UAE Deal-Making Set to Surge as IPO Momentum Rebounds

Bankers across the Middle East anticipate a flurry of deal-making activity in the final months of the year, aiming to balance an uneven start marked by a disrupted IPO window—Ramadan extending through March—and turbulence caused by US trade tariffs and regional tensions. Market participants now expect the UAE to match Saudi Arabia’s IPO dollar volume into year-end pace for pace, underscoring a revival in investor sentiment.

At the forefront, Alec Engineering & Contracting—Dubai’s state-backed construction giant—plans for one of the first IPOs post-summer. Dubai, via the Investment Corporation of Dubai, is aiming to raise up to $500 million from Alec’s listing, likely in mid-2025, with Emirates NBD Capital, JPMorgan Chase, and Moelis & Co. involved in arranging the offering.

Shortly afterward, the long-anticipated public offering of the classified-ads powerhouse, Dubizzle Group, is expected to follow. Dubizzle has reorganised its IPO syndicate—now including Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley—and is positioning itself for a float that could reach between $500 million and $1 billion. The acquisition last April of Property Monitor—a real-estate analytics platform—strengthens its valuation narrative by bolstering its data-driven capabilities ahead of listing.

While banks and issuers are ramping up, caution persists. So far in 2025, only two IPOs—Alpha Data and Dubai Residential REIT—have been completed, together raising just under $750 million. The soft mid-year performance stems from collective unease over macroeconomic uncertainties, shifting interest-rate expectations, global trade frictions, and rising geopolitical tensions.