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Dubai: The GCC capital market activity is seen picking up as the regional economies have transitioned to a ‘new normal’ characterised by uncertainties, according to Pwc’s GCC Capital Markets Watch survey.
“GCC IPOs [initial public offerings] have resumed albeit with limited activity. In contrast, the debt market has been highly active and we expect the debt market activity to continue in the near future,” said Mohamed ElBorno, Partner, Head of Assurance at PwC Middle East.
Resilient primary market
Despite the uncertainties experienced in 2020 due to the pandemic, GCC witnessed seven IPOs totalling $1.6 billion in proceeds.
Tadawul continued to be the most active GCC stock market in 2020 contributing 86 per cent of the total proceeds raised and 57 per cent of the number of listings.