensibly and external conditions remain supportive, 2026 could mark the country’s return as the region’s IPO anchor.